thank you so much __PUNCT__
and i could not have had a better econom develop partner in upstat new york than lee beaulac and rural opportun __PUNCT__ inc __PUNCT__ we had a lot of fun __PUNCT__
it ha been challeng and sometim frustrat to bring peopl togeth to talk about what we were go to do to reinvest in commun and provid econom opportun and hous and healthcar __PUNCT__ microcredit and just a whole a rang of issu that we have work on togeth for the last six year __PUNCT__
but lee doe know how the public sector and the privat sector both work and he combin that knowledg with a real passion to improv the live of peopl __PUNCT__
so i want to thank you in front of all of your peer and your colleagu __PUNCT__ someon who i am veri grate to work with and i am so pleas that he could introduc me __PUNCT__
i also want to thank john taylor becaus the fact that ncrc is now celebr __NUM__ year of cra is a big accomplish __PUNCT__
there were lot of time when we were check for a puls __PUNCT__
wa cra still beat __PUNCT__ wa it go to be there as a tool that we could us for reinvest __PUNCT__ and thank to all of you __PUNCT__ it is __PUNCT__
and we go to strengthen it __PUNCT__
we go to begin to strengthen it in the democrat congress __PUNCT__
and it certainli on of my prioriti becaus i believ in commun develop invest fund __PUNCT__
i believ in empower zone __PUNCT__
i believ in the tool that we know work in commun __PUNCT__
and i wa proud dure the clinton administr to work with some of you and to visit some of the project like the on that lee wa talk about in newburgh __PUNCT__
so there a lot of work that need to go on and we have a lot of good exampl of what will make it possibl for us to bring peopl into the mainstream econom and provid econom opportun across all sector of our economi and everi region of our countri __PUNCT__
and i want to thank irvin henderson __PUNCT__ the chairman of the board of ncrc and all of the board member becaus obvious thei ar commit to do what doe work __PUNCT__
and to all the new yorker who ar here todai __PUNCT__ thank you for be partner in what we have done togeth over the last six year __PUNCT__
ncrc stand firmli behind a realli simpl idea that when american ar given the tool for success __PUNCT__ american succe __PUNCT__
you know __PUNCT__ when the american govern is on our side __PUNCT__ we all do better togeth __PUNCT__
and it is import that we renew that mission everi so often becaus we face new challeng __PUNCT__
you know __PUNCT__ when my husband start run for presid back in __NUM__ which wasn't exactli the dark ag __PUNCT__ some might think it wa __PUNCT__ but i know it wasn't __PUNCT__
it wa not that long ago __PUNCT__
there wasn't realli an internet __PUNCT__
there wa an internet that exist for scientist to commun __PUNCT__ but there weren't hundr of million of websit __PUNCT__
we have chang so much __PUNCT__
and we have to keep ask ourselv __PUNCT__ what do we do to bring opportun to everyon __PUNCT__ and lee mention on of my project up in the north countri of new york __PUNCT__
and that wa to put small __PUNCT__ rural busi on ebai __PUNCT__
becaus i said to myself __PUNCT__ you know __PUNCT__ there not much of a market up here __PUNCT__
these folk ar work realli __PUNCT__ realli hard and thei produc high qualiti product but thei don't have mani peopl to sell them to __PUNCT__
so what we did wa work with ebai to put these busi on the internet __PUNCT__ help them with their websit __PUNCT__ help them get some technic assist so when the order start come in __PUNCT__ thei would know how to meet them __PUNCT__
lee mention on of the busi we put on __PUNCT__ which wa a soap maker __PUNCT__
realli high qualiti soap __PUNCT__ she made __PUNCT__ in a veri painstak process that wa pure and realli tradit __PUNCT__
somebodi work for oprah came across on of her soap and on dai after she got on ebai __PUNCT__ she get an order for __MONEY__ worth of soap __PUNCT__
she had to go out and get everi person she knew in her commun to come in and help her make soap __PUNCT__
so that wa a good problem to have __PUNCT__
and that the kind of challeng that we want to overcom by be innov and creativ togeth __PUNCT__
well __PUNCT__ obvious i believ in the basic bargain that i wa rais with __PUNCT__
you know __PUNCT__ if you work hard __PUNCT__ you plai by the rule __PUNCT__ you ought to be abl to get ahead __PUNCT__
and that what i wa rais with and i think that is at the heart of the american dream __PUNCT__
well unfortun __PUNCT__ we still have too much of america that is held back by a lack of capit __PUNCT__ invest and opportun __PUNCT__
middl class famili and famili struggl to reach and stai in the middl class ar realli be squeez from all side __PUNCT__
you know american ar struggl to pai for colleg cost and energi cost and healthcar cost __PUNCT__ becaus after all __PUNCT__ premium have gone up __NUM__ percent sinc __NUM__ __PUNCT__
and i concern that we not face the problem that we have __PUNCT__
we not meet our challeng the wai previou gener of american did __PUNCT__
we have __NUM__ million peopl without health insur __PUNCT__
when you have __NUM__ million peopl depend on foreign oil __PUNCT__ when you have more than __NUM__ of our fellow citizen still live in trailer along the gulf coast __PUNCT__ it is time for a chang and it is time for __PUNCT__ inaud __PUNCT__
i want to focu on on aspect of the american dream __PUNCT__ of that basic bargain __PUNCT__ becaus i am worri about homeownership __PUNCT__
and as we have seen in recent dai __PUNCT__ the basic bargain that mai be break down is homeownership __PUNCT__
there ha been a lot of attent recent on the volatil in the subprim hous market __PUNCT__
but the subprim fallout take a toll on famili as well __PUNCT__
these ar not just statist __PUNCT__ these ar flesh and blood peopl who ar so proud of that first home __PUNCT__ who felt like thei final had a real foothold in the american middl class that thei were go to have their children in a safer environ __PUNCT__
now we know that there were more bankruptci in america last year than colleg graduat __PUNCT__
and half of those bankruptci were due to an ill and peopl unabl to pai their medic cost __PUNCT__
so a lot of these new homeown ar on ill awai from foreclosur __PUNCT__
thei on job loss awai __PUNCT__
thei on __PUNCT__ let cut your hour awai __PUNCT__
thei ar hang on __PUNCT__
becaus despit what you hear from the happi __PUNCT__ talker on the other end of pennsylvania avenu and for some of those folk thei put on tv __PUNCT__ wage have been stagnant __PUNCT__ haven't thei __PUNCT__ so you got ceo pai up __PUNCT__
you got corpor profit up __PUNCT__
you got product up __PUNCT__ which mean that we all work harder than ever befor __PUNCT__
but the folk who ar do the work ar not get reward __PUNCT__
and a lot of those folk dure the 90 __PUNCT__ when we creat __NUM__ million new job and lift more peopl out of poverti than at ani time in our histori __PUNCT__ thei felt that we and our countri were on the right track __PUNCT__ didn't thei __PUNCT__ and thei thought the sky wa the limit __PUNCT__
thei were go to send that child to colleg __PUNCT__
thei were go to get that home __PUNCT__
well __PUNCT__ now we ar concern __PUNCT__ and ncrc ha been sound the alarm to try to wake us up for the last sever year __PUNCT__
well __PUNCT__ i sure hope we awak now __PUNCT__
you can't be surpris __PUNCT__ can you __PUNCT__ becaus the alarm bell about the subprim home market ha larg gone unnot by thi administr becaus thei keep argu we have to give trillion of dollar of tax cut for the wealthi __PUNCT__
thei keep argu that a __MONEY__ trillion nation debt and an increas trade deficit __PUNCT__ the highest in histori __PUNCT__ ar sign of increas strength __PUNCT__
well __PUNCT__ i have to sai that i don't bui that __PUNCT__
i think there ar troubl sign below the horizon __PUNCT__
mayb thei not as obviou to some __PUNCT__ but you keep sound that alarm __PUNCT__
becaus i believ that we got to take action __PUNCT__
accord to most recent statist __PUNCT__ delinqu payment now affect more than __NUM__ percent of subprim loan in our countri __PUNCT__
that the highest level in four year __PUNCT__
now __PUNCT__ mani would attribut thi rise to unsophist homebuy __PUNCT__ even irrespons buyer __PUNCT__ or the subprim market itself __PUNCT__
but the foreclosur rate for all mortgag increas by more than __NUM__ percent in the last quarter of __NUM__ __PUNCT__
that the highest foreclosur rate in four decad __PUNCT__
so when somebodi tell you thi subprim market thing is no big deal __PUNCT__ or mayb __PUNCT__ you know what __PUNCT__ let the buyer bewar __PUNCT__ these folk sign on the dot line __PUNCT__ it their respons __PUNCT__
ask them why the rate for all homeown is so high __PUNCT__
becaus the economi is not support homeownership the wai we need it to __PUNCT__
and after all __PUNCT__ in the absenc of an altern __PUNCT__ the subprim market ha open the door to million of famili and respons lender and the market ar rightfulli cast out some of the worst actor in the subprim industri __PUNCT__
but the market will not address the million of famili trap in unwork mortgag __PUNCT__ hound by delinqu and face the grim possibl of foreclosur __PUNCT__
now there will alwai be risk __PUNCT__ and we cannot absolv it and should not absolv homebuy of hi or her respons __PUNCT__
but we should make the rule clear and level the plai field __PUNCT__
the subprim problem ar now creat massiv issu on wall street __PUNCT__
it a seriou problem affect our hous market and million of hard work famili __PUNCT__
so what ar some of the thing we need to do __PUNCT__ we need to expand the role of the fha to issu more mortgag at better rate to these homeown __PUNCT__
we need to give consum more counsel and inform __PUNCT__ prevent famili from be trap in high interest loan with pre __PUNCT__ payment penalti and in some case __PUNCT__ allow more breath room from foreclosur __PUNCT__
thi market is clearli broken and if we don't fix it __PUNCT__ it could threaten our entir hous market __PUNCT__ which in turn would threaten our entir economi __PUNCT__
so thi is a seriou issu and i so pleas to be in front of a seriou group to just spend a few minut talk with you about it __PUNCT__
you know __PUNCT__ often the plight of these famili ar lost __PUNCT__
we just don't focu on who thei ar __PUNCT__ but we all know them __PUNCT__
i bet if we had the peopl who serv lunch todai come in and ask them to rais their hand __PUNCT__ you see folk who bought their first home __PUNCT__ wouldn't you __PUNCT__ probabl some in thi crowd know peopl person who have __PUNCT__
and we know that veri often peopl ar pai in rent what thei should be pai in mortgag to actual own someth __PUNCT__ but thei don't have anyon to help them cross that bridg __PUNCT__
what we have to do is try to figur out how to help peopl who becaus of their credit histori or a lack of save becaus thei live paycheck to paycheck or for other reason ar divert into the higher rate of the subprim market __PUNCT__
well that why i think the feder hous administr must be made to work better __PUNCT__
becaus after all the fha remain an industri leader in serv minor __PUNCT__ first time __PUNCT__ and low incom home buyer __PUNCT__
and it continu to help peopl who don't qualifi for prime mortgag to avoid riski and in some case predatori mortgag product __PUNCT__
and __PUNCT__ veri importantli the rate of minor lend through fha ha grown to more than on in three after mani year when it didn't look like that wa veri welcom __PUNCT__ right __PUNCT__ so unfortun the fha impact on the marketplac ha declin __PUNCT__ becaus of ineffici and personnel shortag __PUNCT__ thei cannot keep up with demand at fha __PUNCT__
in the __NUM__ __PUNCT__ fha __PUNCT__ back loan repres about __NUM__ percent of the market __PUNCT__
todai __PUNCT__ it closer to three percent __PUNCT__
thi is anoth on of these govern program that thi administr want to starv and by do so cut off the dream of homeownership __PUNCT__
now __PUNCT__ i will soon be reintroduc my __NUM__ centuri hous act __PUNCT__ which will take step to modern the agenc by allow the fha to reinvest a portion of it revenu in new employe and inform technolog __PUNCT__ to develop new mortgag to meet market demand and to posit the fha to work more effici with lender and to serv more borrow __PUNCT__
i also want to rais the fha mortgag limit for high cost of live area so it can reach home buyer in more expens market __PUNCT__
mani peopl in new york cannot afford a home within two hour of where thei work __PUNCT__
if the fha limit were higher __PUNCT__ thei could afford a home and we should make that happen __PUNCT__
but what if that famili that we try to get into their home decid thei will seek out a subprim loan __PUNCT__ well __PUNCT__ we have to put ourselv in the shoe of a parent sign a mortgag product unawar of a complic __PUNCT__ escal payment formula that ha been work out on some comput that ha balloon payment and pre __PUNCT__ payment penalti __PUNCT__ which includ the cost of tax and insur __PUNCT__ and other ad on cost that the owner doesn't realli understand and nobodi take the time to explain them __PUNCT__
clear and easi to understand disclosur __PUNCT__ plain talk meant to inform __PUNCT__ not to confus must be the start point __PUNCT__
buyer bewar is just not enough __PUNCT__
so __PUNCT__ i also propos a stop to pre __PUNCT__ payment penalti design to trap borrow when payment skyrocket __PUNCT__
these penalti appli to __NUM__ percent of sub __PUNCT__ prime mortgag but less than five percent of prime mortgag __PUNCT__
now __PUNCT__ we can imagin a famili stuck in thi subprim catch __NUM__ __PUNCT__
a famili tri to be respons and pai down on their princip and even make payment ahead of time __PUNCT__
but __PUNCT__ in the fine print thei learn that unlik everyth els in their world __PUNCT__ if thei pai thing off and get ahead __PUNCT__ there go to be penalti impos on them __PUNCT__
thi is total pervers __PUNCT__
so thei stuck wait for the rate to go up instead of be given the opportun to protect themselv __PUNCT__
and then thei mai veri well find themselv on the brink of foreclosur __PUNCT__
i also call for independ counsel to be made avail __PUNCT__ so when buyer like thi famili sign the dot line thei understand what thei ar sign __PUNCT__
and as you know from your own experi at ncrc more than on third of subprim borrow could qualifi for lower rate prime mortgag __PUNCT__ but mani low incom and minor borrow ar simpli unawar of there option __PUNCT__
final __PUNCT__ we also know that sometim becaus of a sudden catastroph ill or an accid that disabl or injur the prime bread winner __PUNCT__ or other circumst __PUNCT__ veri respons famili have troubl make their payment __PUNCT__
now unfortun __PUNCT__ homeown in distress often simpli miss payment after payment and eventu lose their home __PUNCT__
a better altern would be to creat incent for lender to identifi troubl mortgag and to work out solut befor foreclosur happen __PUNCT__
lender might for exampl __PUNCT__ give borrow a period of a foreclosur time __PUNCT__ out __PUNCT__ dure which borrow will have the opportun to put their financi hous in order and to work out a payment plan __PUNCT__
thi propos can build on the great effort that ncrc is alreadi lead with your consum rescu fund initi __PUNCT__
and i want to applaud you for thi becaus thi is wonder agenda to restor the homeownership market and your network of commun group and respons lender and state and local govern should strengthen our abil to respond to thi crisi __PUNCT__
but __PUNCT__ you know __PUNCT__ realli when it come to homeownership we should get back to that basic bargain __PUNCT__
if you plai by the rule __PUNCT__ you can count on the rule be fair __PUNCT__ open __PUNCT__ and honest __PUNCT__
and respons lender and commun organ need to be encourag to realli live up to their end of the bargain __PUNCT__
i want to see more opportun for lender to go into commun that have not alwai been well serv __PUNCT__
and i know it can be done __PUNCT__
sever year ago __PUNCT__ i challeng new york credit union to reach a goal of __MONEY__ million in respons home loan to first time buyer in under serv area __PUNCT__
these were area where usual the onli altern would have been a sub __PUNCT__ prime or riski mortgag __PUNCT__
the result __PUNCT__ well __PUNCT__ a year later the credit union all came back to my offic to report that thei have exceed their goal __PUNCT__
thei announc __MONEY__ million in loan and thei ar still __PUNCT__ inaud __PUNCT__
i think it also import that we look for wai for the govern to incentiv these chang and to provid some kind of safeti net if the worst happen and escal foreclosur begin to mount __PUNCT__
you know __PUNCT__ it true that i travel around the countri a lot now and speak in big citi and veri small town just as i did throughout my year in the senat in new york __PUNCT__
and there ar a lot of peopl who ar feel less and less connect to on anoth __PUNCT__
you know __PUNCT__ it iron that in thi ag of virtual realiti where peopl ar on the internet and bend over work their text messag and blackberri that there is a sens that perhap we ar not as secur as we onc were __PUNCT__
you know __PUNCT__ peopl ar work more __PUNCT__ but their job ar less secur __PUNCT__
the whole famili ha cell phone __PUNCT__ but find it nearli imposs to sit down around the dinner tabl togeth __PUNCT__
our nation is grow more interdepend in the global economi __PUNCT__ but increasingli feel divid here at home __PUNCT__
well __PUNCT__ i believ we can pursu polici togeth that lift us all up and homeownership is on piec of that puzzl __PUNCT__
and that is why it so import that what you do continu __PUNCT__
and the commun reinvest act wa a wise decis thirti year ago by congress and presid carter __PUNCT__
and it ha made a tremend differ __PUNCT__
bank lend to minor and lower and moder incom borrow ha gone up __NUM__ percent sinc then __PUNCT__
but we still have a lot to do __PUNCT__
i done a lot of work in microcredit over the year go back to arkansa when i work with my husband and dr __PUNCT__ muhammad yunu who just won the nobl peac prize for the grameen bank to bring grameen bank techniqu to arkansa __PUNCT__
and i been in mani differ set with borrow and lender who ar do microcredit __PUNCT__
i never forget a woman in denver who said to me __PUNCT__ more dream die in the park lot of bank than anywher els __PUNCT__
we need to figur out how we go to open up the commerci lend sector and continu to provid more altern as well __PUNCT__
and when i go out and speak with my constitu __PUNCT__ thei not ask for a handout __PUNCT__
thei just ask onc again to be part of thi great american dream __PUNCT__ thi adventur that we ar all on togeth __PUNCT__
thei just want the tool to help them realiz their own ambit __PUNCT__
now __PUNCT__ when i creat an organ call new job for new york __PUNCT__ to try and bring more capit from new york citi upstat __PUNCT__ i went around and met with a lot of the entrepreneur who were try to break through and look for a chanc to get the capit thei need __PUNCT__
and time and time again there wa just no place for them to go __PUNCT__
well __PUNCT__ it would be in america interest to have a big nation capit fund that would make bet again on smart peopl who ar will to work hard __PUNCT__
i want to do that in the strateg energi area __PUNCT__
you know __PUNCT__ i meet peopl all over the countri who have good idea about altern energi __PUNCT__ but thei not get the fund thei need to translat that into realiti __PUNCT__
and when it come to the renew commun which the clinton administr start back in __NUM__ __PUNCT__ well __PUNCT__ i see the result of those invest in tourism along the eri canal __PUNCT__ which had basic been just left to wither __PUNCT__
i see those invest in the local wine industri in new york __PUNCT__
and i think if we pursu a comprehens agenda __PUNCT__ urban and rural __PUNCT__ leav nobodi out __PUNCT__ then i think we go to have the consensu we need in the countri to start solv problem again __PUNCT__
becaus that what i believ in __PUNCT__
i believ that if we put our head togeth and we start look at the fact and the evid __PUNCT__ and put the ideolog on the back shelf somewher __PUNCT__ becaus i never seen ani ideolog that help you solv a problem __PUNCT__ you got to get togeth and see what the real fact ar __PUNCT__
and we know a lot about what work __PUNCT__ we just been stymi a littl bit in the last six year __PUNCT__
but we go to get rid of those roadblock __PUNCT__ and we go to roll up our sleev and we go to start act like american again __PUNCT__
we go to start solv our problem togeth __PUNCT__
we brought electr to rural commun __PUNCT__ we brought interst highwai system __PUNCT__ we go to bring broadband deploy so that everi commun can be connect up to the global economi __PUNCT__
we go to have a new hous project program that is go to invest in local commun __PUNCT__
we go to have univers healthcar coverag and we go to us energi to creat new job __PUNCT__
we can do thi __PUNCT__
thank you all __PUNCT__
