thank you __PUNCT__
thank you __PUNCT__
it great to be back here at penn and in philadelphia __PUNCT__
i rememb give the commenc address here some year ago and i alwai had that imag of the beauti of thi campu and __PUNCT__ of cours __PUNCT__ it extraordinari reput __PUNCT__
and i delight to have a chanc to be here with you to talk about an issu that is critic not onli to pennsylvania but to our countri __PUNCT__
i want to thank congresswoman schwartz __PUNCT__ she and i will be togeth later thi afternoon __PUNCT__
i look forward to that veri much __PUNCT__
mayor nutter __PUNCT__ i have heard the governor sai that you could be the second best mayor in philadelphia histori __PUNCT__
i know you aim for first __PUNCT__ so keep it up __PUNCT__
you do a great job __PUNCT__
and governor rendel who ha been so visionari and strateg in hi leadership first to philadelphia __PUNCT__ then of cours to pennsylvania __PUNCT__
and what he just said about how he and hi administr respond to the first sign of troubl from the mortgag market is just typic of ed rendel __PUNCT__
he realli is someon who is alwai look to solv problem and that why he been so success and why i so grate for hi support __PUNCT__
i want to take a moment to note yesterdai heartbreak new that five year after the start of the war there have now been __NUM__ u. __PUNCT__ militari death in iraq __PUNCT__
ten of thousand of our brave men and women have also suffer seriou wound __PUNCT__ both visibl and invis __PUNCT__ to their bodi __PUNCT__ their mind __PUNCT__ and their heart __PUNCT__
as presid __PUNCT__ i intend to honor their extraordinari servic and the sacrific of them and their famili by end thi war and bring them home as quickli and respons as possibl __PUNCT__
as the headlin of the past month have made clear __PUNCT__ we ar experienc a crisi of confid in our countri __PUNCT__
we have a crisi of confid in our leadership with respect to iraq and we have a crisi of confid in our economi __PUNCT__
what start out as a subprim mortgag crisi ha now becom a nation credit crisi __PUNCT__ rippl out from bank and boardroom to busi and live room across america __PUNCT__
we had three straight month of privat sector job loss __PUNCT__
consum confid is down and fall __PUNCT__
the dollar ha hit record low and ga price __PUNCT__ record high __PUNCT__
and last week the feder reserv took unpreced measur to rescu wall street __PUNCT__ the like of which we haven't seen sinc the great depress __PUNCT__
these ar not just red flag or warn sign __PUNCT__ thei ar indisput indic that our economi is in seriou troubl __PUNCT__
and now we face an urgent question __PUNCT__ how do we keep todai turmoil from spiral into a long and pain recess __PUNCT__ thi is no easi task __PUNCT__
the __NUM__ centuri american economi is more complex and more interconnect with the global economi than ever befor __PUNCT__
it is shape each dai by billion and billion of individu transact and interact on everi contin __PUNCT__
subject to crise or even just specul in on countri can move market in dozen of other with the blink of an ey or a flick of a mous __PUNCT__
in todai economi __PUNCT__ troubl that start on wall street often end up on main street __PUNCT__
sometim within minut __PUNCT__ sometim over the cours of month or even year __PUNCT__
when there a run on mortgag __PUNCT__ back secur and the bottom fall out for invest bank __PUNCT__ the bottom fall out for famili who see the valu of their home __PUNCT__ their greatest sourc of wealth __PUNCT__ declin __PUNCT__
when our credit market freez up __PUNCT__ that doesn't just caus panic on our trade floor __PUNCT__ but in small busi that can't get the capit thei need to surviv __PUNCT__
and on colleg campus like thi on __PUNCT__ when the student loan for next semest fall through __PUNCT__
when we continu to persist in brain dead energi polici as confid in our currenc erod __PUNCT__ that mean ga price so high you feel like it cost more to commut to work than you make when you get there __PUNCT__
it mean rise food price that strain household budget __PUNCT__
it mean have less left over for save or ever dip into save to make end meet __PUNCT__
it mean more challeng for the mayor becaus properti tax revenu drop __PUNCT__ busi don't have the same abil to make that profit that benefit the citi __PUNCT__
it mean more problem for the governor who ha to look across a complex state economi try to figur out how to keep what ha been a remark string of real budget balanc and surplus __PUNCT__
it caus problem for our countri __PUNCT__
ultim the true currenc of todai american economi is confid __PUNCT__
when peopl lose confid in the economi and our presid abil to manag it __PUNCT__ problem becom crise and crise lead to more crise __PUNCT__
so we need a presid who can restor our confid __PUNCT__ a presid who is readi to confront complex econom problem with comprehens solut __PUNCT__ a presid who will act at the first sign of troubl __PUNCT__ work with expert to identifi the problem __PUNCT__ with agenc to adapt regul __PUNCT__ with congress to pass necessari legisl __PUNCT__ work to prevent crise rather than just react too littl too late __PUNCT__
we need a presid who is readi on dai on to be command __PUNCT__ in __PUNCT__ chief of our economi __PUNCT__
if you give me the chanc __PUNCT__ i will be that presid __PUNCT__
i will start by face our econom situat as it is __PUNCT__ not as we wish it would be __PUNCT__
that mean acknowledg that our econom crisi is __PUNCT__ at it core __PUNCT__ a hous crisi __PUNCT__ a crise caus in part by unscrupul mortgag lender and broker and unregul transact in mortgag __PUNCT__ back secur __PUNCT__ in part by specul who were bui multipl hous to sell for a quick buck and other buyer who didn't act respons __PUNCT__
and in part by a presid and administr who fail to anticip and continu to downplai the problem we face __PUNCT__
unlik what happen here in pennsylvania __PUNCT__ when governor rendel start see problem __PUNCT__ and i rememb those articl we had in the newspap __PUNCT__ governor __PUNCT__ where the hous suppli wa be __PUNCT__ you know __PUNCT__ expand and peopl were put zero monei down and thei were try to onc again get the american dream __PUNCT__ thei were commut sometim two hour to be abl to afford that hous __PUNCT__
well __PUNCT__ those warn signal went unheed in washington __PUNCT__
but thankfulli __PUNCT__ not in harrisburg __PUNCT__
and what we have to do now is to look at our hous crisi in greater detail __PUNCT__
and i like to outlin my plan to address it __PUNCT__
__NUM__ million foreclosur notic went out last year __PUNCT__ up __NUM__ __PUNCT__ from __NUM__ __PUNCT__
commun of color have been especi hard hit __PUNCT__
subprim loan ar five time more common in predominantli african american neighborhood than predominantli white on __PUNCT__
and __NUM__ __PUNCT__ of loan to hispan ar subprim compar to onli __NUM__ __PUNCT__ to white __PUNCT__
but thi crisi isn't just about the more than __NUM__ million household at risk of lose their home and __PUNCT__ of cours __PUNCT__ __NUM__ million foreclosur notic mean mani more peopl than that becaus obvious you have home where anywher from two to ten peopl live __PUNCT__
it about the ten of million of famili who have lost valu in their home __PUNCT__
when i talk about the home foreclosur crisi __PUNCT__ sometim peopl __PUNCT__ i can tell __PUNCT__ look at me a littl skeptic becaus thei __PUNCT__ i can tell __PUNCT__ thei think to themselv __PUNCT__ i didn't bui on of those mortgag __PUNCT__ i don't have an arm __PUNCT__ i not at risk __PUNCT__
but __PUNCT__ in fact __PUNCT__ that is just not the case __PUNCT__
home price drop almost __NUM__ __PUNCT__ last quarter __PUNCT__
home price for everyon __PUNCT__
if you have paid off your home __PUNCT__ if you have a fix rate mortgag with a manag interest rate __PUNCT__ you have suffer the steepest declin on record __PUNCT__
that mean famili have lost at least __MONEY__ trillion in hous wealth so far __PUNCT__ nearli two __PUNCT__ third of the size of the entir unit state govern budget __PUNCT__
and todai __PUNCT__ nearli __NUM__ million famili ar struggl with mortgag that ar under water __PUNCT__
thei actual ow more for their mortgag than their home ar worth __PUNCT__
so what wa onc their biggest financi asset is now a financi liabil __PUNCT__
the hous crisi is also a crisi for our citi __PUNCT__ our town and our neighborhood __PUNCT__
at least __NUM__ million home will lose valu becaus of foreclosur in their neighborhood __PUNCT__ includ __NUM__ million home right here in pennsylvania __PUNCT__
abandon home and board up neighborhood mean higher crime rate __PUNCT__ lower properti valu __PUNCT__ and plummet tax receipt for citi and town across america __PUNCT__
now __PUNCT__ a year ago in __DATE__ i call for immedi action to address abus in the subprim market __PUNCT__ and i laid out detail concret propos for how to do so __PUNCT__
i warn thi administr that the problem in subprim mortgag would soon spill over into regular mortgag __PUNCT__
the respons from our presid __PUNCT__ well __PUNCT__ hi treasuri secretari told congress that the problem wa __PUNCT__ quot __PUNCT__ contain __PUNCT__
and presid himself assur us there would be a __PUNCT__ quot __PUNCT__ soft land for the hous market __PUNCT__
the hous crisi then spread from subprim to tradit mortgag __PUNCT__
and in __DATE__ of last year __PUNCT__ i warn the administr that the hous mortgag crisi would soon rippl out throughout the entir economi __PUNCT__
again __PUNCT__ i call for immedi action and laid out concret propos to prevent foreclosur and help state hard hit by thi crisi __PUNCT__
i also call for tighter regul of the hous market __PUNCT__ start with unscrupul mortgag broker who were take advantag of our famili __PUNCT__
i would requir mortgag broker to disclos right up front that thei paid base on the size of the mortgag thei sell __PUNCT__ to put buyer on notic __PUNCT__
i would work with state to develop strong __PUNCT__ meaning broker licens standard to screen broker and govern their conduct and i would requir all broker to regist with the feder govern so that home buyer can do their own background check to ensur thei deal with someon who will deal fairli with them __PUNCT__
i also call for greater regul of mortgag lender __PUNCT__
i would elimin the prepay penalti that lead to such high rate of default __PUNCT__
i would requir lender to take into account the borrow abil to pai properti tax and insur fee when decid whether to make a loan in the first place __PUNCT__
too mani loan lender haven't made that part of the calcul and too mani famili don't know that thei need to budget for these expens __PUNCT__
in __DATE__ __PUNCT__ i propos legisl __PUNCT__ the foreclosur rescu fraud act __PUNCT__ that impos new crimin penalti on lender who were take advantag of peopl __PUNCT__ offer foreclosur rescu scheme that lure famili in __PUNCT__ take their monei and do noth to help them __PUNCT__
i also propos that we amend the bankruptci code to give judg the discret to write down the valu of struggl famili __PUNCT__ home __PUNCT__
believ it or not __PUNCT__ bankruptci judg can write down the valu of mani other thing to help famili pai off their debt __PUNCT__ but not their home __PUNCT__
thei can write off the valu or write down the valu of second home __PUNCT__ which seem kind of iron to me __PUNCT__
make thi amend to the code will help famili in bankruptci pai off their mortgag and stai in their home __PUNCT__
now __PUNCT__ the respons to all of thi from the administr __PUNCT__ well __PUNCT__ thei continu their wait and don't see approach __PUNCT__ larg ignor the mount problem __PUNCT__
by __DATE__ of last year the mortgag crisi had becom a nation credit crisi __PUNCT__
so i went to new york citi and i told wall street thei need to do their part to address thi crisi __PUNCT__
i put forward an aggress plan for a __NUM__ __PUNCT__ dai moratorium on all subprim foreclosur and a voluntari five __PUNCT__ year freez on interest rate for all subprim mortgag __PUNCT__
the respons from thi administr __PUNCT__ a plan that let bank off the hook and left homeown to fend for themselv __PUNCT__
in the word of on expert __PUNCT__ the presid plan wa the bank lobbi dream __PUNCT__
thi administr top econom prioriti it seem ha been to lavish roughli __MONEY__ billion in tax cut on the wealthiest __NUM__ __PUNCT__ of american while famili have lost nearli five time that in the valu of their home __PUNCT__
last week when it becam clear wall street wa on the brink of a financi melt down __PUNCT__ the fed and the administr sprang into action __PUNCT__
the fed extend a __MONEY__ billion lifelin to prevent bear stearn from implod and took unpreced action to provid ten of billion of dollar in credit for other struggl invest bank as well __PUNCT__
homeown __PUNCT__ on the other hand __PUNCT__ have receiv next to no assist __PUNCT__
well __PUNCT__ let be clear __PUNCT__
when famili ar lose their home __PUNCT__ that also a financi crisi __PUNCT__
when peopl greatest sourc of wealth is lose it worth __PUNCT__ as colleg cost and health care cost and food and ga price shoot up __PUNCT__ that a financi crisi too __PUNCT__
when __PUNCT__ for sale __PUNCT__ sign line street across our countri __PUNCT__ when citi and town ar struggl with the cost of foreclos properti __PUNCT__ that is also a financi crisi __PUNCT__
our famili ar feel the anxieti right now __PUNCT__
i hear their stori everi dai __PUNCT__ from florida to wisconsin __PUNCT__ from california and nevada to pennsylvania __PUNCT__
last month __PUNCT__ a littl girl stood up at a town hall i wa hold and ask me what i wa go to do __PUNCT__ about peopl and children that don't have ani food or hous __PUNCT__ i start to commend her on her concern for those less fortun __PUNCT__ when she interrupt me and said __PUNCT__ i lose my home __PUNCT__
her mother is a hair dresser whose custom ar tighten their belt __PUNCT__
thei not come in as often __PUNCT__ thei not have as much done __PUNCT__
thei had an adjust rate mortgag thei could no longer afford __PUNCT__
we come togeth todai in the citi where the american ideal of __PUNCT__ life __PUNCT__ liberti and the pursuit of happi __PUNCT__ of justic and equal __PUNCT__ were inscrib into our found document __PUNCT__
but what doe all that mean to a famili that lost it nest egg and the hope and dream that went with it __PUNCT__ what doe it mean to a littl girl who goe to sleep at night worri about lose her home __PUNCT__ our hous crisi is at heart an american dream crisi __PUNCT__
your home isn't just your greatest asset __PUNCT__ your greatest sourc of wealth __PUNCT__ it your greatest sourc of secur __PUNCT__
it what anchor you to your neighborhood and commun __PUNCT__
it the center of your famili __PUNCT__
for the past seven year __PUNCT__ we had a presid who stand up for the special interest __PUNCT__ for the insur compani and the mortgag compani and wall street __PUNCT__
now it time for a presid who stand up for american famili __PUNCT__ a presid who will rein in the special interest and rebuild the american middl class __PUNCT__
over the past week __PUNCT__ we seen unpreced action to maintain confid in our credit market and head off a crisi for wall street bank __PUNCT__
it now time for equal aggress action to help famili avoid foreclosur and to keep commun across our countri from spiral into recess __PUNCT__
todai __PUNCT__ i am announc my four part plan to protect american homeown __PUNCT__ a plan to help our famili keep their home and help commun hard hit by the hous crisi __PUNCT__
my plan start with an aggress new effort to help million of at __PUNCT__ risk famili restructur their mortgag and stai in their home __PUNCT__
of the ten of million of american who have lost valu in their home __PUNCT__ __NUM__ million ar struggl with these mortgag underwat __PUNCT__
that is more than __NUM__ percent of all homeown __PUNCT__ the highest percentag sinc the great depress __PUNCT__
if home price fall anoth __NUM__ percent __PUNCT__ on third of all homeown will find themselv in the same boat __PUNCT__
the time for action is now __PUNCT__ not a month from now __PUNCT__ or a year from now __PUNCT__ but now __PUNCT__
and the realiti is that mani of our famili need more than just basic refinanc __PUNCT__
that why i support new legisl propos by my colleagu __PUNCT__ repres barnei frank and senat chri dodd that would expand the govern capac to stand behind mortgag that ar rework on afford term __PUNCT__
current __PUNCT__ famili appli to the govern __PUNCT__ and the govern decid on an individu basi whether to work with them to restructur their mortgag __PUNCT__
you heard the governor sai that mayb there will be __NUM__ famili that will be help in pennsylvania __PUNCT__
thi is a slow process that help rel few famili __PUNCT__ and it simpli isn't enough to reviv our hous market __PUNCT__
the frank __PUNCT__ dodd legisl would move beyond thi increment approach by set up an auction system for mortgag compani that hold hundr of thousand of these mortgag __PUNCT__
through thi system __PUNCT__ these compani could sell mortgag in bulk to bank and other buyer __PUNCT__
the buyer would be will to purchas these mortgag __PUNCT__ and restructur them to make them afford for famili __PUNCT__ becaus thei know the govern will guarante them onc thei ar refinanc __PUNCT__
thi would be good for famili __PUNCT__ who can keep their home __PUNCT__
it would be good for mortgag lender __PUNCT__ becaus it more profit than foreclosur __PUNCT__
it would be good for our economi __PUNCT__ help to unfreez our credit market __PUNCT__
but given the sever of todai hous crisi __PUNCT__ simpli facilit thi auction process might not be enough to get our economi move again __PUNCT__
that why i believ the feder hous administr should also stand readi to be a temporari buyer __PUNCT__ to purchas __PUNCT__ restructur __PUNCT__ and resel underwat mortgag __PUNCT__
just as it ha in the past __PUNCT__ thi kind of temporari measur by the govern could give our economi the boost it need and famili the help thei certainli need __PUNCT__
it would not requir a singl new feder bureaucraci __PUNCT__ it would be design to be self __PUNCT__ financ over time __PUNCT__ so it would cost taxpay noth in the long run __PUNCT__
it is a sensibl wai for everyon __PUNCT__ lender __PUNCT__ investor __PUNCT__ mortgag compani and borrow __PUNCT__ to share respons __PUNCT__ keep famili in their home __PUNCT__ stabil commun and the economi __PUNCT__
in order to determin whether the approach outlin by repres frank and senat dodd is suffici __PUNCT__ or whether we need the govern to step in as a purchas __PUNCT__ i am call on presid bush to appoint an emerg work group on foreclosur __PUNCT__
that is the second part of my plan __PUNCT__
we simpli cannot wait until congress pass legisl to find the best wai to help million of famili __PUNCT__
that why i propos an emerg work group on foreclosur __PUNCT__
it could be led by a distinguish __PUNCT__ non __PUNCT__ partisan group of econom leader like alan greenspan __PUNCT__ robert rubin __PUNCT__ paul volcker __PUNCT__
it the kind of proactiv step that would help re __PUNCT__ establish confid in our economi by show that the presid and the administr wa take our econom crisi serious __PUNCT__
i been call for sever week for the presid to show some sens of urgenc __PUNCT__
the group first order of busi would be to determin how the govern should implement the solut propos in the frank __PUNCT__ dodd legisl __PUNCT__ and whether thi legisl goe far enough __PUNCT__
if it decid addit step ar need __PUNCT__ then we should investig whether __PUNCT__ and how __PUNCT__ the feder hous administr or other govern entiti __PUNCT__ or fanni mae and freddi mac __PUNCT__ could bui __PUNCT__ restructur and resel underwat mortgag __PUNCT__
the group would report back to congress on a veri tight timelin __PUNCT__ no more than three week __PUNCT__
in the meantim __PUNCT__ while the emerg work group is be form __PUNCT__ we should implement the moratorium on foreclosur that i first call for in __DATE__ __PUNCT__
everi unnecessari home foreclosur just worsen the credit crisi and further depress hous price __PUNCT__
secretari paulson and other have final acknowledg the need for thi moratorium in certain case __PUNCT__
i hope we will act to implement it as quickli as possibl to implement it __PUNCT__
the third part of my plan is a new hous stimulu packag to provid __MONEY__ billion directli to state and local __PUNCT__ like pennsylvania and philadelphia __PUNCT__ hard hit by thi crisi __PUNCT__
right now __PUNCT__ concentr cluster of foreclosur ar devast some commun __PUNCT__
a recent studi of ten state by the u. __PUNCT__ confer of mayor found that the foreclosur crisi will lead to __NUM__ billion dollar in lost tax revenu in just those ten state alon __PUNCT__
just over a month ago __PUNCT__ congress pass __PUNCT__ and presid bush sign __PUNCT__ a __MONEY__ billion stimulu packag __PUNCT__
but thi packag did next to noth to help homeown and commun struggl with foreclosur __PUNCT__
i said at the time __PUNCT__ if we did not address the hous crisi __PUNCT__ we would not be abl to stem the bleed __PUNCT__
congress is try to combat a recess caus by the hous crisi without do anyth to address that crisi __PUNCT__
well __PUNCT__ if the fed can extend __MONEY__ billion to help bear stearn address their financi crisi __PUNCT__ the feder govern should provid at least that much emerg assist to help famili and commun address their __PUNCT__
that why i call for the creation of a on __PUNCT__ time emerg __MONEY__ billion fund that would go directli to citi and state to address the hous crisi __PUNCT__
thi monei could be us to purchas foreclos or distress properti __PUNCT__ which citi and state could then resel to low __PUNCT__ incom famili or convert into afford rental hous __PUNCT__
it could be us to help neighborhood with high foreclosur rate avoid increas crime and blight by invest in everyth from polic and fire support to graffiti remov and better light __PUNCT__
it could also be us by local agenc to provid counsel and refinanc to help famili avoid foreclosur in the first place __PUNCT__
governor rendel ha been lead the wai with program like that here in pennsylvania __PUNCT__
the pennsylvania homeown emerg mortgag assist program offer small __PUNCT__ low __PUNCT__ cost loan to famili face foreclosur __PUNCT__
it ha save up to __NUM__ home sinc it start __PUNCT__
and thi past __DATE__ __PUNCT__ governor rendel launch two addit program to help homeown refin and restructur their mortgag __PUNCT__
and we see result here in pennsylvania __PUNCT__ sinc the end of __NUM__ pennsylvania foreclosur rate ha decreas __NUM__ percent __PUNCT__
i look forward to work with governor like governor rendel and with mayor like mayor nutter __PUNCT__ who is alreadi provid such outstand leadership here in philadelphia __PUNCT__ to replic thi kind of success across america __PUNCT__
the fourth and final part of my plan involv pass new legisl to clarifi legal liabil for mortgag compani that act to help more borrow stai in their home __PUNCT__
right now __PUNCT__ mani mortgag compani ar reluct to help famili restructur their mortgag becaus thei afraid of be su by the invest bank __PUNCT__ the privat equiti firm and other who actual own the mortgag paper __PUNCT__
becaus rememb __PUNCT__ all of these mortgag were bundl up in these huge packag and sold around the world __PUNCT__
so you can't just go down to see your mortgag broker or your bank or your other lender to work out a deal becaus thei no longer own the paper __PUNCT__
thi is the case even though write down the valu of a mortgag is often more profit than foreclos __PUNCT__ both for mortgag compani and for most of those who own the mortgag __PUNCT__
that why i will be propos legisl when congress return to provid mortgag compani with protect against the threat of such lawsuit __PUNCT__
i know thi kind of polici isn't particularli glamor and it probabl won't make headlin __PUNCT__
but it will make a critic differ in help famili save their home and get our economi back on track __PUNCT__
now __PUNCT__ some mai claim that the plan i outlin todai is a __PUNCT__ bailout __PUNCT__
thei argu that it not govern role to help __PUNCT__
well __PUNCT__ that is the same kind of tire rhetor we been hear for year now __PUNCT__
and i think the american peopl know better __PUNCT__
we had enough of that old ideolog __PUNCT__
we readi for solut here and now __PUNCT__
and to those who object to our govern help middl class famili and low incom famili devast by the hous crisi __PUNCT__ i sai thi __PUNCT__ we given bear stearn a __MONEY__ billion lifelin __PUNCT__ we given their creditor __PUNCT__ their lender their custom and those associ with them the same lifelin __PUNCT__
we ar now lend billion of dollar a dai to help wall street bank that aren't regul __PUNCT__ that ar not held account __PUNCT__
how can you tell a famili about to lose their home that there noth we can do to help them __PUNCT__ how can you tell them that if thei had fail spectacularli we would help them but becaus thei ar fail quietli __PUNCT__ desper __PUNCT__ we ar turn our back __PUNCT__ how can you tell them that there is noth we can do to rebuild the american dream __PUNCT__ i have been across our countri for year __PUNCT__
i know how much a home mean to all of us __PUNCT__
i rememb like it wa yesterdai when bill bought our first home __PUNCT__
it wa back in __NUM__ and we were live in arkansa and teach at the univers there in the law school __PUNCT__
we weren't yet marri __PUNCT__ though not for lack of ask on bill part __PUNCT__
and on dai __PUNCT__ we drove by thi tini red brick hous with a __PUNCT__ for sale __PUNCT__ sign in front __PUNCT__
all i said wa i thought it wa a sweet __PUNCT__ look hous and never thought about it again __PUNCT__
sever week later __PUNCT__ bill said to me __PUNCT__ do you rememb that hous you like __PUNCT__ i had never been insid __PUNCT__ i had never been outsid look insid __PUNCT__ i had just driven by __PUNCT__
i said __PUNCT__ what hous that i like __PUNCT__ he said __PUNCT__ you know __PUNCT__ that red brick hous on california drive __PUNCT__
well __PUNCT__ i bought it __PUNCT__ so now you better marri me __PUNCT__ becaus i can't live in it by myself __PUNCT__
it wasn't exactli a mansion __PUNCT__
the kitchen need a lot of work __PUNCT__
but i did sai ye __PUNCT__
and that fall __PUNCT__ we were marri in the live room of that hous __PUNCT__ surround by our closest friend and famili __PUNCT__
that first home meant the world to us __PUNCT__
it wa where we start our life togeth __PUNCT__ celebr birthdai __PUNCT__ anniversari and holidai with our friend __PUNCT__
and famili across america feel the same wai __PUNCT__ whether it is your first hous or your tenth hous __PUNCT__
it is part of who we ar as american to look at that home ownership as such an import part of the american dream __PUNCT__
todai __PUNCT__ we face unpreced econom challeng __PUNCT__
but we also have within our reach unpreced econom opportun __PUNCT__
we got clean energi opportun that we ar not exploit __PUNCT__
util ar chang the wai thei do busi __PUNCT__ focus on effici __PUNCT__ not just produc energi __PUNCT__
renew like wind and solar ar the most excit prospect for american manufactur in decad __PUNCT__
i even propos that we establish a __PUNCT__ carbon reduct mortgag associ __PUNCT__ or a __PUNCT__ conni mae __PUNCT__ an idea that vice presid gore first came up with __PUNCT__
we direct fanni mae and freddi mac to provid loan to help peopl build more and retrofit more energi effici home __PUNCT__
we save monei over the long run __PUNCT__
we creat million of __PUNCT__ green collar __PUNCT__ job __PUNCT__
we got infrastructur opportun to rebuild our crumbl road __PUNCT__ bridg and highwai __PUNCT__ like i __PUNCT__ __NUM__ right here in philadelphia __PUNCT__
opportun to revolution our public transport system __PUNCT__ cut down on traffic and pollut __PUNCT__
we can do so much that will realli build the strong economi we need in the __NUM__ centuri __PUNCT__
but we won't do it by just wait and watch and lose the opportun to act __PUNCT__
we got so mani great idea that will give us the tool we need for the __NUM__ centuri __PUNCT__
now __PUNCT__ turn the economi around won't be easi __PUNCT__ but we ar gather in the veri citi where our founder put to paper the word that have guid our nation __PUNCT__ and inspir the world __PUNCT__ for more than two __PUNCT__ hundr year __PUNCT__
each gener of american ha face threat to our ideal __PUNCT__
each gener ha met them __PUNCT__
we have fought war __PUNCT__ overcom a recess __PUNCT__ weather all kind of problem __PUNCT__ live through the great depress __PUNCT__ we had market crise of all kind __PUNCT__
through it all __PUNCT__ as presid franklin roosevelt onc said __PUNCT__ we have alwai held to the hope __PUNCT__ the belief __PUNCT__ the convict that there is a better life __PUNCT__ a better world __PUNCT__ beyond the horizon __PUNCT__
but we have to translat that hope into realiti __PUNCT__
we have to translat that convict into solut __PUNCT__ and if we do __PUNCT__ we will meet the current challeng with confid and optim __PUNCT__
we will rebuild our economi __PUNCT__ stronger __PUNCT__ more vibrant __PUNCT__ more resili than ever befor __PUNCT__
it is a question of leadership __PUNCT__
i hope we don't have to wait until the next presid is sworn in __PUNCT__ but that we will come togeth and exercis that leadership in both the public and the privat sector as soon as possibl __PUNCT__
that why i set forth thi plan and hope that the administr will begin to act with the urgenc that the crisi befor us demand __PUNCT__
thank you all veri much __PUNCT__
