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Clinton Striving For Upper Hand On Mortgage Crisis

By
Real Estate Agent with Smith & Associates Real Estate BK3194803

As Tampa Realtors, we know that the number of Tampa short sales and foreclosures has skyrocketed over the last few years.  Hillary Clinton has released a plan to help the economy and get control over the mortgage crisis.  The plan was submitted to the President and Ms. Clinton is calling for something to be done now, not if or when she gets into office.  McCain is expected to similarly release a plan today focusing on the economy, a topic which has has not pushed much during his campaign.  President Bush is now under fire to do something - what do you think the outcome will be?  Here's an article about the plan Clinton released.

PHILADELPHIA - - Sen. Hillary Rodham Clinton sought on Monday to pitch herself as the candidate with the remedy for the nation's housing crisis.

Her assertion drew an aggressive pushback from Sen. Barack Obama's campaign as the two rivals continued to wrestle for the upper hand on the issue of the economy.

As the economy has overtaken Iraq in recent months as the dominant campaign issue, Clinton and Obama have increasingly turned their attention to darkening forecasts about the nation's financial health.

The Democratic contenders have flayed President Bush for embracing policies they say have fueled the economic slide. They have criticized the stimulus package he hammered out with Democrats in Congress as insufficient and have pressed for more relief for low- and middle-income Americans.On Monday, Clinton laid out a plan in Philadelphia aimed at slowing mounting foreclosures, renewing her call for greater lender transparency and for $30 billion in assistance for individual homeowners and communities to slow the credit crunch for most Americans.

Clinton used a speech at the University of Pennsylvania to argue that the federal government should apply the same kind of resources to assist individuals as it did in bailing out investment giant Bear Stearns.

"Let's be clear: When families are losing their homes, that's also a financial crisis," Clinton said.

Aides to Obama responded by saying Clinton was simply echoing proposals their candidate offered and by accusing her of hypocrisy on the issue because she had accepted contributions from the mortgage lending industry.

Obama has offered a $10 billion relief package.

A key difference between the two Democrats is whether to cap interest rates on mortgages, as Clinton has proposed, to prevent foreclosures. Obama has opposed that approach, which critics argue could drive up rates for newer homeowners as investors pull out of mortgage lending in search of better returns.

Clinton has called for a 90-day moratorium on foreclosures on subprime-mortgaged houses in which the owners are residents.

She would also freeze subprime adjustable-rate mortgages in place for as long as five years, or until the mortgages have been converted into affordable, fixed loans.

Clinton embraced a proposal already on the table, offered by Rep. Barney Frank, D-Mass., and Sen. Christopher J. Dodd, D-Conn., to expand the role that the Federal Housing Administration can play in restructuring - or outright buying - at-risk mortgages. Obama is a co-sponsor of that legislation.

Clinton has lashed herself to the issue of homeowner insecurity as part of her bid for a strong finishing kick to the primary season, in which she hopes to rack up big popular-vote victories in economically struggling states such as Pennsylvania, Indiana, West Virginia and Kentucky.

Source

Comments (9)

Insurance CEO
InsurancePricedRight.com - Dallas, TX

What a great post ! Thanks for sharing this with us!

CEO
http://www.InsurancePricedRight.com
Your Online Insurance Agency

Mar 25, 2008 12:56 AM
Jeff Kessler
Austin Homes, Realtors www.OwnAustin.com - Austin, TX
Broker,CLHMS,GRI

I suppose if bush and cheney could profit from it I am sure something will be done.

Sorry about the sarcasm.

Seriously,

Hopefully we can get out of this mess sooner than later.  We need our president to step up on this issue and help the home front instead of spending all our money on the war.

J.

 

Mar 25, 2008 01:03 AM
Rosario Lewis
DDR Realty - Newburgh, NY
GRI, SRES - DDR Realty - Orange County, NY
President Bush has no choice but to give a considered response to Hillary Clinton's proposal. I'm expecting a polite rejection.
Mar 25, 2008 01:06 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
Where was she three years ago when the New York Banks were rolling in the dough. Certainly she can do wonders. Remember her feat of turning $1,000 into a $100,000 when she traded commodities.
Mar 25, 2008 01:44 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Liane, 

John McCain just finished a short speech in California on the subject.  He--not President Bush--is the person whose opinion I want to hear along with the two Democrat potential nominees.  The Bush presidency will be over shortly, but the Federal Reserve will transition to the next administration, whether Democrat or Republican.  The policies of the Federal Reserve, the SEC, and the FDIC will determine the outcome of the credit crunch.  Thanks for posting!  (This begs to be posted in the group Real Estate and Politics!)

Mike in Tucson

Mar 25, 2008 05:37 AM
Benjamin Smith
Apex Appraisals & Consulting - Powder Springs, GA
Atlanta Area Appraiser
Just tell me how much its gonna cost me. I'll just hand over my paycheck and go on with my life.
Mar 25, 2008 07:44 AM
Liane Jamason
Smith & Associates Real Estate - Saint Petersburg, FL
Top 1% Real Estate Broker - St. Petersburg, FL

Mike in Tucson - that is very true.  It does bother me that McCain hasn't addressed the economy in his campaign much until now, when he's under pressure to do so.  We've been spending billions on war overseas while our families here at home are going under financially and we need that money here.

I personally feel if Obama or Hillary are elected, things have to get better than they are now, under Mr. Bush.  The economy hasn't been this bad in the US in a long while.  Bring on the Democrats, please!  ;) 

Mar 26, 2008 01:25 AM
Nick Ruta
Whitehall, PA

All politicians are corrupt and I fully expect them to do what they've always done...nothing.   That's right, nothing.  I find it ironic that all of these people caught up in "crisis mode" blame everyone but themselves.  It's always the other person, the business, the Realtor, the government, etc.   No one every steps back and says, "by golly gee...I F**KED up!"

Personal responsibility is practically dead in this country and I do not see how any change in government, republican or democrat will make things any better.  All we're going to get is more 24/7 garbage news and stupid scandals and nothing that makes our lives any easier.

If you want to change things...you better work your butt off and get ahead with your career and take advantage of our capitalism and free market economy.  Sitting around, waiting for the government to come up with some magic cure-all is a total joke and you'll be left out to dry if you don't wake up and realize it.

Mar 26, 2008 04:44 PM
Anonymous
Todd

Nick I have seen posts like yours all over the net the only thing is everywhere you say politicians you could substitute REALTOR.  Looking in from the outside (which I am guessing your are doing, your not a senator right?) its easy to be so negative.  There are politicians out there trying to do the right thing, are there names Bush, Clinton, Obauma or McCain? who really knows.  Its hard to be productive with such a negative outlook in politics and/or real estate.  I will blame myself though for not being as educated as I could be about the presidential election.  This current state of affairs is leaving a bad taste in my mouth all around!!!!!  What happening with the independent party!!!! (kidding!)  Not trying to be a jerk but comments such as yours are full of sound a fury signifying nothing. (sorry just watched Hamlet - talk about screwed up politics) 

Mar 31, 2008 02:44 PM
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