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 August 26, 2007

Presidential Candidates weigh-in on Credit Crunch
Two hot questions that are being addressed by presidential hopefuls are: What to do with the credit crunch, and how to deal with the slump in the housing market?
Here is what the candidates have stated regarding the issues of mortgage credit and the housing market:

Senator Christopher J. Dodd (D) (Conn.) advocates extension of Fannie Mae and Freddie Mac's role and the end of prepayment penalties.

Senator Barack Obama (D) (Ill.) wants a federal fund to bail out home owners facing foreclosure. He proposes that the funds could come from penalties invoked upon irresponsible lenders.

Senator Hillary Rodham Clinton (D) (N.Y.) Stresses additional "truth in lending" such a plain-talk, eliminating fine-print disclosures for new home owners.

Senator Joseph R. Biden, Jr. wants hedge fund transparency.

Former Senator John Edwards (D) (N.C.) proposes changes in bankruptcy laws that would allow filers to shed mortgage debt.

Former Massachusetts Governor Mitt Romney (R) wants to see the government simplify the mortgage process and ensure strong oversight and penalize those who are "bad actors."

Senator John McCain (R) (AZ) wants increased education and some help for home owners in foreclosure because they were misled.

Former Mayor of New York City Rudolph W Giuliani (R) does not support government intervention; however he does think there should be more transparency to the process.

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