Obama meets with Las Vegas family saddled with rising ARM

Democratic presidential candidate Barack Obama stopped briefly today at the downtown Las Vegas home of Felicitas Rosel and Francisco Cano who are worried that they might lose the home they bought three years ago using an adjustable-rate mortgage.

"At the beginning it was OK, but all of a sudden it started going up and up," Rosel told the U.S. senator.

Obama said pending legislation would offer incentives to refinance mortgages through the Federal Housing Administration and that more oversight of the industry is needed.

"A lot of this wouldn't have happened if we had done a better job of regulating the banks and the mortgages. Nobody was watching them," he said.

http://www.lvrj.com/breaking_news/19286964.html


Presidential candidate Barack Obama takes off his jacket Tuesday in the home of Felicitas Rosel, left, and Francisco Cano in downtown Las Vegas. Rosel and Cano told Obama they are concerned they might lose the home they bought three years ago with an adjustable-rate mortgage.

... if you'd gotten a loan you could afford, either.

disenfrancising voters again.

We can bail out car companies, airlines, savings and loans, I think it's time to help out ordinary citizens.

I find it implausible that most homebuyers who are surprised that their adjustable rate mortgage "adjusts" are innocent dupes. They took a speculative risk that the property would increase in value and that interest rates would not.

When we bail out anyone, it should be because an important public purpose is served. Banks foreclose, that's what they do. It's just happening more often. Any bailout will simply be for the purpose of artificially maintaining high property values.

Any bailout will have the result of punishing frugality and insulating speculators from the risks they took.

Save the bailouts for those who really need it, and for important public purposes.

What changed your mind?

And I am.

His campaign was boneheaded about McClurkin, I am still disappointed in it, but I will work my ass off making sure Obama is elected President. :toast:

Classy and sassy!

XOXOX

I mean a good reason.

I've been supporting Obama for a while now, but I agree about McClurkin.

the country. Probably. :)

After all, it would be really nice if consumers could get those same 2.1% APR loans that the banks are getting from the Fed.

"A lot of this wouldn't have happened if we had done a better job of regulating the banks and the mortgages."

Taking responsibility for one's mistakes is the sign of a leader, imo.

I agree with Binka on her "classy and sassy" post!

J/K

K&R

"adjustable"??