August 7th, 2007
02:11 PM ET
12 years ago

Clinton vows to protect American homeowners

WASHINGTON (CNN) - New York Sen. Hillary Clinton announced her plan to protect American homeowners from mortgage lending abuses at a speech in Derry, New Hampshire on Tuesday.

"We need to put an end to fly-by-night mortgage brokers peddling loans to unqualified applicants based on inflated appraisals," she said. "We need to help those facing the pain of foreclosure. We need to secure the marketplace and put reforms in place right now."

Clinton promised that, as president, she would "curb unfair lending practices and hold brokers and lenders accountable, give families the support they need to avoid foreclosure, and increase the supply of affordable housing.”

During her speech, Clinton was joined by a New Hampshire woman who had just lost her home to foreclosure.

Clinton also used the occasion to criticize the state of much of America's infrastructure, including ports, bridges, mass transit and airports. The presidential hopeful said that the United States is "woefully under-invested in as a nation" and promised to return to the Granite State on Wednesday to discuss solutions to the problem.

–CNN Associate Producer Lauren Kornreich

Filed under: Uncategorized
soundoff (32 Responses)
  1. bprosserme

    Sure Hillary, at the expense of whom? She wants us to pay higher taxes to bail out these home loans. Sounds commy to me. I won't do it!

    August 7, 2007 09:22 pm at 9:22 pm |
  2. Frank

    From the architect of White Water a woman who ripped off poor people with a lending scam so devious that would make the sleaziest mortgage broker look like a saint. What a liar and a hypocrite! Disgusting! I ask all who read this to look at what Hilary did to those poor people in the White Water scam. Disgusting!

    August 7, 2007 10:19 pm at 10:19 pm |
  3. RightyTighty

    She's not going to be able to accomplish that by running from the battle on terror in Iraq.

    August 8, 2007 11:15 am at 11:15 am |
  4. David, Gilbert Arizona

    It's apparent some of you posting here have no real concept of how the housing industry works. The economics of the housing market has more to do with the interest rate on the loan and the costs incurred to sell a house than it does the selling price of the house.

    Home prices are high you say? The cost of selling a house averages around 6%. That comes off the top of the selling price. Any decrease in the housing prices adds to the loss of selling a home. The recent reductions in housing prices has increased the loss of selling a home to a national average of 10%.

    The average new home owner is getting an adjustable rate mortgage. If a homeowner gets into a mortgage at 5%, which was common two years ago, and the interest rate increases to 7%, which is where the rates are now, that is a 40% increase in the monthly house payment.

    So you sunshine singers are mistaken. The housing industry also effects the stock market. Anyone with a 401K retirement plan would do well to make note of the impact housing has on your investment return.

    Hillary is talking a pretty talk and the subject matter is real. The thing I absolutely hate about Hillary is she NEVER says how she intends to pay for all these pretty plans she makes.

    Curb lending practices how? Through government regulation and more red tape? That is a sure fire way to increase closing costs when buying a home. Someone has to pay for the additional cost of compliance and it sure won't be the banks.

    Support families in need? And where is that money coming from exactly? So now our tax burden increases to bail families out who are in danger of foreclosure.

    Increase affordable housing? How in the wide world of sports do you plan on making that happen, manipulating a free market? Or does Hillary plan on building mass housing projects for those that can't afford homes on the open market?

    The talk is pretty and subject matter is important. The truth is that Hillary never has any details, only pretty speeches.

    August 8, 2007 12:39 pm at 12:39 pm |
  5. Shawnie - Grants Pass, OR

    Is anyone keeping count of how many promises Clinton is flinging out there? "A chicken in every pot". Who is financing it all? The federal budget is in crisis as it is.

    August 8, 2007 07:35 pm at 7:35 pm |
  6. Anonymous

    Another thing you should be cautious about is this new thing the elitist are doing to your choices for president. They know the internet is shredding their hold onto you. They see the power that simple people have and the REAL candiates that are coming out with great numbers. YOU GUYS NEED TO LOOK IN YOUR HEARTS AND QUESTION WHY THE STATES ARE MOVING UP THEIR PRIMARIES.

    They say it's to have a bigger voice in choosing the nominee. That's true, because they(elitists) want to get the nominee THEY want. They know if things go as normal with the primaries, the greater the chance for the small guy to increase his candidacy. They want their guy to get the nominee while they're on top.

    You're all being run into the ground and don't even realize it yet. Better yet, you won't do anything about it either because you're all trained sheep that obey your master government.

    August 9, 2007 11:32 am at 11:32 am |
  7. michelle, virginia beach, VA

    I think the government should help out. If America is a place to prosper then why does the government set us up to fail?

    August 28, 2007 05:24 pm at 5:24 pm |
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