Obama Q&A: Energy, foreclosures

The Rocky

Published July 3, 2008 at 8:53 p.m.
Updated July 3, 2008 at 8:53 p.m.

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Presidential hopeful Barack Obama, on his way to an event in Fargo, N.D., addressed two issues important to Western voters — energy and foreclosures. Here's what he had to say in a phone interview Thursday with the Rocky.

Question: One of the things John McCain has talked about is nuclear energy as a possible solution. What are your thoughts on nuclear energy as a viable alternative energy source?

Obama: "Obviously the problem we have with nuclear energy is storage of radioactive material and what I've said is if we can find effective ways to store nuclear material - ways that are safe and secure - then there is no reason why we wouldn't want to pursue nuclear energy. But that requires an improvement of current technologies that we have not invested in and that's one of the reasons why I've called for $15 billion a year over 10 years to invest not only in the research and development required to make nuclear power more secure, but solar, wind and biodisel and making our cars more energy efficient and improving our electricity grid. Those are all going to be critical components of a comprehensive energy policy that will cut our dependence on foreign oil and deal with the crisis of global warming as well."

Question: Colorado has been facing the issue of foreclosures - according to RealtyTrac, we rank seventh in the country for the rate of foreclosures at one in every 388 houses. If you get elected in November and take office in January and those numbers aren't going down, what kind of relief do you think you can offer in the crisis and how quickly do you think that relief could be put into place?

Obama: "Well, we should be putting something into place now. There is a bill working its way through the Senate. We should not have waited this long to get that bill passed. It's a bill I strongly support that would give FHA power to work with borrowers and lenders to work out fixed rate mortgages that are affordable to keep more people in their homes. I've also proposed a $10 billion home foreclosure prevention fund that would accomplish the same goal. If we can stabilize the housing market, that's going to go a long way to improving our economy as a whole."

Q: Does that include freezing adjustable rates?

Obama: "Every expert I've talked to and advocate for homeowners has concluded a freeze on mortgage rates - adjustable rates - would have the potential of sending mortgage rates sky high and could actually make it even more difficult for new buyers to get into the market, which would further depress housing prices, so I don't think that's the right solution."

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