奥巴马每日发言on the mortgage crisis(2009-02-18)

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REMARKS BY THE PRESIDENT ON THE HOME MORTGAGE CRISIS
Dobson High School
Mesa, Arizona
10:25 A.M. MST

THE PRESIDENT:  Thank you very much.  (Applause.)  Please, everybody have a seat.  Thank you.  Well, it is good to be back in Arizona.  (Applause.)  Thank you.  Are you excited?  (Applause.)  Thank you, thank you.  And thank you for arranging for such a beautiful day.  I want to stick around, but I got to go back to work.  But it is wonderful to be here.  And to all of you, I know that attending these kinds of events, oftentimes you have to wait in line and there's all kinds of stuff going on.  But I appreciate you being here very much.  And to all the officials here at the school, the principal and the student body, everybody who helped make this possible, thank you so much to all of you.  (Applause.)  

     I'm here today to talk about a crisis unlike we've ever known -- but one that you know very well here in Mesa, and throughout the Valley.  In Phoenix¹ and its surrounding suburbs, the American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy, but also the stability of families and neighborhoods.  It's a crisis that strikes at the heart of the middle class:  the homes in which we invest our savings² and build our lives, raise our families and plant roots in our communities.

     So many Americans have shared with me their personal experiences of this crisis.  Many have written letters or emails or shared their stories with me at rallies and along rope lines. Their hardship and heartbreak are a reminder³ that while this crisis is vast, it begins just one house -- and one family -- at a time.

     It begins with a young family -- maybe in Mesa, or Glendale, or Tempe -- or just as likely in a suburban⁴ area of Las Vegas, or Cleveland, or Miami.  They save up.  They search.  They choose a home that feels like the perfect place to start a life.  They secure a fixed-rate mortgage at a reasonable rate, and they make a down payment, and they make their mortgage payments each month.  They are as responsible as anyone could ask them to be.

     But then they learn that acting⁵ responsibly often isn't enough to escape this crisis.  Perhaps somebody loses a job in the latest round of layoffs⁶, one of more than 3.5 million jobs lost since this recession began -- or maybe a child gets sick, or a spouse⁷ has his or her hours cut.

     In the past, if you found yourself in a situation like this, you could have sold your home and bought a smaller one with more affordable⁸ payments, or you could have refinanced your home at a lower rate.  But today, home values have fallen so sharply that even if you make a large down payment, the current value of your mortgage may still be higher than the current value of your house.  So no bank will return your calls, and no sale will return your investment.

     You can't afford to leave, you can't afford to stay.  So you start cutting back on luxuries.  Then you start cutting back on necessities.  You spend down your savings to keep up with your payments.  Then you open the retirement⁹ fund.  Then you use the credit cards.  And when you've gone through everything you have, and done everything you can, you have no choice but to default on your loan.  And so your home joins the nearly 6 million others in foreclosure or at risk of foreclosure across the country, including roughly 150,000 right here in Arizona.

     But the foreclosures which are uprooting¹⁰ families and upending lives across America are only part of the housing crisis.  For while there are millions of families who face foreclosure, there are millions more who are in no danger of losing their homes, but who have still seen their dreams endangered.  They're the families who see the "For Sale" signs lining¹¹ the streets; who see neighbors leave, and homes standing¹² vacant, and lawns slowly turning brown.  They see their own homes -- their single largest asset -- plummeting¹³ in value.  One study in Chicago found that a foreclosed home reduces the price of nearby homes by as much as 9 percent.  Home prices in cities across the country have fallen by more than 25 percent since 2006.  And in Phoenix, they've fallen by 43 percent.

     Even if your neighborhood hasn't been hit by foreclosures, you're likely feeling the effects of this crisis in other ways. Companies in your community that depend on the housing market -- construction companies and home furnishing stores and painters and landscapers -- they're all cutting back and laying people off.  The number of residential¹⁴ construction jobs has fallen by more than a quarter million since mid-2006.  As businesses lose revenue and people lose income, the tax base shrinks, which means less money for schools and police and fire departments.  And on top of this, the costs to local government associated with a single foreclosure can be as high as $20,000.

     So the effects of this crisis have also reverberated¹⁵ across the financial markets.  When the housing market collapsed¹⁷, so did the availability of credit on which our economy depends.  And as that credit has dried up, it's been harder for families to find affordable loans to purchase a car or pay tuition, and harder for businesses to secure the capital they need to expand and create jobs.

     In the end, all of us are paying a price for this home mortgage crisis.  And all of us will pay an even steeper price if we allow this crisis to continue to deepen -- a crisis which is unraveling home ownership, the middle class, and the American Dream itself.  But if we act boldly and swiftly to arrest this downward spiral, then every American will benefit.  And that's what I want to talk about today.

     The plan I'm announcing focuses on rescuing families who've played by the rules and acted responsibly, by refinancing loans for millions of families in traditional mortgages who are underwater or close to it, by modifying loans for families stuck in sub-prime mortgages they can't afford as a result of skyrocketing interest rates or personal misfortune, and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments.

     At the same time, this plan must be viewed in a larger context.  A lost home often begins with a lost job.  Many businesses have laid off workers for a lack of revenue and available capital.  Credit has become scarce as markets have been overwhelmed by the collapse¹⁶ of security backed -- securities backed by failing mortgages.  In the end, the home mortgage crisis, the financial crisis, and this broader economic crisis are all interconnected, and we can't successfully address any one of them without addressing them all.

     So yesterday, in Denver, I signed into law the American Recovery and Reinvestment Act, which will create or save -- (applause.)  The act will create or save 3.5 million jobs over the next two years -- including 70,000 right here in Arizona, right here -- (applause) -- doing the work America needs done.  And we're also going to work to stabilize¹⁸, repair and reform our financial system to get credit flowing again to families and businesses.

     And we will pursue the housing plan I'm outlining today.  And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford -- avoid foreclosure.  And we're not just helping¹⁹ homeowners at risk of falling over the edge; we're preventing their neighbors from being pulled over that edge, too -- as defaults and foreclosures contribute to sinking home values, and failing local businesses, and lost jobs.

     But I want to be very clear about what this plan will not do:  It will not rescue the unscrupulous or irresponsible by throwing good taxpayer²⁰ money after bad loans.  It will not help speculators -- (applause) -- it will not help speculators who took risky²¹ bets on a rising market and bought homes not to live in but to sell.  (Applause.)  It will not help dishonest lenders who acted irresponsibly, distorting the facts -- (applause)  -- distorting the facts and dismissing the fine print at the expense of buyers who didn't know better.  And it will not reward folks who bought homes they knew from the beginning they would never be able to afford.  (Applause.)  So I just want to make this clear:  This plan will not save every home.

1 phoenix   

n.凤凰，长生(不死)鸟；引申为重生

参考例句：

• The airline rose like a phoenix from the ashes.这家航空公司又起死回生了。
• The phoenix worship of China is fetish worship not totem adoration.中国凤崇拜是灵物崇拜而非图腾崇拜。

2 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

3 reminder   

n.提醒物，纪念品；暗示，提示

参考例句：

• I have had another reminder from the library.我又收到图书馆的催还单。
• It always took a final reminder to get her to pay her share of the rent.总是得发给她一份最后催缴通知，她才付应该交的房租。

4 suburban   

adj.城郊的，在郊区的

参考例句：

• Suburban shopping centers were springing up all over America. 效区的商业中心在美国如雨后春笋般地兴起。
• There's a lot of good things about suburban living.郊区生活是有许多优点。

5 acting   

n.演戏，行为，假装；adj.代理的，临时的，演出用的

参考例句：

• Ignore her,she's just acting.别理她，她只是假装的。
• During the seventies,her acting career was in eclipse.在七十年代，她的表演生涯黯然失色。

6 layoffs   

临时解雇( layoff的名词复数 )； 停工，停止活动

参考例句：

• Textile companies announced 2000 fresh layoffs last week. 各纺织公司上周宣布再次裁员两千人。
• Stock prices broke when the firm suddenly announced layoffs. 当公司突然宣布裁员时，股票价格便大跌

7 spouse   

n.配偶(指夫或妻)

参考例句：

• Her spouse will come to see her on Sunday.她的丈夫星期天要来看她。
• What is the best way to keep your spouse happy in the marriage?在婚姻中保持配偶幸福的最好方法是什么？

8 affordable   

adj.支付得起的，不太昂贵的

参考例句：

• The rent for the four-roomed house is affordable.四居室房屋的房租付得起。
• There are few affordable apartments in big cities.在大城市中没有几所公寓是便宜的。

9 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

10 uprooting   

n.倒根，挖除伐根v.把（某物）连根拔起( uproot的现在分词 )；根除；赶走；把…赶出家园

参考例句：

• He is hard at work uprooting wild grass in the field. 他正在田里辛苦地芟夷呢。 来自互联网
• A storm raged through the village, uprooting trees and flattening crops. 暴风雨袭击了村庄，拔起了树木，吹倒了庄稼。 来自互联网

11 lining   

n.衬里，衬料

参考例句：

• The lining of my coat is torn.我的外套衬里破了。
• Moss makes an attractive lining to wire baskets.用苔藓垫在铁丝篮里很漂亮。

12 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

13 plummeting   

v.垂直落下，骤然跌落( plummet的现在分词 )

参考例句：

• Prices are rising, falling, going up, going down, shooting up, plummeting, etc. 物价在上涨、下跌、上升、下落、猛然上涨、骤然下跌等。 来自辞典例句
• The enemy plane went plummeting into the sea. 敌机直直掉进海里。 来自辞典例句

14 residential   

adj.提供住宿的；居住的；住宅的

参考例句：

• The mayor inspected the residential section of the city.市长视察了该市的住宅区。
• The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。

15 reverberated   

回响，回荡( reverberate的过去式和过去分词 )； 使反响，使回荡，使反射

参考例句：

• Her voice reverberated around the hall. 她的声音在大厅里回荡。
• The roar of guns reverberated in the valley. 炮声响彻山谷。

16 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

17 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

18 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

19 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

20 taxpayer   

n.纳税人

参考例句：

• The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
• The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。

21 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

22 wreaking   

诉诸（武力），施行（暴力），发（脾气）( wreak的现在分词 )

参考例句：

• Coal mining is a messy business, often wreaking terrible environmental damage nearby. 采矿是肮脏的行业，往往会严重破坏周边环境。
• The floods are wreaking havoc in low-lying areas. 洪水正在地势低洼地区肆虐。

23 havoc   

n.大破坏，浩劫，大混乱，大杂乱

参考例句：

• The earthquake wreaked havoc on the city.地震对这个城市造成了大破坏。
• This concentration of airborne firepower wrought havoc with the enemy forces.这次机载火力的集中攻击给敌军造成很大破坏。

24 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

25 ineligible   

adj.无资格的，不适当的

参考例句：

• The new rules have made thousands more people ineligible for legal aid.新规定使另外数千人不符合接受法律援助的资格。
• The country had been declared ineligible for World Bank lending.这个国家已被宣布没有资格获得世界银行的贷款。

26 restriction   

n.限制，约束

参考例句：

• The park is open to the public without restriction.这个公园对公众开放，没有任何限制。
• The 30 mph speed restriction applies in all built-up areas.每小时限速30英里适用于所有建筑物聚集区。

27 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

28 incentives   

激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机

参考例句：

• tax incentives to encourage savings 鼓励储蓄的税收措施
• Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法

29 conceal   

v.隐藏，隐瞒，隐蔽

参考例句：

• He had to conceal his identity to escape the police.为了躲避警方，他只好隐瞒身份。
• He could hardly conceal his joy at his departure.他几乎掩饰不住临行时的喜悦。

30 navigating   

v.给（船舶、飞机等）引航，导航( navigate的现在分词 )；（从海上、空中等）横越；横渡；飞跃

参考例句：

• These can also be very useful when navigating time-based documents, such as video and audio. 它对于和时间有关的文档非常有用，比如视频和音频文档。 来自About Face 3交互设计精髓
• Vehicles slowed to a crawl on city roads, navigating slushy snow. 汽车在市区路上行驶缓慢，穿越泥泞的雪地。 来自互联网

31 maze   

n.迷宫，八阵图，混乱，迷惑

参考例句：

• He found his way through the complex maze of corridors.他穿过了迷宮一样的走廊。
• She was lost in the maze for several hours.一连几小时，她的头脑处于一片糊涂状态。

32 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

33 bolster   

n.枕垫；v.支持，鼓励

参考例句：

• The high interest rates helped to bolster up the economy.高利率使经济更稳健。
• He tried to bolster up their morale.他尽力鼓舞他们的士气。

34 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

35 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

36 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

37 innovative   

adj.革新的，新颖的，富有革新精神的

参考例句：

• Discover an innovative way of marketing.发现一个创新的营销方式。
• He was one of the most creative and innovative engineers of his generation.他是他那代人当中最富创造性与革新精神的工程师之一。

38 eroding   

侵蚀，腐蚀( erode的现在分词 )； 逐渐毁坏，削弱，损害

参考例句：

• The coast is slowly eroding. 海岸正慢慢地被侵蚀。
• Another new development is eroding the age-old stereotype of the male warrior. 另一个新现象是，久已形成的男人皆武士的形象正逐渐消失。

39 literally   

adv.照字面意义，逐字地；确实

参考例句：

• He translated the passage literally.他逐字逐句地翻译这段文字。
• Sometimes she would not sit down till she was literally faint.有时候，她不走到真正要昏厥了，决不肯坐下来。

40 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。