I came across this article in the Chicago Tribune today and I though it was good information in this election year. I posted it below…
Where They Stand on Housing
Hillary Clinton: Calls for immediate government action to deal with the home-loan crisis. Supports plan by Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.) to allow homeowners to restructure at-risk mortgages, backed by Federal Housing Administration guarantees. Proposes $30 billion “second stimulus” package to help states and localities fight foreclosure moratorium on subprime owner-occupied homes. Favors increased regulation of mortgage originators.
Barack Obama: Supports immediate government intervention in housing crisis. Like Clinton, favors Frank-Dodd plan to provide federal loan guarantees to allow refinancing of troubled of troubled mortgages and keep people in their homes. Wants “second stimulus” of $30 billion that would include $10 billion to help people avoid foreclosure. Wants to require more transparency by financial institutions and reform the system so that federal regulatory agencies don’t overlap and compete with each other.
John McCain: Calls for more accountability and transparency in financial markets. Says it’s not the duty of the government to bail out banks or barrowers who acted irresponsibly, but does not rule out temporary aid for people to help them stay in their homes. Says the down payment requirement for FHA mortgages should be raised. Calls for overall reform of the system as part of any aid effort.
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