Ahead of the curve

Just as he was with Iraq, Obama was ahead of the curve about the housing and economy crises:

Obama Reintroduces Legislation on Mortgage Fraud
Wednesday, April 25, 2007

Reuters

WASHINGTON - Illinois Senator Barack Obama introduced legislation Wednesday that would set a national standard for mortgage fraud and outline penalties for fraudsters.

In a statement, the Illinois Democrat and presidential hopeful said the legislation was needed as the housing market is shaken by failed mortgages among subprime borrowers with damaged credit.

"As the number of foreclosures skyrockets and the housing market becomes more vulnerable, we must establish stiff penalties to deter fraud and protect consumers against abusive lending practices," Obama said.

Obama introduced a version of the same bill in the last Congress in February 2006 but it made no headway in the Republican-controlled legislature.

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Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit
Thursday, March 22, 2007

FOR IMMEDIATE RELEASE

WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market.
The text of the letter is below:

Dear Chairman Bernanke and Secretary Paulson,

There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.

We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly....

Wouldn't it be something to have a leader who is an actual leader?