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Obama Raps White House On Foreclosures

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McClatchy-Tribune

The Tampa Tribune

Published: December 8, 2008

WASHINGTON - Criticizing the White House directly for the first time since November's election, President-elect Barack Obama on Sunday accused President Bush of not doing enough to stem the nation's home foreclosure crisis.

Obama vowed that it if the Bush administration doesn't take sufficient steps to help reduce foreclosures in its remaining days in office, he would take action shortly after being sworn in as the nation's 44th president on Jan. 20.

"I'm disappointed that we have not seen quicker movement on this issue by the administration," Obama told Tom Brokaw on NBC's "Meet the Press."

Bush administration officials responded that they're working hard to stem the foreclosure crisis through the Federal Housing Authority and the private sector. Administration officials say they've also bolstered Fannie Mae and Freddie Mac.

Obama said his economic team is weighing the option of a three-month moratorium on foreclosures, which he had proposed during the election campaign.

"The vast majority of people who are at threat of foreclosure are still making monthly payments, they want to stay in their homes, they want to stay in their communities, but the strains are enormous," he said.

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