WHEN: Wednesday, December 5th at 3:00PM ET
Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Senator Hillary Clinton today on CNBC's "Closing Bell." All references must be sourced to CNBC.
During the exclusive interview with CNBC's Maria Bartiromo, Senator Clinton discusses a broad range of topics including her new plan to deal with the subprime mortgage meltdown, trade issues and dangerous products from China, oil prices, today's OPEC meeting, and the presidential race, among other topics.
BARTIROMO: WELCOME BACK TODAY LIVE FROM THE NASDAQ.PRESIDENT BUSH AND TREASURY SECRETARY HANK PAULSON EXPECTED TO SPEAK TOMORROW ABOUT REACHING A DEAL WITH MORTGAGE LENDERS TO FREEZE INTEREST RATES ON CERTAIN SUBPRIME LOANS FOR FIVE YEARS TO STEM THE RISING TIDE OF FORECLOSURES.NOW IN A CNBC EXCLUSIVE TO US HER OWN PLAN TO SAVE SUBPRIME BORROWERS IS DEMOCRATIC CANDIDATE HILLARY CLINTON. SO NICE TO HAVE YOU ON THE PROGRAM.
SENATOR CLINTON: GREAT TO BE HERE.
BARTIROMO: YOU FINISHED TALKING WITH CEOs AND BUSINESS LEADERS FROM THE AREA ABOUT YOUR PLAN. GO THROUGH STEP BY STEP SPECIFICALLY HOW YOU ENVISION SAVING US OUT OF THIS CRISIS OF SUBPRIME.
SENATOR CLINTON: WELL, I AM PLEASED, FIRST OF ALL,THAT IT APPEARS AS THOUGH THE BUSH ADMINISTRATION IS GOING TO WORK ON SOMETHING THAT I CALL A WORKOUT. I HAVE BEEN TALKING ABOUT THIS FOR MONTHS NOW. I SENT A LETTER TO SECRETARY PAULSON OVER THE LAST SEVERAL DAYS OUTLINING WHAT I THOUGHT SHOULD BE DONE. AND FROM THE LITTLE WE'RE HEARING, IT SOUND LIKE EVERYBODY IS MOVING IN THE SAME DIRECTION, BECAUSE THAT IS IMPORTANT. WE SHOULDN'T PLAY POLITICS WITH THIS. WE SHOULD SOLVE THE PROBLEM. I THINK IT'S AGREED UPON THAT WE NEED TO HAVE A FREEZE OR A TIME-OUT ON FORECLOSURES WHILE WE TRY TO FIGURE OUT HOW WE CAN WORK OUT THE CONDITIONS FOR PEOPLE WHO ARE IN OWNER-OCCUPIED HOMES. WE HAVE TO FREEZE THE ADJUSTABLE RATE MORTGAGES AND TRY TO FIGURE OUT HOW WE CAN BUY SOME BREATHING ROOM FOR UP TO FIVE YEARS AT LEAST. AND WE NEED TO HAVE MORE TRANSPARENCY IN THE MARKET. IN ADDITION, SOME OF THE SERVICERS HAVE TOLD ME THAT THEY'RE FRANKLY WORRIED ABOUT PARTICIPATING BECAUSE THEY'RE WORRIED ABOUT LEGAL LIABILITY TO THEIR ULTIMATE INVESTOR WHO HOLDS THE PAPER. SO WE NEED TO LOOK AT HOW WE GET THEM TO THE TABLE BUT ALSO PROVIDE THEM SOME PROTECTION. I ALSO WOULD LIKE TO SEE A $5 BILLION FUND TO HELP COMMUNITIES COME UP WITH WAYS OF KEEPING PEOPLE IN HOMES, BECAUSE OTHERWISE YOU'LL HAVE A CASCADE OF PEOPLE BEING FORECLOSED UPON, NEIGHBORHOODS TURNING TO BLIGHT, INCREASING CRIME. AND I WAS PLEASED THAT TODAY MAYOR BLOOMBERG PROPOSED SUCH AN IDEA FOR THE CITY.