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.