This is an important issue to me, Bush is vetoing the foreclosure bill

[UALRBSofL]

I'm not sure if people are keeping up with this issue, one that effects all of us. It looks like Bush is planning on vetoing the foreclosure bill that will help bail out millions of americans due to increased interest rates and the upside down pricing of homes.

My question is I have heard both Obama and Hillary's plans for the foreclosures. I'm not real clear how there plans will work. Does anyone know the specifics of there plans and how they will be implemented?

Also, considering one of these candidates will become commander-in-chief, how quick could they implement there plan? At this point people are in real trouble and need help as soon as possible. We really don't have time to put this problem off any longer. The think-tanks are saying within one more year approximately 30% of all homes will be upside down on there homes due to the interest rates and the dropping prices of homes.

The bill Bush is vetoing is one that the Federal Government proposed would buy out the peoples loans, refinance the loans to lower the interest rates considerably and the homeowner would pay there house payment to the Federal Government. As it is now, many of the mortgage payments have doubled and people just can't afford the payment and are losing there home. Some people may think the government is just bailing out the banks but they really aren't because the banks will lose the interest of the homes. What it's doing is keeping people from losing there homes so they wont be put on the street. Also, it wont strap the government as some people have proposed because people would be making there house payment to the government and these monthly rolling payments go back into the government's budget.

I'm not proposing this be the way to go about buying homes in the future but it's just a short term solution to help millions of americans who are in the process of losing there homes.

[rurallib]

1. I can't answer but I hope you can hang on.

[babylonsister]

2. Here's Obama's platform: maybe someone will provide Clinton's.

http://www.barackobama.com/issues/economy/

Protect Homeownership and Crack Down on Mortgage Fraud

Obama will crack down on fraudulent brokers and lenders. He will also make sure homebuyers have honest and complete information about their mortgage options, and he will give a tax credit to all middle-class homeowners.

* Create a Universal Mortgage Credit: Obama will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.

* Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.

* Mandate Accurate Loan Disclosure: Obama will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.

* Create Fund to Help Homeowners Avoid Foreclosures: Obama will create a fund to help people refinance their mortgages and provide comprehensive supports to innocent homeowners. The fund will be partially paid for by Obama's increased penalties on lenders who act irresponsibly and commit fraud.

* Close Bankruptcy Loophole for Mortgage Companies: Obama will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. Obama believes that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.

And here's a blog that talks about both plans:

http://blog.cleveland.com/openers/2008/02/presidential_campaign_issues_f.html

[samplegirl]

3. but he would have no trouble helping with this...the people who need it the most

http://globaleconomicanalysis.blogspot.com/2008/02/bank-of-america-asks-congress-for-739.html

[UALRBSofL]

4. BOA has totally lost there mind

I hope no one would do that knowing americans are LOSING there homes and are being put out on the street. Anyone that would do that should be banned from congress or impeached.