President Barack Obama blasted Republicans on Saturday for “beating the drum” to roll back the regulatory overhaul, saying that the importance of his Wall Street Reform was highlighted by the home foreclosure crisis.
In his weekly radio address, Obama said “Recently, we’ve seen problems in foreclosure proceedings — mistakes that have led to disruptions in the housing markets. This is only one more piece of evidence as to why Wall Street reform is so necessary,” his address comes 10 days prior to the Nov. 2 congressional elections in which sharp losses are expected to be sustained by his fellow Democrats.
Obama’s radio address was the most extensive comment made by him since faulty paperwork was revealed on the foreclosure mess. Obama has had to tread lightly on foreclosure issues. Disparity with Republicans opponents of the landmark Wall Street reform package, passed in July by the Democratic Congress is believed to be the emphasis of contrast, according to the White House.
The White house fears the housing crisis would worsen if Obama did not stop short of backing calls for a freeze on home foreclosures. The financial reform law served to prevent a repeat of the 2007-08 financial melt-down that propelled the U.S. into the worst recession in generations.
Funding for a new consumer watchdog is one of the specific provisions opponents are targeting, though analyst believe there is little chance of a full roll back in financial reform law. Obama said the new watchdog, known as the Consumer Financial Protection Bureau, “will have the authority to guard against unfair practices in mortgage transactions and foreclosures.”