Las Vegas Sun

April 23, 2014

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2008 Elections

Joe Biden on Foreclosures

 

(Editor's Note: Biden dropped out of the presidential race for the Democratic nomination, following a poor showing in the Iowa caucuses on Jan. 3, 2008, where he got only about 2 percent of the delegates. )

 

Joe Biden sees impending foreclosures as a serious problem for the economy and he has warned that nobody knows the depth of the issue. "I think it's almost as deep in terms of dollars, not liability, as the savings and loan crisis," he said in August. Biden advocates a comprehensive solution to fight impending foreclosures by allowing bankruptcy judges to modify loans including interest and time frames for repayment; cracking down on predatory lenders, unscrupulous brokers and abusive penalties that trap people in bad mortgages and strengthening the Federal Housing Administration's ability to counsel families facing foreclosure and help them refinance with federally backed loans. During the Democratic primary debate in August, he called for more transparency, particularly in regard to hedge funds and private equity funds, and more accountability. Biden wishes to encourage lenders to modify loans and freeze their interest rates beyond the freezing proposal made by the Bush Administration. He criticized Bush's reaction to the subprime mortgage crisis, saying that "short-term patches and half measures that just help a tiny fraction of people just aren't good enough."

 

Campaign Web site: Biden addresses issues relevant to Nevada, including the state of the housing industry.

 

Video: Biden speaks to the Sentinel editorial board about the issue of subprime mortgages.

 

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

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