Obama Hosts Roundtable in Reno with Residents Affected by Mortgage Crisis [View All]

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Barack Obama Discusses Plan to Revitalize Economy

Monday January 14, 3:51 pm ET

Obama Hosts Roundtable in Reno with Residents Affected by Mortgage Crisis

RENO, Nev.--(BUSINESS WIRE)--At the Reno Events Center today, Senator Barack Obama hosted a roundtable discussion with local residents about the mortgage foreclosure crisis that threatens millions of American families. Obama spoke about his plan to fight mortgage fraud and protect consumers against abusive lending practices. Yesterday, Obama unveiled his economic stimulus plan, which provides relief to homeowners hit by the housing crisis and provides aid to states hardest-hit by the housing crisis.

“Months ago, I introduced a plan to help struggling homeowners and prevent this crisis from happening again in the future,” Senator Obama said. “It would crack down on unscrupulous lenders, give consumers the information they need to protect them against abusive lending, and provide a tax credit to 10 million homeowners - including 60,000 right here in Nevada.”

Obama was joined by several local citizens who have been impacted by the crisis, including Tamishia Ayala, a dealer at the Silver Legacy and Club Nevada who lost her home to foreclosure; and Patricia Chastain, the real estate agent who was forced to evict Tamishia and believes the system is fundamentally flawed. Obama shared their frustration.

"Here in Nevada, the foreclosure rate is four times the national average, and the economic impact in this state is expected to cost over $1.6 billion,” Senator Obama said. “This is an outrage. It's an outrage that Washington caved to lobbyists when they knew this could happen and it's an outrage that they're doing nothing about it now.”

To download a PDF of Barack Obama's plan to protect homeownership and crack down on mortgage fraud, click HERE