The Senator Barack Obama, Democratic presidential runner said on Tuesday that the real estate foreclosure crisis is similar to the Great Depression that occurred in the late 20s. He pointed that the housing crisis is far from going into the direction of the Depression, but the way it affected Wall Street and the financial market is very similar.
Obama blamed the lenders for the foreclosure crisis due to the lack of regulations and high ratio mortgages, and he added that if he becomes president that he will regulate the industry to make sure that people aren’t taking these kinds of risks. Obama has called for measures to help homeowners facing foreclosure to save their home.
The Illinois senator lost by a landslide to Clinton yesterday on the West Virginia primary, but despite the loss Obama is gaining more and more superdelegates support.
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