Hillary Clinton

thank you so much __PUNCT__

and i could not have had a better econom_develop partner in upstat new york than lee beaulac and rural opportun __PUNCT__ inc __PUNCT__ we had a lot of fun __PUNCT__

it ha been challeng and sometim frustrat to bring_peopl togeth to talk about what we were go to do to reinvest in commun and provid econom_opportun and hous and healthcar __PUNCT__ microcredit and just a whole a rang of issu that we have work on togeth for the last six year __PUNCT__

but lee doe know how the public_sector and the privat_sector both work and he combin that knowledg with a real passion to improv the live of peopl __PUNCT__

so i want to thank you in front of all of your peer and your colleagu __PUNCT__ someon who i am veri grate to work with and i am so pleas that he could introduc me __PUNCT__

i also want to thank john_taylor becaus the fact that ncrc is now celebr __NUM___year of cra is a big accomplish __PUNCT__

there were lot of time when we were check for a puls __PUNCT__

wa cra still beat __PUNCT__ wa it go to be there as a tool that we could us for reinvest __PUNCT__ and thank to all of you __PUNCT__ it is __PUNCT__

and we go to strengthen it __PUNCT__

we go to begin to strengthen it in the democrat_congress __PUNCT__

and it certainli on of my prioriti becaus i believ in commun_develop invest fund __PUNCT__

i believ in empower zone __PUNCT__

i believ in the tool that we know work in commun __PUNCT__

and i wa proud dure the clinton_administr to work with some of you and to visit some of the project like the on that lee wa talk about in newburgh __PUNCT__

so there a lot of work that need to go on and we have a lot of good exampl of what will make it possibl for us to bring_peopl into the mainstream_econom and provid econom_opportun across all sector of our economi and everi region of our countri __PUNCT__

and i want to thank irvin henderson __PUNCT__ the chairman of the board of ncrc and all of the board_member becaus obvious thei ar commit to do what doe work __PUNCT__

and to all the new yorker who ar here todai __PUNCT__ thank you for be partner in what we have done togeth over the last six year __PUNCT__

ncrc stand firmli behind a realli simpl idea that when american ar given the tool for success __PUNCT__ american succe __PUNCT__

you know __PUNCT__ when the american_govern is on our side __PUNCT__ we all do better togeth __PUNCT__

and it is import that we renew that mission everi so often becaus we face new challeng __PUNCT__

you know __PUNCT__ when my husband start run for presid back in __NUM__ which wasn't exactli the dark_ag __PUNCT__ some might think it wa __PUNCT__ but i know it wasn't __PUNCT__

it wa not that long_ago __PUNCT__

there wasn't realli an internet __PUNCT__

there wa an internet that exist for scientist to commun __PUNCT__ but there weren't hundr of million of websit __PUNCT__

we have chang so much __PUNCT__

and we have to keep ask ourselv __PUNCT__ what do we do to bring opportun to everyon __PUNCT__ and lee mention on of my project up in the north countri of new york __PUNCT__

and that wa to put small __PUNCT__ rural busi on ebai __PUNCT__

becaus i said to myself __PUNCT__ you know __PUNCT__ there not much of a market up here __PUNCT__

these folk ar work realli __PUNCT__ realli hard and thei produc high qualiti product but thei don't have mani peopl to sell them to __PUNCT__

so what we did wa work with ebai to put these busi on the internet __PUNCT__ help them with their websit __PUNCT__ help them get some technic assist so when the order start come in __PUNCT__ thei would know how to meet them __PUNCT__

lee mention on of the busi we put on __PUNCT__ which wa a soap maker __PUNCT__

realli high qualiti soap __PUNCT__ she made __PUNCT__ in a veri painstak process that wa pure and realli tradit __PUNCT__

somebodi work for oprah came across on of her soap and on dai after she got on ebai __PUNCT__ she get an order for __MONEY___worth of soap __PUNCT__

she had to go out and get everi person she knew in her commun to come in and help her make soap __PUNCT__

so that wa a good problem to have __PUNCT__

and that the kind of challeng that we want to overcom by be innov and creativ togeth __PUNCT__

well __PUNCT__ obvious i believ in the basic bargain that i wa rais with __PUNCT__

you know __PUNCT__ if you work_hard __PUNCT__ you plai by the rule __PUNCT__ you ought to be abl to get ahead __PUNCT__

and that what i wa rais with and i think that is at the heart of the american_dream __PUNCT__

well unfortun __PUNCT__ we still have too much of america that is held_back by a lack of capit __PUNCT__ invest and opportun __PUNCT__

middl_class class_famili and famili struggl to reach and stai in the middl_class ar realli be squeez from all side __PUNCT__

you know american ar struggl to pai for colleg cost and energi_cost and healthcar_cost __PUNCT__ becaus after all __PUNCT__ premium have gone up __NUM__ percent sinc __NUM__ __PUNCT__

and i concern that we not face the problem that we have __PUNCT__

we not meet our challeng the wai previou_gener of american did __PUNCT__

we have __NUM___million_peopl without health_insur __PUNCT__

when you have __NUM___million_peopl depend on foreign_oil __PUNCT__ when you have more than __NUM__ of our fellow_citizen still live in trailer along the gulf_coast __PUNCT__ it is time for a chang and it is time for __PUNCT__ inaud __PUNCT__

i want to focu on on aspect of the american_dream __PUNCT__ of that basic bargain __PUNCT__ becaus i am worri about homeownership __PUNCT__

and as we have seen in recent dai __PUNCT__ the basic bargain that mai be break down is homeownership __PUNCT__

there ha been a lot of attent recent on the volatil in the subprim hous_market __PUNCT__

but the subprim fallout take a toll on famili as well __PUNCT__

these ar not just statist __PUNCT__ these ar flesh and blood peopl who ar so proud of that first home __PUNCT__ who felt like thei final had a real foothold in the american_middl_class that thei were go to have their children in a safer environ __PUNCT__

now we know that there were more bankruptci in america last year than colleg_graduat __PUNCT__

and half of those bankruptci were due to an ill and peopl unabl to pai their medic_cost __PUNCT__

so a lot of these new homeown ar on ill awai from foreclosur __PUNCT__

thei on job_loss awai __PUNCT__

thei on __PUNCT__ let cut your hour awai __PUNCT__

thei ar hang on __PUNCT__

becaus despit what you hear from the happi __PUNCT__ talker on the other end of pennsylvania_avenu and for some of those folk thei put on tv __PUNCT__ wage have been stagnant __PUNCT__ haven't thei __PUNCT__ so you got ceo_pai up __PUNCT__

you got corpor_profit up __PUNCT__

you got product up __PUNCT__ which mean that we all work_harder than ever befor __PUNCT__

but the folk who ar do the work ar not get reward __PUNCT__

and a lot of those folk dure the 90 __PUNCT__ when we creat___NUM__ __NUM___million new job and lift more peopl out of poverti than at ani time in our histori __PUNCT__ thei felt that we and our countri were on the right track __PUNCT__ didn't thei __PUNCT__ and thei thought the sky wa the limit __PUNCT__

thei were go to send that child to colleg __PUNCT__

thei were go to get that home __PUNCT__

well __PUNCT__ now we ar concern __PUNCT__ and ncrc ha been sound the alarm to try to wake us up for the last sever year __PUNCT__

well __PUNCT__ i sure hope we awak now __PUNCT__

you can't be surpris __PUNCT__ can you __PUNCT__ becaus the alarm bell about the subprim home market ha larg gone unnot by thi administr becaus thei keep argu we have to give trillion of dollar of tax_cut for the wealthi __PUNCT__

thei keep argu that a __MONEY___trillion nation_debt and an increas trade_deficit __PUNCT__ the highest in histori __PUNCT__ ar sign of increas strength __PUNCT__

well __PUNCT__ i have to sai that i don't bui that __PUNCT__

i think there ar troubl sign below the horizon __PUNCT__

mayb thei not as obviou to some __PUNCT__ but you keep sound that alarm __PUNCT__

becaus i believ that we got to take action __PUNCT__

accord to most recent statist __PUNCT__ delinqu payment now affect more than __NUM__ percent of subprim_loan in our countri __PUNCT__

that the highest_level in four year __PUNCT__

now __PUNCT__ mani would attribut thi rise to unsophist homebuy __PUNCT__ even irrespons buyer __PUNCT__ or the subprim_market itself __PUNCT__

but the foreclosur rate for all mortgag increas by more than __NUM__ percent in the last quarter of __NUM__ __PUNCT__

that the highest foreclosur rate in four decad __PUNCT__

so when somebodi tell you thi subprim market thing is no big_deal __PUNCT__ or mayb __PUNCT__ you know what __PUNCT__ let the buyer bewar __PUNCT__ these folk sign on the dot line __PUNCT__ it their respons __PUNCT__

ask them why the rate for all homeown is so high __PUNCT__

becaus the economi is not support homeownership the wai we need it to __PUNCT__

and after all __PUNCT__ in the absenc of an altern __PUNCT__ the subprim_market ha open the door to million of famili and respons lender and the market ar rightfulli cast out some of the worst actor in the subprim industri __PUNCT__

but the market will not address the million of famili trap in unwork mortgag __PUNCT__ hound by delinqu and face the grim possibl of foreclosur __PUNCT__

now there will alwai be risk __PUNCT__ and we cannot absolv it and should not absolv homebuy of hi or her respons __PUNCT__

but we should make the rule clear and level the plai_field __PUNCT__

the subprim problem ar now creat massiv issu on wall_street __PUNCT__

it a seriou problem affect our hous_market and million of hard_work work_famili __PUNCT__

so what ar some of the thing we need to do __PUNCT__ we need to expand the role of the fha to issu more mortgag at better rate to these homeown __PUNCT__

we need to give consum more counsel and inform __PUNCT__ prevent famili from be trap in high interest loan with pre __PUNCT__ payment penalti and in some case __PUNCT__ allow more breath room from foreclosur __PUNCT__

thi market is clearli broken and if we don't fix it __PUNCT__ it could threaten our entir hous_market __PUNCT__ which in turn would threaten our entir economi __PUNCT__

so thi is a seriou issu and i so pleas to be in front of a seriou group to just spend a few minut talk with you about it __PUNCT__

you know __PUNCT__ often the plight of these famili ar lost __PUNCT__

we just don't focu on who thei ar __PUNCT__ but we all know them __PUNCT__

i bet if we had the peopl who serv lunch todai come in and ask them to rais their hand __PUNCT__ you see folk who bought their first home __PUNCT__ wouldn't you __PUNCT__ probabl some in thi crowd know peopl person who have __PUNCT__

and we know that veri often peopl ar pai in rent what thei should be pai in mortgag to actual own someth __PUNCT__ but thei don't have anyon to help them cross that bridg __PUNCT__

what we have to do is try to figur out how to help peopl who becaus of their credit histori or a lack of save becaus thei live paycheck to paycheck or for other reason ar divert into the higher_rate of the subprim_market __PUNCT__

well that why i think the feder_hous administr must be made to work better __PUNCT__

becaus after all the fha remain an industri_leader in serv minor __PUNCT__ first time __PUNCT__ and low_incom home_buyer __PUNCT__

and it continu to help peopl who don't qualifi for prime_mortgag to avoid riski and in some case predatori mortgag product __PUNCT__

and __PUNCT__ veri importantli the rate of minor lend through fha ha grown to more than on in three after mani year when it didn't look like that wa veri welcom __PUNCT__ right __PUNCT__ so unfortun the fha impact on the marketplac ha declin __PUNCT__ becaus of ineffici and personnel shortag __PUNCT__ thei cannot keep up with demand at fha __PUNCT__

in the __NUM__ __PUNCT__ fha __PUNCT__ back loan repres about __NUM__ percent of the market __PUNCT__

todai __PUNCT__ it closer to three percent __PUNCT__

thi is anoth on of these govern_program that thi administr want to starv and by do so cut off the dream of homeownership __PUNCT__

now __PUNCT__ i will soon be reintroduc my __NUM___centuri hous act __PUNCT__ which will take step to modern the agenc by allow the fha to reinvest a portion of it revenu in new employe and inform_technolog __PUNCT__ to develop new mortgag to meet market demand and to posit the fha to work more effici with lender and to serv more borrow __PUNCT__

i also want to rais the fha mortgag limit for high_cost of live area so it can reach home_buyer in more expens market __PUNCT__

mani peopl in new york cannot afford a home within two hour of where thei work __PUNCT__

if the fha limit were higher __PUNCT__ thei could afford a home and we should make that happen __PUNCT__

but what if that famili that we try to get into their home decid thei will seek out a subprim_loan __PUNCT__ well __PUNCT__ we have to put ourselv in the shoe of a parent sign a mortgag product unawar of a complic __PUNCT__ escal payment formula that ha been work out on some comput that ha balloon payment and pre __PUNCT__ payment penalti __PUNCT__ which includ the cost of tax and insur __PUNCT__ and other ad on cost that the owner doesn't realli understand and nobodi take the time to explain them __PUNCT__

clear and easi to understand disclosur __PUNCT__ plain talk meant to inform __PUNCT__ not to confus must be the start_point __PUNCT__

buyer bewar is just not enough __PUNCT__

so __PUNCT__ i also propos a stop to pre __PUNCT__ payment penalti design to trap borrow when payment skyrocket __PUNCT__

these penalti appli to __NUM__ percent of sub __PUNCT__ prime_mortgag but less than five percent of prime mortgag __PUNCT__

now __PUNCT__ we can imagin a famili stuck in thi subprim catch __NUM__ __PUNCT__

a famili tri to be respons and pai down on their princip and even make payment ahead of time __PUNCT__

but __PUNCT__ in the fine_print thei learn that unlik everyth els in their world __PUNCT__ if thei pai thing off and get ahead __PUNCT__ there go to be penalti impos on them __PUNCT__

thi is total pervers __PUNCT__

so thei stuck wait for the rate to go up instead of be given the opportun to protect themselv __PUNCT__

and then thei mai veri well find themselv on the brink of foreclosur __PUNCT__

i also call for independ counsel to be made avail __PUNCT__ so when buyer like thi famili sign the dot line thei understand what thei ar sign __PUNCT__

and as you know from your own experi at ncrc more than on third of subprim borrow could qualifi for lower_rate prime_mortgag __PUNCT__ but mani low_incom and minor borrow ar simpli unawar of there option __PUNCT__

final __PUNCT__ we also know that sometim becaus of a sudden catastroph ill or an accid that disabl or injur the prime bread winner __PUNCT__ or other circumst __PUNCT__ veri respons famili have troubl make their payment __PUNCT__

now unfortun __PUNCT__ homeown in distress often simpli miss payment after payment and eventu lose their home __PUNCT__

a better altern would be to creat_incent for lender to identifi troubl mortgag and to work out solut befor foreclosur happen __PUNCT__

lender might for exampl __PUNCT__ give borrow a period of a foreclosur time __PUNCT__ out __PUNCT__ dure which borrow will have the opportun to put their financi hous in order and to work out a payment plan __PUNCT__

thi propos can build on the great effort that ncrc is alreadi lead with your consum rescu fund initi __PUNCT__

and i want to applaud you for thi becaus thi is wonder agenda to restor the homeownership market and your network of commun_group and respons lender and state and local_govern should strengthen our abil to respond to thi crisi __PUNCT__

but __PUNCT__ you know __PUNCT__ realli when it come to homeownership we should get back to that basic bargain __PUNCT__

if you plai by the rule __PUNCT__ you can count on the rule be fair __PUNCT__ open __PUNCT__ and honest __PUNCT__

and respons lender and commun_organ need to be encourag to realli live up to their end of the bargain __PUNCT__

i want to see more opportun for lender to go into commun that have not alwai been well serv __PUNCT__

and i know it can be done __PUNCT__

sever year_ago __PUNCT__ i challeng new york credit_union to reach a goal of __MONEY___million in respons home_loan to first time buyer in under serv area __PUNCT__

these were area where usual the onli altern would have been a sub __PUNCT__ prime or riski mortgag __PUNCT__

the result __PUNCT__ well __PUNCT__ a year later the credit_union all came back to my offic to report that thei have exceed their goal __PUNCT__

thei announc __MONEY___million in loan and thei ar still __PUNCT__ inaud __PUNCT__

i think it also import that we look for wai for the govern to incentiv these chang and to provid some kind of safeti_net if the worst happen and escal foreclosur begin to mount __PUNCT__

you know __PUNCT__ it true that i travel around the countri a lot now and speak in big_citi and veri small_town just as i did throughout my year in the senat in new york __PUNCT__

and there ar a lot of peopl who ar feel less and less connect to on anoth __PUNCT__

you know __PUNCT__ it iron that in thi ag of virtual realiti where peopl ar on the internet and bend over work their text_messag and blackberri that there is a sens that perhap we ar not as secur as we onc were __PUNCT__

you know __PUNCT__ peopl ar work more __PUNCT__ but their job ar less secur __PUNCT__

the whole famili ha cell_phone __PUNCT__ but find it nearli imposs to sit down around the dinner_tabl togeth __PUNCT__

our nation is grow more interdepend in the global_economi __PUNCT__ but increasingli feel divid here at home __PUNCT__

well __PUNCT__ i believ we can pursu polici togeth that lift us all up and homeownership is on piec of that puzzl __PUNCT__

and that is why it so import that what you do continu __PUNCT__

and the commun reinvest_act wa a wise decis thirti_year_ago by congress and presid carter __PUNCT__

and it ha made a tremend differ __PUNCT__

bank_lend to minor and lower and moder incom_borrow ha gone up __NUM__ percent sinc then __PUNCT__

but we still have a lot to do __PUNCT__

i done a lot of work in microcredit over the year go back to arkansa when i work with my husband and dr __PUNCT__ muhammad yunu who just won the nobl peac_prize for the grameen bank to bring grameen bank techniqu to arkansa __PUNCT__

and i been in mani differ set with borrow and lender who ar do microcredit __PUNCT__

i never forget a woman in denver who said to me __PUNCT__ more dream die in the park_lot of bank than anywher els __PUNCT__

we need to figur out how we go to open up the commerci lend sector and continu to provid more altern as well __PUNCT__

and when i go out and speak with my constitu __PUNCT__ thei not ask for a handout __PUNCT__

thei just ask onc again to be part of thi great_american american_dream __PUNCT__ thi adventur that we ar all on togeth __PUNCT__

thei just want the tool to help them realiz their own ambit __PUNCT__

now __PUNCT__ when i creat an organ_call new job for new york __PUNCT__ to try and bring more capit from new york_citi upstat __PUNCT__ i went around and met with a lot of the entrepreneur who were try to break through and look for a chanc to get the capit thei need __PUNCT__

and time and time again there wa just no place for them to go __PUNCT__

well __PUNCT__ it would be in america interest to have a big nation_capit fund that would make bet again on smart_peopl who ar will to work_hard __PUNCT__

i want to do that in the strateg energi area __PUNCT__

you know __PUNCT__ i meet_peopl all over the countri who have good_idea about altern_energi __PUNCT__ but thei not get the fund thei need to translat that into realiti __PUNCT__

and when it come to the renew commun which the clinton_administr start back in __NUM__ __PUNCT__ well __PUNCT__ i see the result of those invest in tourism along the eri canal __PUNCT__ which had basic been just left to wither __PUNCT__

i see those invest in the local wine industri in new york __PUNCT__

and i think if we pursu a comprehens agenda __PUNCT__ urban and rural __PUNCT__ leav nobodi out __PUNCT__ then i think we go to have the consensu we need in the countri to start solv_problem again __PUNCT__

becaus that what i believ in __PUNCT__

i believ that if we put our head togeth and we start look at the fact and the evid __PUNCT__ and put the ideolog on the back shelf somewher __PUNCT__ becaus i never seen ani ideolog that help you solv a problem __PUNCT__ you got to get togeth and see what the real fact ar __PUNCT__

and we know a lot about what work __PUNCT__ we just been stymi a littl bit in the last six year __PUNCT__

but we go to get rid of those roadblock __PUNCT__ and we go to roll up our sleev and we go to start act like american again __PUNCT__

we go to start solv our problem togeth __PUNCT__

we brought electr to rural_commun __PUNCT__ we brought interst highwai_system __PUNCT__ we go to bring broadband deploy so that everi commun can be connect up to the global_economi __PUNCT__

we go to have a new hous_project program that is go to invest in local_commun __PUNCT__

we go to have univers_healthcar coverag and we go to us energi to creat new job __PUNCT__

we can do thi __PUNCT__

thank you all __PUNCT__