Hillary Clinton Statement on Troubling Ohio Foreclosure Data

"A troubling study released this morning shows that Cleveland, Akron, Dayton and Toledo are among the 20 communities with the highest foreclosure rates in the country.

Last year 90,000 households in Ohio received foreclosure notices. These devastating statistics underscore the urgent need for bold action to end the housing crisis that is ruining the financial stability of millions of families and pushing our economy towards recession. Even families not at risk of losing their homes are affected as foreclosures add pressure to house prices. Families have already lost an estimated $1.6 trillion from the drop in home prices. We cannot jumpstart our economy without ending the foreclosure crisis.

I am the only candidate with a comprehensive plan to end the foreclosure crisis. For months I have been advocating a 90-day foreclosure moratorium on subprime, owner-occupied homes and a 5-year freeze in rates on subprime adjustable rate mortgages. I have called for $30 billion in assistance to states and communities to help them fight foreclosures and offset the costs associated with mounting vacancies. I have introduced the Mortgage Refinancing Initiative Act to empower state housing agencies to spend $10 billion to convert unworkable mortgages into loans families can afford. I have also introduced the Home Ownership Preservation Act that expands foreclosure prevention initiatives and cracks down on mortgage-related fraud.

America needs a president who leads-not follows-when economic challenges arise; a president who sees trouble on the horizon and moves swiftly to confront it. In these tough economic times, we can't afford anything less. Like the Bush administration, Senator Obama has expressed skepticism about my housing proposal. But I hope that like the Bush administration, which is belatedly adopting portions of my plan, Senator Obama too will eventually acknowledge that it is the right approach."