The Letter?

Barack Obama criticizes John McCain as being a "deregulator" and blames deregulation for America's Housing Crisis.

Obama defends his role in the crisis by saying he wrote a letter, whereas McCain was trying to enact legislation, two years ago to Treasury Secretary Paulson and Federal Reserve Chairman Bernanke...

"I said that we've got a sub-prime lending crisis that has to be dealt with".

Searching "subprime" on Obama's Senate web site gets you eight hits.

The only letter to Paulson and Bernanke is dated March 22, 2007.

Not quite two years ago and the scientific community is united in that fact.

In the letter, Obama called for top economic policy-makers to convene a conference to help homeowners avoid losing their homes amid a wave of foreclosures.

Obama asked them to bring together lenders, consumer advocates, federal regulators and housing agencies for a summit meeting on preserving home ownership.

His press release stated...

Foreclosure rates soared among subprime borrowers, those with blemished credit, at the end of 2006 as adjustable rate mortgages reset at higher levels and home values moderated or fell after a five-year U.S. housing boom.

"We cannot sit on the sidelines while increasing numbers of Americans lose their homes," Obama said in a letter to Bernanke and Paulson.

An estimated 1.5 million homeowners are expected to face foreclosure in 2007, a 20 percent to 25 percent increase over last year, according to research firm RealtyTrac.

Obama believes the government's oversight agencies were too slow to respond to an overheating housing market, an aide said.

"Regulators are partly responsible for creating the environment that is leading to rising rates of foreclosure in the subprime market."

Regulators. Deregulators. which is it?

Obama complained Tuesday that nobody did anything about it his letter.

Nobody, including Obama!

By March 22, 2007 Obama was six weeks into his formal candidacy for President and couldn't be bothered doing his job of United States Senator, like writing legislation.