If you need our capital to survive, then we expect change at the management structure. So that's just one component piece of it. Let's move to the housing market. One of the most disastrous policies that President Obama did [a disastrous policy] with the housing market when he came in and said, we are going to try to do principal reduction for those people that have stopped paying on their mortgage. that have defaulted on their mortgage. It sounds good, it sounds nice, let's help. Those people are struggling. Well, here's the fundamental byproduct of it. (15:19–15:24)
CLAIM
Asserts that President Obama implemented a policy of principal reduction for mortgage defaulters.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
