Hillary Clinton

thank you so much __PUNCT__ christi __PUNCT__

and it not easi to come here and do thi __PUNCT__ for her and for her famili __PUNCT__

i am just veri grate that she would share her stori __PUNCT__

of cours __PUNCT__ it an abbrevi version of her stori __PUNCT__

her husband job wa outsourc __PUNCT__

he actual train hi replac __PUNCT__

that when thei ran into all the problem that thei face with try to pai the mortgag_payment that kept go up __PUNCT__

and i don't know whether there is anybodi in thi audienc or anyon who __PUNCT__ through the media __PUNCT__ who might be follow thi __PUNCT__ who could do anyth to help christi and her famili __PUNCT__ but i hope somebodi will try __PUNCT__

becaus it realli import to her and particularli her children __PUNCT__

on of her children ha a challeng in learn __PUNCT__ and be in the school_district ha work out realli __PUNCT__ realli well __PUNCT__

so i hope that somebodi might be abl to step_forward who ha a rental or who ha some other wai of help christi __PUNCT__

you know __PUNCT__ the bank actual bought the home at higher than market valu __PUNCT__

so mayb if somebodi with the bank or with someon associ with ameriquest __PUNCT__ which start thi downward spiral __PUNCT__ could step forth and try to __PUNCT__ you know __PUNCT__ show some human and compass __PUNCT__ that would be a good wai to start what we need to do to repair some of the damag that is be done to famili across our countri __PUNCT__

you know __PUNCT__ befor i came out __PUNCT__ i met with michael dillon and hi fiancé __PUNCT__ jenna kreski __PUNCT__ and their attornei __PUNCT__ walter maronei __PUNCT__ who also share a stori of decept __PUNCT__ fraud __PUNCT__ abus __PUNCT__ just enough to make you wonder what go on in our countri __PUNCT__

and as christi and i were talk befor we came out __PUNCT__ i wa think how __PUNCT__ in __NUM__ and __PUNCT__ __NUM__ __PUNCT__ when bill and i were here campaign as he wa run for presid __PUNCT__ we actual focus on the issu of home_foreclosur __PUNCT__

some of you might rememb __PUNCT__

we had an event in a home __PUNCT__ just like the home that christi share with her husband and three children __PUNCT__ becaus that home wa be foreclos on __PUNCT__

and becaus of the econom_condit and some of the problem that peopl in new hampshir were face at that time __PUNCT__ peopl were lose their home __PUNCT__

well __PUNCT__ we all took a big sigh of relief dure the 1990 __PUNCT__ didn't we __PUNCT__ laughter __PUNCT__ and we didn't face a lot of these econom_problem that just cut right to the heart of the american_dream for hard __PUNCT__ work_famili like christi and like michael and jenna and other __PUNCT__

well __PUNCT__ here we ar __PUNCT__ we back again __PUNCT__

and it a combin now of econom_condit that ar not work for the vast_major of american and unsavori practic that ar undermin the dream of homeownership __PUNCT__

so as much as i wish that christi stori wa the except and that no on would ever have to go through what she and her famili ar go through __PUNCT__ the realiti is that thei ar __PUNCT__ by no mean __PUNCT__ alon __PUNCT__

their stori is now the stori of hundr of thousand of famili across america __PUNCT__ includ mani right here in new hampshir __PUNCT__ famili who have work_hard and done everyth right __PUNCT__ who mayb lose a job __PUNCT__ mayb have a medic emerg or some other interven event __PUNCT__

and thei spent_year scrimp and save to bui their home __PUNCT__ thei have sign exactli where the mortgag_compani told them to sign and submit all the right paper __PUNCT__

but then some kind of crisi interven __PUNCT__ or __PUNCT__ mayb becaus of some provis buri in the fine_print __PUNCT__ thei discov that their mortgag rate ar actual much higher than thei thought __PUNCT__

mayb thei realiz too late thei been lure into bui a more expens home than thei could actual afford __PUNCT__

mayb thei hit the end of a fix __PUNCT__ rate period and their rate doubl __PUNCT__ but thei can't pai off the principl without face prepay penalti __PUNCT__

and befor thei know it __PUNCT__ their dream of homeownership ha turn into a nightmar of escal payment and threaten letter __PUNCT__

and too mani famili end up in default __PUNCT__ and too mani lose their home altogeth __PUNCT__

thi past___DATE__ __PUNCT__ there were nearli __NUM__ foreclosur in america __PUNCT__ __NUM__ percent more than the previou __DATE__ __PUNCT__ in __NUM__ __PUNCT__

here in new hampshir __PUNCT__ there were __NUM__ foreclosur in just the first six month of thi year __PUNCT__ compar with __NUM__ for all of __NUM__ __PUNCT__

and __PUNCT__ accord to the new hampshir bank commission __PUNCT__ approxim___NUM__ new hampshir household with sub __PUNCT__ prime_mortgag mortgag_loan __PUNCT__ that __NUM__ percent of all the sub __PUNCT__ prime_mortgag in the entir state __PUNCT__ will experi a jump in their monthli_payment of between __NUM__ and __NUM__ percent __PUNCT__

so a __MONEY__ mortgag becom a __MONEY__ mortgag __PUNCT__

and that what we look forward to __PUNCT__

the problem we see __PUNCT__ howev __PUNCT__ ar not limit to what call the sub __PUNCT__ prime market __PUNCT__

thei not just affect low __PUNCT__ incom_famili __PUNCT__

default and foreclosur ar spread __PUNCT__ and thei hit middl __PUNCT__ incom famili like christi __PUNCT__

so what exactli is go on here __PUNCT__ well __PUNCT__ i think sever thing __PUNCT__

over the past few year __PUNCT__ riski_loan have been packag and resold around the world __PUNCT__ mortgag_compani have collaps __PUNCT__ and the entir stock_market is feel the effect __PUNCT__

those effect ar spread from wall_street to main_street __PUNCT__

and american who have long count on their home as their biggest asset to carri them through retir ar see that sens of secur be shred __PUNCT__

now __PUNCT__ the bush_administr constantli reassur us that the economi is fine __PUNCT__ that everyth will be ok __PUNCT__

well __PUNCT__ given their track_record __PUNCT__ that is not exactli comfort or believ __PUNCT__

now __PUNCT__ we know the mortgag problem is extrem complex __PUNCT__

it ha mani __PUNCT__ mani root __PUNCT__

but on of the root caus is the trend in wage __PUNCT__

wage have been stagnant __PUNCT__

hous_price __PUNCT__ on the other hand __PUNCT__ have been go __PUNCT__ liter __PUNCT__ through the roof __PUNCT__

so we had an afford gap __PUNCT__

mani famili could not afford to bui home with tradit mortgag __PUNCT__

so the mortgag_compani came with a realli seduct offer __PUNCT__

thei start offer more high __PUNCT__ risk mortgag for peopl strap for cash __PUNCT__ product like interest __PUNCT__ onli and no __PUNCT__ monei __PUNCT__ down mortgag __PUNCT__

unscrupul broker who get paid base on the size of the mortgag thei sell lure mani famili into bui more expens home than thei could actual afford __PUNCT__

and mani famili were not told __PUNCT__ were not counsel __PUNCT__ were not warn __PUNCT__ and did not understand the implic of sign on the dot line __PUNCT__

at the same_time household_incom have declin __MONEY__ over the past six year __PUNCT__ cost have risen __PUNCT__

health __PUNCT__ care_cost ar up __NUM__ percent __PUNCT__

colleg cost rose __NUM__ percent __PUNCT__

ga_price have more than doubl __PUNCT__

so mani peopl_start borrow against the equiti in their home to cover their expens __PUNCT__

believ it or not __PUNCT__ the amount of peopl dispos_incom that come from their home_equiti is doubl what it us to be __PUNCT__

now __PUNCT__ back when mortgag rate were lower and home_price were rise __PUNCT__ if you got behind on your mortgag you could refin your home or sell it __PUNCT__ and you be just fine __PUNCT__

as my friend warren buffet remind us __PUNCT__ a roll loan gather no loss __PUNCT__

__PUNCT__ laughter __PUNCT__ he alwai ha a wai of sai thing like that __PUNCT__

but then mortgag rate start to rise __PUNCT__ so peopl could not afford to refin anymor __PUNCT__

hous_price start to fall __PUNCT__ so it got a lot harder to sell in mani market __PUNCT__

todai we got nearli a nine __PUNCT__ month backlog of unsold home __PUNCT__

as a result __PUNCT__ mani famili ar find themselv trap __PUNCT__ stuck with mortgag thei can't pai and expens thei can't afford __PUNCT__

so thei face wrench choic __PUNCT__ pai their medic_bill or pai their mortgag __PUNCT__ put off retir or lose their home __PUNCT__

and mani peopl who have work_hard their entir live ar receiv the same grim letter in the mail that christi famili receiv __PUNCT__

now __PUNCT__ there ar those who will tell you __PUNCT__ thei tell me thi __PUNCT__ well __PUNCT__ that just the wai the market_work __PUNCT__ hillari __PUNCT__

noth we can do about it __PUNCT__

or thei sai __PUNCT__ buyer bewar __PUNCT__

peopl just need to be more care __PUNCT__

well __PUNCT__ now __PUNCT__ that easi to sai when it not your home be taken awai __PUNCT__

and i don't think unscrupul mortgag_broker should be part of how our market_work __PUNCT__

i don't think famili should be lure into bui home thei can't afford so broker and mortgag_compani can make a bigger profit __PUNCT__

i don't think peopl should have to be on the lookout for unfair claus buri on page __NUM__ of the fine_print __PUNCT__

and i don't think it right that so mani hard __PUNCT__ work __PUNCT__ respons famili across thi countri ar lose their most preciou possess and their most valuabl asset __PUNCT__

so let be clear __PUNCT__ thi isn't just a problem for famili __PUNCT__

what happen with mortgag can have a big effect on the economi __PUNCT__

that what we been read about in the newspap over the past week __PUNCT__

auto_compani have recent note the weak in the hous_market is even affect car sale __PUNCT__

and __PUNCT__ as we seen throughout american_histori __PUNCT__ homeownership is not just about economi stabil __PUNCT__

it is also about econom_growth __PUNCT__

think about what happen after presid_roosevelt sign the g.i __PUNCT__

bill __PUNCT__ which help return soldier obtain their mortgag __PUNCT__

famili across america bought their first home __PUNCT__

a thrive middl_class wa born and flourish __PUNCT__

we had unpreced econom_expans __PUNCT__

so todai __PUNCT__ we have a clear choic __PUNCT__ we can look at the statist __PUNCT__ wring our hand __PUNCT__ and continu to do noth __PUNCT__

or we can do what america ha done in time of difficulti __PUNCT__ acknowledg that we have a real challeng and confront it head __PUNCT__ on with real_solut __PUNCT__

now __PUNCT__ i think the choic is obviou __PUNCT__

i think we need to act now with smart __PUNCT__ practic solut to strengthen our hous and mortgag_market __PUNCT__

we need to put an end to fly __PUNCT__ by __PUNCT__ night mortgag_broker peddl loan to unqualifi applic base on inflat apprais __PUNCT__

we need to help those face the pain of foreclosur __PUNCT__

and we need to secur the marketplac and put reform in action right now __PUNCT__

now __PUNCT__ back in march __PUNCT__ i announc an agenda to address abus in the sub __PUNCT__ prime lend market __PUNCT__ becaus back in march __PUNCT__ that all anybodi thought wa go to be at stake __PUNCT__

peopl said __PUNCT__ well __PUNCT__ mayb there ar problem in the sub __PUNCT__ prime market __PUNCT__ but __PUNCT__ you know __PUNCT__ that not realli go to be that signific __PUNCT__

well __PUNCT__ i disagre then __PUNCT__ and i disagre now __PUNCT__

i think the sub __PUNCT__ prime market wa sort of like the canari in the mine __PUNCT__

you know __PUNCT__ it wa tell us loudli and clearli __PUNCT__ there ar problem here __PUNCT__

and now the problem have unfortun spread to the convent mortgag_market as well __PUNCT__

in fact __PUNCT__ some of the veri same trick of the trade ar be us to hurt peopl in the convent market that have been long us against peopl in the sub __PUNCT__ prime market __PUNCT__

so that why todai i announc a four __PUNCT__ part plan for how i __PUNCT__ as presid __PUNCT__ would address abus across the mortgag industri __PUNCT__ a plan to curb unfair lend_practic and hold broker and lender account __PUNCT__ give famili the support thei need to avoid foreclosur __PUNCT__ and increas the suppli of afford_hous __PUNCT__

i be introduc thi plan as legisl when the senat goe back into session after labor dai __PUNCT__

we go to try __PUNCT__ in the democrat_congress __PUNCT__ to push_forward on thi agenda __PUNCT__

but if the presid won't sign our propos that we will send to him in the next month __PUNCT__ when i presid i will take a veri activ_role in make thi a prioriti __PUNCT__ and i will sign into law provis to do exactli what i outlin __PUNCT__

the wai i see it __PUNCT__ on of the most __PUNCT__

__PUNCT__ applaus __PUNCT__ you know __PUNCT__ the wai i see it __PUNCT__ on of the most import job of the next presid is to restor a sens of econom leadership to our countri and a sens of fair to our economi __PUNCT__

i believ in share respons and share_prosper __PUNCT__

i see myself as a modern progress __PUNCT__

i believ on of the crown achiev of the earli american_progress wa reform our econom_system __PUNCT__ make chang that made the economi work for more american __PUNCT__

that is why lend reform is so import __PUNCT__ becaus abus in thi area affect those who can least afford to lose their home __PUNCT__

and in todai_world of loan repackag __PUNCT__ these failur can and will have rippl_effect throughout the entir economi __PUNCT__

so it precis in area like mortgag lend __PUNCT__ where we see thi gather storm __PUNCT__ that we have to act quickli and respons to reform the system __PUNCT__

and that where i fundament differ with republican __PUNCT__

thei believ in let everyon fend for him __PUNCT__ or herself __PUNCT__

thei believ in what the presid_call an ownership_societi __PUNCT__ which is realli __PUNCT__ you on your own __PUNCT__

it the yo __PUNCT__ yo economi __PUNCT__ some go up __PUNCT__ and some go down __PUNCT__ and the string ar pull by other peopl __PUNCT__

well __PUNCT__ i don't think that is the wai america work best __PUNCT__

i think when we see a problem __PUNCT__ we need to roll up our sleev and get togeth to fix it __PUNCT__

and that is the kind of presid that i intend to be __PUNCT__ reach toward big goal like univers_health_care __PUNCT__ end the war in iraq __PUNCT__ but also make __PUNCT__

__PUNCT__ applaus __PUNCT__

also make the economi work for everyon again __PUNCT__

you know __PUNCT__ that why __PUNCT__ when i wa listen to christi and think about where we were in __PUNCT__ __NUM__ and __PUNCT__ __NUM__ __PUNCT__ where the economi wa flat on it back __PUNCT__ where peopl were be so left out and at their wit __PUNCT__ end __PUNCT__ and yet it took a lot of effort and it wa polit difficult __PUNCT__ becaus i tell you someth __PUNCT__ chang is not just a word __PUNCT__ it is a challeng __PUNCT__

and to get the chang we need in america __PUNCT__ we all go to have to get togeth and stand up to those who have a lot to gain from keep our system the wai it is __PUNCT__

and it the mortgag industri __PUNCT__ and it all the peopl thei sell loan to __PUNCT__ and it the peopl who packag them __PUNCT__ and it the peopl who make_monei off of them __PUNCT__

so let me tell you what i would do __PUNCT__

first __PUNCT__ i would focu on crack down on unscrupul broker who lure unsuspect famili into unfair mortgag __PUNCT__

mani famili assum their broker ha their best interest at heart __PUNCT__

but that is often not the case __PUNCT__

what thei don't realiz is that the more expens the mortgag a broker sell __PUNCT__ the more monei the broker make __PUNCT__

so broker have a strong incent to steer their client toward the biggest __PUNCT__ most expens mortgag __PUNCT__ even if client can't afford them __PUNCT__

we need to help famili go into home bui with their ey wide_open __PUNCT__

so i propos __PUNCT__ as a matter of feder_law __PUNCT__ we requir broker to tell famili up front thei paid on the basi of the size of the mortgag thei sell __PUNCT__

that will put buyer on notic that thei need to ask tough_question __PUNCT__

__PUNCT__ applaus __PUNCT__ and be wari of the product that ar be offer __PUNCT__

we also need to do more to screen mortgag_broker to ensur thei qualifi and that thei deal fairli with client __PUNCT__

you know __PUNCT__ i had a roundtabl event about thi down in orlando __PUNCT__ florida __PUNCT__ a coupl of month_ago __PUNCT__

and a former broker from ameriquest said he could not sleep at night ani longer __PUNCT__

he quit hi job __PUNCT__ and he came in and he spill the bean __PUNCT__

and he sat there and he talk about all the trick and all the pressur that ar put on the broker to make them go out and sell these loan packag that ar go to explod in the face of the borrow __PUNCT__

so we got to do more to realli make sure that we have nation_standard for broker __PUNCT__

mani state don't even have basic licens standard __PUNCT__

in a lot of state __PUNCT__ you don't even have to be licens to be a mortgag_broker __PUNCT__

so the averag homebuy ha no reliabl wai to know whether a broker is trustworthi or not __PUNCT__

and that why i propos that the feder_govern govern_work with the state to develop strong __PUNCT__ meaning broker licens standard to stream broker and govern their conduct __PUNCT__

i will also requir __PUNCT__

__PUNCT__ applaus __PUNCT__ that broker regist with the feder_govern __PUNCT__

that wai __PUNCT__ we can establish a singl databas to track rule violat __PUNCT__ complaint and employ histori __PUNCT__

__PUNCT__ applaus __PUNCT__ so befor you hire a broker __PUNCT__ you can get onlin and do your own background_check to ensur you deal with someon who will deal with you fairli __PUNCT__

thi is especi import in the home_equiti refinanc area __PUNCT__ becaus a lot of that busi is sold over the phone __PUNCT__

peopl get a call __PUNCT__

i tell you someth __PUNCT__ some of the broker don't even us their real name on the phone __PUNCT__

and so __PUNCT__ peopl ar listen __PUNCT__ and it sound realli good __PUNCT__

and thei particularli prei on the elderli __PUNCT__

so we got to have more standard govern broker __PUNCT__

second __PUNCT__ i will also crack down on the mortgag lender by elimin prepay penalti and work to ensur __PUNCT__

__PUNCT__ applaus __PUNCT__ that lender don't lure peopl into unwork mortgag in the first place __PUNCT__

now __PUNCT__ as some of you know from unfortun person_experi __PUNCT__ prepay penalti ar a gold_mine for mortgag lender and it a trap for homebuy __PUNCT__

the wai mani high __PUNCT__ risk __PUNCT__ non __PUNCT__ tradit mortgag work is that you pai a low_rate for a number of year __PUNCT__ which is probabl why you took the mortgag in the first place __PUNCT__ then __PUNCT__ onc that time period is up __PUNCT__ the rate skyrocket __PUNCT__

then you ar face with thi increas rate __PUNCT__

now __PUNCT__ what mani peopl didn't know and what seem to me to be so pervers is that __PUNCT__ when you first get that new notic that your rate ha doubl __PUNCT__ which is go to happen to a lot of peopl in new hampshir in the next year __PUNCT__ becaus of the mortgag thei alreadi have __PUNCT__ a lot of peopl sai __PUNCT__ oh __PUNCT__ my good __PUNCT__ let try to start pai down the mortgag as fast as we can __PUNCT__

i mean __PUNCT__ that kind of part of the american etho __PUNCT__ you know __PUNCT__ pai down the mortgag __PUNCT__ get out of debt __PUNCT__

what peopl don't realiz is that if you try to pai your mortgag earli while you still have the low rate __PUNCT__ the lender slap a huge prepay penalti on you __PUNCT__

so lender ar actual discourag peopl from be respons and pai off their mortgag earli __PUNCT__ becaus thei want to increas their profit __PUNCT__

so it not surpris that loan with prepay penalti have a __NUM__ percent greater risk of default than those without __PUNCT__

that bad for famili __PUNCT__ and it bad for the hous_market __PUNCT__ which is why i propos prohibit all prepay penalti on all mortgag __PUNCT__

i think we should encourag_peopl to pai off their mortgag earli __PUNCT__

__PUNCT__ applaus __PUNCT__ you know __PUNCT__ i old enough to rememb __PUNCT__ you know __PUNCT__ mortgag __PUNCT__ burn parti __PUNCT__ where somebodi in the neighborhood would pai off their mortgag __PUNCT__ thei own their home free and clear __PUNCT__

and all the neighbor would get togeth __PUNCT__ and thei burn the mortgag document __PUNCT__

that wa like a __PUNCT__ you know __PUNCT__ a great celebr __PUNCT__

well __PUNCT__ we not let peopl do that __PUNCT__

so we go to chang the wai mortgag lender oper __PUNCT__

we also need to do more to stop lender from trap peopl in unwork mortgag in the first place __PUNCT__

right now __PUNCT__ lender have a lot of discret when decid whether someon qualifi for a mortgag __PUNCT__

in make thi assess __PUNCT__ mani lender don't take into account whether a famili will be abl to pai properti_tax and properti insur __PUNCT__

and too mani famili __PUNCT__ especi first __PUNCT__ time_homebuy __PUNCT__ don't know to budget for these expens __PUNCT__

but onc thei lock into the mortgag and tax time roll around __PUNCT__ thei experi payment shock and suddenli realiz thei mai be in over their head __PUNCT__

that why i propos requir lender to take into account their borrow __PUNCT__ abil to pai properti_tax and insur fee when decid whether to make that loan in the first place __PUNCT__

the requir would appli to all high __PUNCT__ risk mortgag product __PUNCT__

these cost for properti tax __PUNCT__ insur __PUNCT__ you know ar a huge part of what you have to be abl to put asid to pai for when you own a home __PUNCT__

and lender sai __PUNCT__ well __PUNCT__ that shouldn't be our respons __PUNCT__ but i think it is __PUNCT__ becaus if thei go after first __PUNCT__ time_homebuy __PUNCT__ thei ought to be will and we requir them to be more help __PUNCT__

now __PUNCT__ i been talk about how to keep peopl from get trap in unafford mortgag in the first place __PUNCT__ and that critic __PUNCT__

but we also have to do more to help peopl stai on track and avoid foreclosur onc thei have their mortgag __PUNCT__

and that the third part of my plan __PUNCT__

back in march __PUNCT__ when i spoke about sub __PUNCT__ prime_mortgag __PUNCT__ i call for a foreclosur timeout __PUNCT__

and we can't __PUNCT__ you know __PUNCT__ make that happen yet __PUNCT__ becaus we don't have ani legal tool certainli __PUNCT__ but we certainli can talk about it __PUNCT__ and we can try to persuad the fed and other to encourag the lender to think more creativ about how to have a foreclosur timeout __PUNCT__ help peopl refin loan __PUNCT__ help peopl_pai a lower_rate for longer __PUNCT__ do thing that will avoid thi cascad of home loss __PUNCT__

i propos we expand the role also plai by fanni_mae and freddi_mac __PUNCT__ the govern __PUNCT__ charter and __PUNCT__ back institut that do so much with homeownership __PUNCT__

thei should have to help at __PUNCT__ risk homeown avoid foreclosur __PUNCT__

thei ar support by the feder_govern __PUNCT__

that is a public_servic that thei should be requir to perform __PUNCT__

thei do an excel __PUNCT__

__PUNCT__ applaus __PUNCT__ thei do an excel job in help to provid reason price mortgag for american __PUNCT__ and thei have a lot of foreclosur prevent program __PUNCT__

but we have to expand them __PUNCT__ becaus the number of peopl face foreclosur ar go up exponenti __PUNCT__

and i think we should also have a billion __PUNCT__ dollar fund in the feder_govern to support state program that help at __PUNCT__ risk borrow avoid foreclosur __PUNCT__

now __PUNCT__ sever state __PUNCT__ includ new york __PUNCT__ have includ rescu fund to assist peopl who ar on the brink of foreclosur __PUNCT__ peopl who have often nowher els to turn and ar terrifi of lose everyth thei have __PUNCT__

such a program could help christi famili __PUNCT__

you know __PUNCT__ her husband did get a new job __PUNCT__ pai in the six figur __PUNCT__

he will be back on hi feet __PUNCT__ after have had hi job outsourc __PUNCT__

if somebodi would take the time to sit down and help them and mayb talk to the bank __PUNCT__ thei will be abl to get back into pai for the mortgag on their home __PUNCT__

so we need peopl who ar plai that role __PUNCT__

now __PUNCT__ thi is not easi to implement __PUNCT__

chicago actual tri to have face __PUNCT__ to __PUNCT__ face counsel and support for peopl __PUNCT__ both befor thei bought and dure the homeownership period __PUNCT__

and there wa a massiv outcri by the lender and the broker __PUNCT__

so __PUNCT__ again __PUNCT__ thi sound so common __PUNCT__ sensic __PUNCT__ but we have to __PUNCT__ you know __PUNCT__ get togeth and work to get it pass in order to make it happen __PUNCT__ or get freddi_mac and fanni_mae to also step up and do thi on their own __PUNCT__ mayb with some prod by the feder_reserv __PUNCT__

fourth and final __PUNCT__ we need to make a nation_commit to creat more reason price hous option __PUNCT__ so peopl don't have to resort to riski or unwork mortgag in the first place __PUNCT__

you know __PUNCT__ realli __PUNCT__ the mortgag issu is partial an afford __PUNCT__ hous issu __PUNCT__

even with recent declin __PUNCT__ real_estat price ar still quit high __PUNCT__ and famili ar commit more and more of their incom to mortgag_payment __PUNCT__

between __NUM__ and __NUM__ the number of household devot more than half of their incom to hous increas by __NUM___million __PUNCT__

think about that __PUNCT__ half of more of your incom go to support your hous __PUNCT__

some famili forgo basic_necess to pai mortgag __PUNCT__

other just forgo homeownership in the first place or turn to riski mortgag __PUNCT__

i think we should have anoth __MONEY___billion commit by the feder_govern over five year to help state __PUNCT__ counti and municip govern_build and rehabilit afford_hous across america __PUNCT__

now __PUNCT__ that __PUNCT__ in and of itself __PUNCT__ would not __PUNCT__

__PUNCT__ applaus __PUNCT__

you know __PUNCT__ would not do it __PUNCT__ but it would incentiv other to do it __PUNCT__

we have an afford __PUNCT__ hous_crisi __PUNCT__

and it is all over the countri __PUNCT__

it start in high __PUNCT__ cost area __PUNCT__ but now it is spread __PUNCT__

we don't have enough afford rental unit __PUNCT__ and we don't have enough afford home __PUNCT__

there ar some good exampl across america __PUNCT__

there ar alreadi __PUNCT__ in mani state and local __PUNCT__ trust_fund in place to help peopl get into afford_hous __PUNCT__

and guess what __PUNCT__ that also creat new job __PUNCT__

so it realli is a win __PUNCT__ win __PUNCT__

and it time the feder_govern govern_support these state and local hous trust_fund __PUNCT__

we also need to look more gener at infrastructur __PUNCT__

and i be back in new hampshir tomorrow to talk about what we need to do concern infrastructur __PUNCT__

becaus __PUNCT__ of cours __PUNCT__ with the collaps of the bridg in minneapoli __PUNCT__ now everybodi talk about it __PUNCT__

you know __PUNCT__ some of us have been talk about it a long_time __PUNCT__

our bridg __PUNCT__ our tunnel __PUNCT__ our road __PUNCT__ our mass_transit __PUNCT__ our port __PUNCT__ our airport ar woefulli underinvest in as a nation __PUNCT__

__PUNCT__ applaus __PUNCT__ and we just have to get seriou again __PUNCT__ as american __PUNCT__ that we want to remain the leader in the world __PUNCT__

we want to have our children __PUNCT__ like these beauti children here __PUNCT__ feel that __PUNCT__ when thei grow up __PUNCT__ america will be there for them __PUNCT__ just as america wa there for us __PUNCT__ that there will be opportun to work and to rais a famili and to have a home __PUNCT__

and __PUNCT__ you know __PUNCT__ we want to continu to be the strongest __PUNCT__ safest __PUNCT__ smartest __PUNCT__ richest countri in the world __PUNCT__ don't we __PUNCT__ well __PUNCT__ you got to make invest in order to make that happen __PUNCT__

__PUNCT__ applaus __PUNCT__ you know __PUNCT__ togeth __PUNCT__ my propos and other that peopl ar put forth can help curb the abus that have contribut to the problem we face_todai __PUNCT__

and we can assist peopl face foreclosur __PUNCT__ we can creat more afford_hous and protect the american_dream of homeownership __PUNCT__

becaus we know that about more than financi secur __PUNCT__

it is about lai root deep in a commun __PUNCT__

it about know who your neighbor ar __PUNCT__

it about know where your kid go to school __PUNCT__

it about have that sens of belong and commun __PUNCT__

and that what i believ in __PUNCT__

you know __PUNCT__ my late father __PUNCT__ who wa in the navi for five year __PUNCT__ and when he came out he want to start a small_busi and start a famili __PUNCT__

and so __PUNCT__ he __PUNCT__ you know __PUNCT__ we live in an apart when i wa born __PUNCT__ but for him and my mother it wa all about have a home __PUNCT__

so he paid for a brick home that __PUNCT__ you know __PUNCT__ when i wa littl look like a castl __PUNCT__

when i see it todai __PUNCT__ it not as big as i rememb it __PUNCT__ but it wa certainli big enough for my parent and my bother and me __PUNCT__

and back in __NUM__ bill and i were live in arkansa and teach at the law_school __PUNCT__

and as i written about in my autobiographi __PUNCT__ i wa try to decid whether or not to get marri __PUNCT__

and it wa __PUNCT__ you know __PUNCT__ on dai __PUNCT__ ye __PUNCT__ on dai __PUNCT__ mayb __PUNCT__ back and forth __PUNCT__

and on dai __PUNCT__ we drove by a littl red brick hous with a for __PUNCT__ sale sign in front of it __PUNCT__

and i casual remark __PUNCT__ that wa a realli sweet __PUNCT__ look hous __PUNCT__

that is liter all i said __PUNCT__

then i went awai for a few week and came back to start teach again at the univers law school __PUNCT__ and bill pick me up at the airport __PUNCT__ and he said __PUNCT__ do you rememb that hous that you like __PUNCT__ i couldn't rememb __PUNCT__

and he said __PUNCT__ well __PUNCT__ i bought it __PUNCT__

__PUNCT__ laughter __PUNCT__ so he said __PUNCT__ now we have to get marri __PUNCT__

__PUNCT__ laughter __PUNCT__ applaus __PUNCT__ so actual we did __PUNCT__ in the hous __PUNCT__

__PUNCT__ applaus __PUNCT__ and it hard to believ it cost___MONEY__

and __PUNCT__ you know __PUNCT__ we thought __PUNCT__ again __PUNCT__ it wa just the most wonder hous __PUNCT__

you know __PUNCT__ the kitchen need a lot of work __PUNCT__ and it wa __PUNCT__ you know __PUNCT__ a littl bit funki in mani wai __PUNCT__

but nevertheless __PUNCT__ we were marri in our live_room __PUNCT__ surround by our closest_friend and famili __PUNCT__

and that home meant the world to us __PUNCT__

it wa where we start our life togeth __PUNCT__

it where we did celebr __PUNCT__ as christi said __PUNCT__ birthdai and holidai and where we host our famili and friend __PUNCT__

everi famili should have that same opportun __PUNCT__

that is what america stand for __PUNCT__

and __PUNCT__

__PUNCT__ applaus __PUNCT__

i hope that i can earn your vote to becom the presid who will onc again stand up for an economi that work for everyon and stand up for homeownership __PUNCT__

and let me end where i start __PUNCT__

if you have ani idea about how to help christi and her famili __PUNCT__ i hope you will __PUNCT__

you know __PUNCT__ it heartbreak to me that our system oper so well for so mani in so mani differ wai __PUNCT__

we have the greatest economi in the world __PUNCT__

it dynam __PUNCT__ it complex __PUNCT__

but it not work the wai it need to right now for too mani __PUNCT__

and therefor __PUNCT__ we got to figur out how we go to help each other until we final onc again have a presid who doesn't think hi onli job is help those who ar alreadi rich get even richer __PUNCT__

__PUNCT__ applaus __PUNCT__ thank you all veri much __PUNCT__

__PUNCT__ applaus __PUNCT__