CA
Torrico Highlights Governor's Vetoes of Mortgage Legislation as California's Foreclosures Harm U.S. Economy
Author: Assembly Majority Floor Leader Alberto Torrico
Published on Oct 4, 2008 - 8:27:44 AM

In this Democratic weekly radio address, Assembly Majority Leader Alberto Torrico (D-Newark) highlights Governor Schwarzenegger's vetoes of legislation designed to limit impacts of the current mortgage crisis. He calls these vetoes part of overall Republican strategy to deregulate the mortgage industry.

Hello, this is Majority Leader Alberto Torrico.

After a record-breaking budget impasse in Sacramento this summer, it's not surprising Californians were left with a sense of deja-vu watching Washington manage the Wall Street meltdown.

In both cases, a Republican minority held their votes hostage for political concessions.

In California, holding their budget votes resulted in care providers shutting down and thousands of layoffs.

In Washington, Republican obstructionism caused the single biggest stock sell off in history, risking our tumble into further financial depression.

And after supporting the deregulation of the mortgage industry that began this mess in the first place, Republicans continue to push for more of the same.

Just last week, Governor Schwarzenegger vetoed legislation aimed at stopping another wave of sub-prime mortgage fiascos.

He vetoed two of my bills, one to aid homeowners before they fall into foreclosure and another to help renters get their security deposits back.

These were just two in a record-breaking veto rate the Governor had this year while he put the corporate interest ahead of ordinary Californians.

With savvy financial firms constantly trying to game the system, the rhetoric of deregulation just doesn't cut it anymore.

Californians are seeing their retirement funds and credit lines dry up because of the chaos deregulation has wrought.

We need sensible financial rules at both the state and national level if we're going to prevent further financial turmoil.

Support state legislation that will play an important part in this effort.

This has been Majority Leader Alberto Torrico.

Thank you very much for listening.

© Copyright YubaNet.com