Hillary Clinton: Let's Keep People In Their Homes

[Control-Z]

'First, we must address the skyrocketing rates of mortgage defaults and foreclosures that have buffeted the economy and ignited the credit crisis. Two million homeowners carry mortgages worth more than their homes. They hold $3 trillion in mortgage debt. Nearly three million adjustable-rate mortgages are scheduled for a rate increase in the next two years. Another wave of foreclosures looms.'

'I've proposed a new Home Owners' Loan Corporation (HOLC), to launch a national effort to help homeowners refinance their mortgages. The original HOLC, launched in 1933, bought mortgages from failed banks and modified the terms so families could make affordable payments while keeping their homes. The original HOLC returned a profit to the Treasury and saved one million homes. We can save roughly three times that many today. We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We've got to stem the tide of failing mortgages and give the markets time to recover.'

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'Second, American taxpayers should have a voice and a stake in the resolution of this market crisis. If the Treasury proposal is enacted in its current form, the American government would assume enough financial risk to become the majority shareholder in the companies rescued by taxpayer dollars.'

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'Third, taxpayers are being asked to bear an unparalleled degree of financial risk. We cannot allow taxpayers to take on this burden so that Wall Street and the Bush administration can hit the "reset button." This historic intervention demands a historic shift in priorities: an end to the broken culture on Wall Street, and the broken economic policies in Washington.'

more at:

http://online.wsj.com/article/SB122230767702474045.html

[billyoc]

1. "...and not out in the street protesting NAFTA"

[Toucano]

2. I like it.

Homeowners need to be a priority over the fat cats.

[Control-Z]

3. I really like it too.

It pretty much spells out how I feel the financial crisis should be handled, in my limited understanding.

[AzDar]

4. The market needs a correction. All this crap would do is forestall the inevitable.

[Control-Z]

5. Correcting the market

to be more fair to the average American seems to me like more than forestalling. Answering to the needs of the wealthiest, without regard for those of us (the majority) who will do the answering, certainly doesn't seem sound.

[Bluebear]

6. It's not crap to assist the populace. We need a bailout, not golden parachute CEO's.

[AzDar]

7. Shouldn't EVERYONE get an assist?

What about those who've already lost their homes, for instance?

[Control-Z]

9. Well, yes

I see your point. It is so much better for society to have families living out of their cars, while row upon row of foreclosed homes sit empty. The sad part is that those empty, bank owned houses are worth only pennies on the dollar. Not to worry though. A good sound bailout for the big guys and they will be able recoup their loses in 5 to 10 years. The families, probably never. No biggie. :sarcasm:

[Indenturedebtor]

8. I'm 300% behind you here Hillary!

People first, "markets" second goddammit.

[Control-Z]

10. I think this is a prime example

of needing to work from the bottom up. If the majority of the American populous is in a stable living environment, able to meet monthly living costs, the economy eventually becomes stable. And I honestly believe that at least 95% of the foreclosures were unintentional, and brought on by greed on the part of the lending industry.

[postmanisu]

11. chinese just bought my mortgage

[Control-Z]

12. What bank did they buy it from? n/t