The White House and Your House

The mortgage and economy seem to be front and center for the Presidential candidates these days. Here are some tidbits I found from the frontrunners' websites regarding the mortgage situation and what they'd do about it.

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Democrats:

• Barack Obama: Combat Mortgage Fraud and Subprime Loans; Create Fund to Help Homeowners Avoid Foreclosures; Create a Credit Card Rating System to Improve Disclosure; Establish a Credit Card Bill of Rights to Protect Consumers.  (If you're fired up for Obama, there's a unity march in downtown Seattle this Saturday.)
• Hillary Clinton: Foreclosure Moratorium; Freeze Interest Rates; Require Accountability.

Republicans:

• John McCain: Cut Taxes; Cut Spending.
• Mit Romney: Cut Taxes; Cut Spending; Government Guarantees For Larger Loans;  More Disclosure and Counseling for Consumers.

I'm curious what readers think about these candidates' plans? In my opinion, the government's job is to help consumers make decisions with as much info as possible but people who get irresponsible loans for flipping shouldn't really get bailed out.

-Wendy

Comments

[Rick]

"Freezing interest rates?" Huh? Are we in Moscow? Apparently Hillary's 35 years of "experience" didn't include econ 101.

[newbuyer]

Wendy, great post! You are great at what you do! A BIG thank you to you

[Dr. Michael]

I completely agree with you Wendy. I feel like people need to have the information that they need to make an educated decision, and then they should be held accountable for things after their decision. If the rest of us, with good credit, aren't in trouble, can we get some type of rebate or boost as well?

[Jack]

If the plan is to freeze interest rates, do the people who already paid a premium for fixed rate mortages get a tax credit? Also, what happens to the banks if rates go up. Doesn't that screw the banks (who apprently are already getting bought by the Kuwaitis)?

[Psychologist]

What we need is for everyone to be optimistic about America again. This mass optimism will encourage more investment and consumption which will do more to stave off a recession than the tax credits currently being peddled by Bush and Pelosi. Hopefully, we'll get a president in 2009 who can make us believe again...

[newbuyer]

Completely agree. Enthusiasm brings change and we need that now.

[Charlie]

All I can say is I'm fired up and ready to go.

[CameronRex]

Agree with you 100% Wendy. Why should individuals that took out too-good-to be true loans get bailed out? Can I ask the govt to pay off my credit card if I decide to charge a new car that I can't afford?

[Jeff]

Why hasn't the press challenged Hillary about her plans to freeze interest rates and ban foreclosures? Wouldn't McCain grill her for this in the general?

[Rebecca]

Hillary has over 35 years of executive experience running complex organizations and delivering real change. I don't think this minor proposal is an issue; furthermore, what are people supposed to do if they can't pay thei mortgages?

[newbuyer]

Check on that 35 years of executive experience.

[Tony]

Actually Hillary has 35 years of experience as a spouse of Bill Clinton. I'd rather support a female candidate who has gained national exposure on her own merits.

[Chris]

Part of the 35 years of experience includes investments like Whitewater. Looking forward to bringing this up again in the general election.

[newbuyer]

I completely agree. How can this be deemed as experience?