The Democratic Debate in South Carolina
And the interest rate freeze is I think merited, because look at what’s happening — if you’re a big bank that helped get us into this mess, you go borrow money from Abu Dhabi or somewhere. If you’re a homeowner who has been at the bottom of this incredible scheme that was established, you’re left holding the bag and you don’t have the house anymore.
BLITZER: Thank you, Senator.
CLINTON: So I just disagree with those who say don’t try to do anything to help the people who need the help right now.
BLITZER: Senator Obama.
OBAMA: I think that we need to help them. I think it is important to make sure that we’re not helping out the speculators, but instead are helping out the homeowners who are actually living in their homes, who have the capacity to make the payments if they’re not seeing a huge increase in their mortgage payments.
But understand this, this is not new. We have a history in this country of preying on low-income peoples because they don’t have access to banks. The Community Reinvestment Act is oftentimes not enforced as it should be.
We’ve got to open up bank branches. We’ve got to give people access to financing so that they’re not going to a payday loan operation.
I two years ago introduced a provision that would eliminate predatory lending, something that I had already helped to get passed at the state level. But it is important for us to understand that we’ve got to give ordinary working people access to financing. And it’s important to understand that part of the reason that they are borrowing on their homes, they’re borrowing on credit cards, is that the banks and financial institutions have dominated policy in Washington.
And this is an area where I’ve got a policy disagreement with Senator Clinton. When we talked a while back, just in the last debate, we talked about the bankruptcy bill, which had been pushed by the banks and the financial institutions, that said, basically, it will be harder for folks who have been lured into these teaser rates and then see their credit cards go up to 30 percent, that they would have a tougher time getting out of bankruptcy.
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