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August 29, 2014

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2008 Elections

Bill Richardson on Foreclosures

 

(Editor's Note: Richardson dropped out of the presidential race for the Democratic nomination after finishing fourth place twice, with 2 percent of the delegate in the Iowa caucus and 5 percent of the delegate in the New Hampshire primary. Read an explanation on his campaign Web site.)

Bill Richardson has called numerous times for bankruptcy protection for primary homes, as well as a rate freeze on "the worst subprime loans" with adjustable rates. He has criticized President George W. Bush and Congress for a lack of leadership and for allowing too much self-regulation by the market. The New Mexico governor claims a record of protecting homeowners and borrowers, citing the state's low rate of foreclosures. As governor, he fought for New Mexico's Home Loan Protection Act. As president, Richardson wishes to act aggressively against the housing crisis by reforming bankruptcy laws, temporarily freezing the introductory rates on some adjustable-rate loans, insist on transparency within the housing industry and extending the time debtors have to repay their mortgages, among other things.

 

Campaign Web site - Mortgage and Credit Plan: Richardson's full plan to address the problems within the mortgage and credit industries.

 

Des Moines Register: Richardson: Revamp mortgage rules (Dec. 4, 2007)

 

YouTube Video: Richardson discusses the ongoing housing market crisis during a Democratic presidential debate in Des Moines, Iowa, calling it "the Katrina of the mortgage lending industry."

 

— Las Vegas Sun new media intern April Corbin compiled this report.

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