But we've got to keep going, because nobody in America, and certainly no veteran, should beleft to live on the streets. (Applause.)
So here's the bottom line: Put all these principles together, that's going to protect our entireeconomy and it will improve the housing market not just here in Phoenix, but throughout thestate and throughout the country.
We're also going to need to make sure, though, that we're protecting individual homeowners.We've got to give them the tools that they can protect themselves. So we've got a ConsumerFinance Protection Bureau that we created. (Applause.) And it's laying down new rules of theroad that everybody can count on when they're shopping for a mortgage. They're designing anew, simple mortgage form that will be in plain English, so you can actually read it without alawyer -- (applause) -- although, you may still want a lawyer obviously. I'm not saying youdon't. I'm just saying you'll be able to read it. (Laughter.) There won't be a lot of fine print.That way you know before you owe. (Laughter and applause.)
And the Senate finally confirmed Richard Cordray as the head of this -- head watchdog for theCFPB. (Applause.) So he's out there aggressively protecting consumers and homeowners.
When it comes to some of the other leaders we need to look out for the American people, theSenate still has a job to do. Months ago, I nominated a man named Mel Watt to be our nation'stop housing regulator. He is an outstanding member of Congress. And during that time, hewas on the Housing Committee -- worked with banks, worked with borrowers to protectconsumers, to help responsible lenders provide credit. He is the right person for the job.Congress and the Senate should give his nomination an up or down vote without any moreobstruction or delay. We don't have time for those kinds of games. (Applause.)
So I want to be honest with you. No program or policy is going to solve all the problems in amulti-trillion dollar housing market. The housing bubble went up so high, the heights itreached before it burst were so unsustainable, that we knew it was going to take some time forus to fully recover. But if we take the steps that I talked about today, then I know we willrestore not just our home values, but also our common values. We'll make owning a home asymbol of responsibility, not speculation -- a source of security for generations to come,just like it was for my grandparents. I want it to be just like that for all the young people whoare here today and their children and their grandchildren. (Applause.)
And if we stay focused on middle-class security and opportunities to get into the middle class,if we take the strategy that I'm laying out for the entire economy -- for jobs and housing andeducation, health care, retirement, creating ladders of opportunity -- then we will secure thatbetter bargain for all Americans, where hard work is once again rewarded with a shot at amiddle-class life, which means more Americans will know the pride of that first paycheck. MoreAmericans will know the satisfaction of flipping the sign to “Open” on their own business. MoreAmericans will know the joy of scratching the child's height on the door of their new home --with pencil, of course. (Laughter.)
We can do all this if we work together. And it won't be easy. But if we take just a few boldsteps -- and if Washington will just end the gridlock, set aside the slash-and-burn partisanship-- (applause) -- actually try to solve problems instead of scoring political points, our economywill grow stronger a year from now, five years from now, 10 years from now. (Applause.)
And as long as I've got the privilege to serve as your President, that's what I'm going to befighting for.
Thank you very much, everybody. God bless you. (Applause.)