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.
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