December 5th, 2007
03:30 PM ET
7 years ago

CNNMoney.com: Clinton unveils mortgage plan

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

Full story

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.


Filed under: Hillary Clinton
soundoff (103 Responses)
  1. Anonymous

    A few weeks ago in a debate, Hillary said that the want a freeze on US trade agreements. The moderator asked her if she would support the Peru Trade Agreement, she said ‘No’. Today on CNBC she said that she does support the agreement. Does anyone know where Hillary stands on any issue?

    December 5, 2007 07:45 pm at 7:45 pm |
  2. Frank Virginia Beach VA

    Watch it! Clinton and money – it's gotta be illegal or stolen.

    December 5, 2007 07:47 pm at 7:47 pm |
  3. a.thomas, new york, ny

    Hillary's initative and leadership on this mortgage plan sets herslef apart from other candidates. In my view, it will never dawn on other candidates on this mortgage issue. She is simply more experienced and surrounded herself with qualified advisors.

    I realise that other candidates' supporters may take an negative view toward her plan. Then again, it is just jealousy.

    BTW, the latest polls show that Hillary is ahead by 24 points in south carolina and nationally.

    Hillary 08.

    December 5, 2007 07:55 pm at 7:55 pm |
  4. Skip, Nebraska

    Who is stupid enough to buy a house without knowing the risk of an ARM? Must we have taxpayers bail out our citizens at every opportunity? These people screwed up, plain and simple. If they didn't know that there could be a big price to pay for their low initial interest rate, they had no business buying a home in the first place.

    December 5, 2007 08:03 pm at 8:03 pm |
  5. knows what an ARM is

    Lenders did nothing illegal, it's the person's fault for not understanding what an adjustable rate mortgage is when they signed on the dotted line.

    The government should not bail out people who can't read contracts they signed. All it will do is hurt the entire US economy and get us deeper into recession.

    December 5, 2007 08:20 pm at 8:20 pm |
  6. GOOD LUCK,La.

    GET USE TO IT. THE NEW SOCIAL HILLARY ORDER. NOONE HAS TO WORK IT'S ALL GIVEN TO YOU AND YOUR FAMILY. YOU DESERVE THIS.I LOOKING FORWARD TO 2013 ALREADY!! WE WILL SPIRAL DOWN FAST!!!!!!!!

    December 5, 2007 08:33 pm at 8:33 pm |
  7. xtina chicago IL

    Well, I can see both sides. If I was in a bind, I'd look for help wherever I could get it. But when people get a mortgage they sign all kinds of disclosures and go through these papers one by one with the mortgage officer and closing officer. Why should the government bail them out?

    December 5, 2007 08:39 pm at 8:39 pm |
  8. Len, Fallbrook, CA

    "Every person should be able to own a home in the country."

    I can't make the payment on my SUV!

    Hillary help me because every person should be able to own an SUV in the country.

    I can't make the payment on my wide screen TV!

    Hillary help me because every person should be able to own a wide screen TV in the country.

    Pass me more of that gummerment cheese........

    December 5, 2007 09:07 pm at 9:07 pm |
  9. taylor , covington ky.

    Hillary so has got a stylist ! No way would she wear those bright colors and accessories if she wasn't being told to. IT's all so manipulative...........

    December 5, 2007 09:17 pm at 9:17 pm |
  10. ARRRRRRRGH DC

    wow! she responded to that slower then Bush did Katrina. I guess after a million plus foreclosures it is finally time to come up with a "plan".

    December 5, 2007 09:51 pm at 9:51 pm |
  11. Charles in Salt Lake City, UT

    I didn't think someone like Hillary Clinton knew what a mortgage was - at least not from any practical, personal experience, anyway.

    Could any person be more disassociated from real people on almost every level?

    December 5, 2007 09:55 pm at 9:55 pm |
  12. Tom Dedham, Mass

    How about a bit of compassion for your fellow human being. No doubt you are a republican.

    Posted By r sisk, nevada : December 5, 2007 6:00 pm

    Typical uneducated answer "r sisk".

    MANY studies have disproven your little liberal myth that Republicans only care for themselves when it has been PROVEN that Conservatives give FAR MORE TO CHARITIES and causes than liberals.

    Liberals are free with OTHER peoples money to pay for the causes that they "cherish".

    Two things here, Clinton AGAIN thinks it is 1992 and they can say anything and not expect any questions, the FACT IS THAT GEORGE BUSH just proposed this type of plan.

    Aagin she is copying someone else, not exactly a leader.

    I am like many others that think that it is WRONG for the Government to bail idiots out for signing a contract that they had NO business signing.

    Offer some help, but don't BAIL THEM OUT.

    Clinton's idea will ckoke the economy as it expands the Governments involvement to broadly and for to long.

    December 5, 2007 09:58 pm at 9:58 pm |
  13. Charles in Salt Lake City, UT

    I didn't realize Hillary Clinton even knew what a mortgage was - at least not from any practical, first-hand experience.

    Could any person be more disassociated from real people?

    December 5, 2007 09:59 pm at 9:59 pm |
  14. Ty Web - Bushwick, NE

    This is nothing more than campaigning to the headlines.

    It should not be the Government's responsibility to help people who have made bad investments or choices.

    When you go to a closing, you have an attorney with you, they read the mortgage and the contract. I am sorry that these people are losing their homes, but it is buyer beware.

    December 5, 2007 10:03 pm at 10:03 pm |
  15. Jody Reno, Nevada

    There is no doubt that the Whacko Republican, mad dog, bloggin' wing nuts are the ones posting all the anti Hillary crap.

    Get a life you loosers.

    Read her proposed legislation before you get the mouth runs.

    Oh yes, I forgot, you're staying on message.

    Heaven forbid that you think for yourselves and get your heads out of the holes they're stuck in.

    Hillary 08! For the change we so need in this country.

    Oh yeah, and you Barak Abama loosers, there's enough room under Oprah's skirt for all of you to jump under there with him.

    WaaaHooo

    December 5, 2007 10:14 pm at 10:14 pm |
  16. Alice, VA

    Just like Democrats to think the American taxpayer has to bail their *ss out because of their own ineptness and lack of discipline. Whatever became of personal responsibility?

    December 5, 2007 10:17 pm at 10:17 pm |
  17. Jose Card

    Why does Rove want to help Obama to beat Hillary?
    Perhaps she is too similar to the Republicans and it is harder to attack yourself in the general election.

    The Chinese are big holders of our mortgage notes. Is Hillary saving her friends or the over-extended homeowners with our money?

    "Ask not what your country can do for you — ask what you can do for your country."

    Remember?
    When will another Democrat start talking about responsibility?

    December 5, 2007 10:39 pm at 10:39 pm |
  18. Jesse, Burnsville, MN

    Gee Lev, you say you don't know who you're going to support in the election and then you go on to say "you go girl". You sure sound like one of her brainwashed followers. Sure Clinton has ideas for everything, including both sides of everything.

    Obama '08

    December 5, 2007 10:43 pm at 10:43 pm |
  19. Kojo, Minneapolis,MN

    This is what I want to hear instead of the crap that I listen to daily. The 2008 elections is becoming more about nothing than isuues that affect people. Hardly do you hear about health care, education, jobs,the economy etc. I believe that people should listen carefully to Clinton. Great ideas! Go Hill.

    December 5, 2007 10:46 pm at 10:46 pm |
  20. Tired of Corruption LV

    Senator Obama put one out quite some time ago – Hillary follows as usual and of course in Bush's footsteps.

    She also follows Bush when it comes to going to war in Iraq and war mongering with Iran even though reports show that Iran closed it down in 2003.

    What a leader!

    December 5, 2007 10:51 pm at 10:51 pm |
  21. S. Wright

    Caveat Emptor.

    I remember when that used to mean something, but that statement remains for a generation that took responsibility and were accountable for their decisions.

    December 5, 2007 11:53 pm at 11:53 pm |
  22. Joe, Mt. Laurel, NJ

    This plan is a horrendous idea. All it does it defer the collapse a few years. Most of these people cannot afford a higer rate. PERIOD. It's Bush's attempt to keep the collapse from being during his persidency. Let the next guy handle it right? Just like social security. Just like healthcare.

    If someone is in that much risk from this type of reset, they cannot afford wher ethey live. They will sell the house rather than having it foreclosed. It will not home sales or property values. It will help the banks, that's it. It will also keep property values high so the government can continue to collect high property taxes. Funny how the 5yr plan puts the reset towards the end of the next administration.

    So if I take out a risky ARM now, can I get in on this deal?

    December 6, 2007 12:04 am at 12:04 am |
  23. Linda Smith --Monroe,Lousiana

    GO HILLARY , I ADMIRE YOU I BFCAUSE YOU ARE A WOMAN.SO KEEP THE GOOD WORK UP.WE WANT SOMEONE WHO IS STRONG AND IS GOING O LEADUS AND I FEEL THAT YOU HAVE THE POTENTIALS.I ADMIRE O BOMBO BUT FEEL HE IS NOT READY.

    December 6, 2007 03:08 am at 3:08 am |
  24. Marcie C. NH

    Great Hillary, another perfect example of how she is the ONLY one out there giving solutions to our problems instead of the jealous guys like obama and Edwards who only play the name calling game. SHE IS TRYINGTO SAVE YOUR HOMES PEOPLE WISE UP!!!

    Yes, Hillary has to DEFEND herself from these attacks; otherwise voters might believe that obama crap!
    just wait, obama will come out in the next day or with a proposal very close to Clintons, he cannot come up with anything on his own. He doesn’t know politics yet... Also can someone explain what’s wrong with Oprah? how can her support not be based on Race... And she is one of the out spoken personalities who was against race and gender biased, it’s what helped propell her to the wealth she has today, what a true shame is now her True colors have shown and I think it will effect her viewers in time. Wise up daytime woman viewers…Id never watch or support anything Oprah has a hand in ever again...

    December 6, 2007 06:46 am at 6:46 am |
  25. Darren Miller NH

    Just read the posts by obama suppoters, if you wanna good laugh! its clear his fan base is the not so educated.

    December 6, 2007 06:48 am at 6:48 am |
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