Clinton went to Wall Street Wednesday.
NEW YORK (CNNMoney.com) - Senator Hillary Clinton spelled out the details of her subprime bailout plan Wednesday, calling for a 90-day moratorium on foreclosures and a five-year freeze on the interest rates of adjustable rate mortgages (ARMs).
In August, the democratic presidential hopeful asked legislators to ban prepayment penalties on mortgages, but her new plan goes much further, and bears similarities to other proposals, including one expected to be offered by the Bush administration soon.
Clinton had already outlined her proposal in a letter to Paulson on Monday – the letter was posted onto her Web site – but on Wednesday she formally unveiled the comprehensive plan.
– CNNMoney's Les Christie
UPDATE: Former North Carolina Sen. John Edwards unveiled a plan Wednesday that goes further than Clinton's. He is including a mandatory interest rate freeze to last seven years and a moratorium on foreclosures would that would be in place at his discretion.
This plan is similar to the Bush plan. All poloticians are the same. People get a lower rate for 5 more years than the responsible people. Why not determine what rate these people can afford. If they can afford a higher rate then raise it. Freezing this rate for 5 years will only delay the problem for 5 years when hopefully neither Cliton or Bush will have any political influence.
For all you uniformed let me tell you about the investors. 401K plans, Companies whose stock is in 401K plans such as CocaCola. We bail them out and house prices stay high for 5 years. We let the economy work itself out and all our retirement plans lose value. I don't think this is a game we can win. Since I am young I vote to let me buy more stock at a lower price and drop the value of a home to what income can support for the average person.
Eric Samuels, CA, you will never learn if Hillary pays off your credit card bills for you, so you pay off your own bills and get the lesson, is it fair?
I THINK BUSH SHOULD BE IMPEACHED