NEVADA CAMPAIGN STOP: Obama hears woes
Las Vegas Review Journal | May 28, 2008
By ALAN CHOATE
Sen. Barack Obama led a sober town hall meeting Tuesday in North Las Vegas where people told the Democratic presidential candidate that there's more to the housing crisis than foreclosures and that its effect isn't limited to those who bought more home than they could afford.
The Illinois senator used the campaign stop to highlight his plans to address the nation's real estate troubles, including creation of a $10 billion foreclosure prevention fund to stem the tide of bank repossessions.
Obama also told the crowd of about 60 gathered at the College of Southern Nevada campus on Cheyenne Avenue that he favored a plan proposed by Sen. Chris Dodd, D-Conn., that would use the Federal Housing Administration to convert high-cost mortgages into more traditional, and affordable, loans.
The mortgage lending industry needs more monitoring and consumer protection requirements, he said.
"Oversight and regulation are absolutely vital," Obama said, citing the need for a "transparent and accountable system."
"That's the only way to stabilize the credit market," he said. "Stabilize the credit market, and banks can start lending again."
