Presidential Candidates Divided on Housing Policy

March 8, 2008 | Filed Under Real Estate News 

Democratic presidential candidates Hillary Clinton and Barack Obama may be running neck and neck in the race for their party’s nomination, but they’re far apart in their views on how to handle the housing crisis. According to the Wall Street Journal, Senator Clinton advocates more immediate government intervention and claims that she is the only candidate with a “comprehensive plan to end the housing crisis.” One part of her plan calls for a freeze on foreclosures for 90 days to allow lenders to work out problems with borrowers.

While Senator Obama supports a foreclosure freeze, it is not an explicit part of his economic proposal. His plan calls for a $10 billion fund that would help homeowners refinance their loans to avoid default. He also wants to make it easier for many homeowners to take advantage of existing tax deductions for mortgage interest payments.

Presumptive Republican presidential nominee Senator John McCain does not list specific housing policy on his Web site. But the St. Petersburg Times reports that McCain told an economic round table in Orlando that he advocates a crackdown on predatory lenders, mortgage brokers and rating agencies. He also supports making the mortgage process simpler and more transparent for borrowers.

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