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Sen. Obama Seeks Fine for Unscrupulous Lenders

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Sen. Obama Seeks Fine for Unscrupulous Lenders

Politics

Sen. Obama Seeks Fine for Unscrupulous Lenders

Sen. Obama Seeks Fine for Unscrupulous Lenders

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  • <iframe src="https://www.npr.org/player/embed/14016086/14016056" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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Illinois Sen. Barack Obama wrote in an editorial in the Financial Times that unscrupulous mortgage lenders are to blame for the current credit crisis. Obama wants to fine lenders who sell mortgages to borrowers who can't afford them. The proceeds, he suggests, should be spent on bailing out borrowers facing foreclosure. According to the Center for Responsive Politics, big mortgage lenders spent almost $200 million last year lobbying Washington not to regulate their lending practices.