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May. 28, 2008
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NEVADA CAMPAIGN STOP: Obama hears woes

Valley residents tell candidate about effects of nation's mortgage crisis

By ALAN CHOATE
REVIEW-JOURNAL

Presidential candidate Barack Obama takes off his jacket Tuesday in the home of Felicitas Rosel, left, and Francisco Cano in downtown Las Vegas. Rosel and Cano told Obama they are concerned they might lose the home they bought three years ago with an adjustable-rate mortgage.
Photo by John Locher.

Presidential candidate Sen. Barack Obama, D-Ill., listens during a town hall meeting Tuesday at the College of Southern Nevada's Cheyenne campus. Discussion focused on the nation's home foreclosure crisis.
Photo by K.M. Cannon.

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.

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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."

Obama's stop was part of a Western campaign swing that included New Mexico and Colorado, states that with Nevada all went Republican by narrow margins four years ago.

The Democrat's visit to the valley, with Arizona Sen. John McCain's stop in Northern Nevada today, signals the Silver State is again seen as a battleground in the race for president.

During the North Las Vegas town hall meeting, Francisco Lomeli told Obama that tighter lending standards in the wake of the foreclosure crisis, with student loan debt, were preventing him from buying a home.

Lomeli and his wife decided to put off buying a house until she finished nursing school, he said.

"It seemed back then that the house dream was there. Make it through college, we can make it happen," he said. "But now the dream seems to have gotten further away from us. We don't know who to trust. We don't trust the lenders. We don't trust the banks."

And because they have student loan debt, the lenders do not trust them either: "Now the credit people are, 'No, no, no,' because we're in debt."

Deborah Lewis had another angle on the housing crunch. Her mother-in-law's savings have been exhausted by a $6,000-a-month bill for a dementia care home, but the family has not been able to sell her house to keep paying bills because of the real estate downturn.

That financial responsibility probably will fall to her children, many of whom are readying to retire, she said.

Before the town hall meeting, Obama stopped briefly at the downtown Las Vegas residence of Felicitas Rosel and Francisco Cano, who are worried they might lose the home they bought three years ago with an adjustable-rate mortgage.

"At the beginning it was OK, but all of a sudden, it started going up and up," Rosel told Obama.

Tighter regulation of lenders could have prevented their plight, Obama said. "A lot of this wouldn't have happened if we had done a better job of regulating the banks and the mortgages. Nobody was watching them," he said.

Obama hardly mentioned his rival for the Democratic nomination, Sen. Hillary Clinton, D-N.Y., on Tuesday, and instead aimed his criticism at McCain, the presumptive Republican nominee.

He said that McCain and President Bush had scheduled a fundraiser in Phoenix on Tuesday, "behind closed doors ... no cameras, no reporters, and we all know why.

"Senator McCain doesn't want to be seen hat in hand with a president whose failed policies he promises to continue for another four years," Obama said.

He criticized McCain for not including the housing meltdown in a recent economic speech, an assertion McCain's campaign denied.

"John McCain has introduced a solutions-based plan targeting the mortgage crisis, and today he launched campaign advertisements in key swing states highlighting his intentions to fight foreclosures," McCain spokesman Tucker Bounds said.

"It isn't surprising that Barack Obama is trying to disguise his lack of depth and weak leadership on economic issues with political generalizations and partisan attacks."

McCain's campaign Web site outlines his proposal, which would allow people with a "non-conventional" mortgage taken out after 2005 who still live in their homes to replace their existing mortgage with a loan guaranteed by the FHA.

Sen. John Ensign, R-Nev., sought to tamp Obama's appearance in the valley by calling the Democratic presidential candidate a liberal who "does not match up" with Nevada.

Though Democrats have built an advantage in voter registration, Ensign said Nevada "is a right-of-center state" in casting ballots.

"I expect John McCain to win Nevada, and I think he reflects more Nevada values than Barack Obama," he said.

Stephens Washington Bureau Chief Steve Tetreault contributed to this report. Contact reporter Alan Choate at achoate@reviewjournal.com or 702-229-6435. Contact Stephens Washington Bureau Chief Steve Tetrault at stetreault@stephensmedia.com or 202-783-1760.

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Please enter your name Name: Please enter your email Email: Please enter a comment COMMENTS : (word count limit is 300) You have reached the maximum number of words allowed Current Word Count: SHIRLEY CROCKETT wrote on June 02, 2008 02:13 PM: i pray that nothing else happens to hurt Obama's campaign. It is very unfair for him to be blamed for others opinion. I pray that Hillary talk to the people who back her when it is over to let them know that even if she don't win a democrat has to win. Let them know how important it is to vote for Obama so a democrat will be in office to be able to help the prople. bring us, all people back bring from the brink of disaster. We as democrates need to stick together know matter what. If not we will end up with the same problems or worse. Most likely thing will be worse and like always everyone will suffer. Times very hard as is. Don't make the same mistake vote for "OBAMA WE NEED HIS HELP". As for voters in Nevada, I'm a native Vegan and myself and other talk to people to keep hope alive and every one i talk to loves OBAMA. Everyone isn't for Hillary like that try to make it seems. I pray that people votes for the better man and not just because they are mad at what happened to Hillary not vote for Obama because if they don't vote for Obama we all will suffer more than ever before and that's a fact. And as far as the problems in the church he used to go to how can he stop prople from speaking their own mine and it's a fact how different churches are i'm quite sure that when he was going there wasn't word being spoken like it is now. I feel at times it is a set up to make sure he won't make doradean Williams wrote on May 31, 2008 09:05 PM: I would like to congratulate Senator Obama on his accomplishments today at the DNC Meeting. I am so happy that he is the front runner even after Florida and Michigan has been settled. Just plan for November and continue to work hard. God is on your side. CC Allen wrote on May 30, 2008 08:01 PM: I was really suprise to read Sen. John Ensign who think Barack does not match up with Nevada. What he failed to say is that all kinds of people millions visit and make up Nevada I've spend a great deal of money in Nevada and so has many of my friends but when I send them a copy of this, Then sir you will see less of us.Because We are American just like Barack and that is a fact... And to Herb a pork chop is a big ass rat, you need to read the Bible. A lot of us who do really read the good book know better to eat pork,NEXT. Yes We Can, Barack you have my VOTE CC Allen Jack234 wrote on May 30, 2008 10:43 AM: Voters,Dont Listen this Kind of Propa-Ganda,I have NO doubt Why Hillary Debt is accumulating to 30 Million on her campaign,this One example Why she's Debt, paying this Blog Writers to writes Negative propective on Barack Fred Saperstein wrote on May 28, 2008 11:01 PM: If people in Nevada want to get legislation passed in a Democtatic Congress your going to need to elect a Democrat like Barack Obama as President or your going to face gridlock for 4 more years. Nothing will get done and people will be frustrated. We have 47 million people without healthcare, high gas prices, maufacturing jobs going overseas & McCain wants to privitize Social Security putting Seniors at risk. We can't afford to jepordize our economy over a war in Iraq which is never going to end. The Ameican people were deceived about this war which was over Oil and not WMD's. We now have lost over 4,040 soldiers and all over oil fields. I believe Obama can get America's credibility back with foreign goverments. John McCain is weak on the economy and his policies will not solve America's problems. A normal person wrote on May 28, 2008 10:15 PM: I think it's great to have a candidate that is not indoctrinated with the politics of the current system. I actually like the fact that he has lack of depth. Perhaps, instead of thinking he is right about everything, he will listen to experts and solve problems in a logical way. I would rather have a diplomat who listens and arbitrates than a idealist who makes rash decisions. Herb wrote on May 28, 2008 07:51 PM: To Serious Voter, If Obama wants to prove to me and Millions of others that he isn't a Muslim he needs to take the Pork Chop test. I want to see him eat a juicy pork chop, it can be grilled, breaded or prepared any way he chooses. I am getting hungry just thinking about it. Until I see him eat pork I don't believe your propaganda. Obamanation wrote on May 28, 2008 07:51 PM: To `Serious Voter'- LOL! Nice reciting from the George Soros/"Mediasmatters" fact sheet. Yes, I love to get my all my "facts" from the 'bama website. LOL what a clueless fool... Pompous wrote on May 28, 2008 07:41 PM: "Obama hardly mentioned his rival for the Democratic nomination, Sen. Hillary Clinton, D-N.Y., on Tuesday, and instead aimed his criticism at McCain, the presumptive Republican nominee." Word to the wise, Mr. Obama; Don't be too confident. You underestimate the Clintons. This race is not over yet. Many of the super delegates realize that many of us will vote McCain if you win, and believe me, these super delegates are scared sh-tless. Hillary WILL take this to the convention, and even with the disenfranchised voters of Florida and Michigan, she WILL surprise you. And no, she won't offer you the veep slot either. Comment wrote on May 28, 2008 07:09 PM: To `Serious Voter'- I have given him a closer look and don't like what I see (and yes, I do believe he is a Christian, but educated in a `church' the likes I would never attend. Maybe I don't know what goes on in these Black churchs, but I have seen enough to be utterly shocked as to the contempt there is against America and White people). The Dems have s*natched defeat from the jaws of victory in November. After watching dozens of debates, for G-d's sake, how did the party wind up with this guy?! What about Biden, Richardson, or even Hillary? Anyone of these would be a better match up in Nov. Read All Comments