What Would Senators McCain, Clinton and Obama Do?
In a speech delivered today in Orange County California (ground zero for many subprime lenders as well as foreclosed homes) Senator McCain offered some details of his plan to deal with the foreclosure crisis. Rather than spin the speech, I commend the original text to the reader's attention. One proposal that struck me was his call to increase the down payment requirements for FHA mortgages. I understand the sentiment, but in the absence of a national savings policy, it is hard to see how that would increase homeownership. It would also run contrary to current FHA efforts to offer refinancing loans to homeowners now facing foreclosures, who have little or no equity. He does not rule out government aid to mortgage defaulters, although he wants to be selective about any such program. Senator Clinton's speech on the housing crisis yesterday in Philadelphia is available here. Senator Obama has not given a speech on the housing crisis recently. His last speech on the economy on his web site is here but it is short on specifics. His issue paper offers tax subsidies for homeowners, better disclosure, a rescue fund of unspecified amount for foreclosure victims and support for the bankruptcy legislation to permit limited loan term modifications.
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Posted by: ezLoanLookup | Monday, May 19, 2008 at 04:36 PM
If there are no problems, no solution is necessary. When it comes to the payday loan industry and the valuable assistance that they provide, there aren’t very many problems, if any at all. Many customers have nothing but good things to say, due to the fact that, if used properly, these loans provide a valuable service, and help a person out when they are in trouble. However, many of the people in high places don’t see the value behind short term loans, and want to fix what isn’t broken. Some bipartisan fronts have outlawed the industry outright in several states, and even candidate Barack Obama wants to take a shot as well. We aren’t going to tell you how to vote, but remember that you have to make the right choice for the people’s right to financial independence.
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Posted by: Payday Loan Advocate | Saturday, September 27, 2008 at 12:30 AM