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
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.
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Now, that is leadership that Obama & his supporters can only envy.
I think Hilary Clinton would make a great Democratic President!!!!!!
Hillary here is a news flash! You are not currently the President. How safe is that? Issuing a proposal for the sub-prime mortgage debacle which some say is similiar to Bush's yet to be issued one. Hillary your proposal should be issued on the senate floor for immediate review, not in the public media in which it has no chance to pass.
Way to go to bat for the American people. The future President will be a welcomed, smart, compassionate leader to the people of this country, all the people. I can hardly wait for Hillary"s inauguration because I know it will be the advent of a better America. The malaise that now permeates this country will begin to lift as soon as Bush exits the Whitehouse.
Horrid. Ridiculous. WRONG!
People signed up for these mortgages, read the paper work, were explained the terms, and then made the decision to buy them. Homeowners with ARMS and the investors that backed these loans SHOULD pay the price and lose a lot. If we remove risk from the investing system, then it is as much a scam as everything else in Washington. These people made choices, some of these loans are jumbo loans, homes worth hundred's of thousands of dollars. People with half million dollar homes DO NOT DESERVE A BAIL OUT!
This mortgage rate freeze will be horrible for everyone. Think about it. If you are an investor that bought mortgage backed bonds from Bank of America to fund mortgages expecting to get certain rates and now the government is renegotiating your contract are you likely to lend again???? No, and if you do invest it will be for much higher rates of return. We are going to see mortgage rates in the future go much higher and the result will be falling real estate prices because it will be more expensive to buy a house. Hillary, Bush or whoever puts a rate freeze into action will effectively punish everyone just to help out the irresponsible. Sounds fair doesn't it?
Now if only Hillary would raid the federal reserve instead of my pocket...
It is not the governments job to help people who make foolish financial decisions. According to Hillary there is nothing Government can's or should not do. Hey Hillary pay off my credit card bills for me I made a mistake charging too much.
Same old socialist thinking by the democrats; "Here we come to save the day". So if anyone has a problem, just call the democrats and they'll solve it for you. You can't legislate change every time someone or group has a problem. The free enterprise system will work things out on its own.
Terrible idea. Let's bail out all those who made stupid decisions, and punish those who made smart ones.
At least Senator Hillary Rodham Clinton wears her own skirt and comes up with a comprehensive plan like this and makes headlines- Bravo!
On the other hand Senator Barack Hussein Obama has to hide under Oprah's skirt to get votes and make headlines!
WE love you Clinton. You are awesome. WE stand behind you w/our minds hearts and souls.
Wonder if this plan will turn out like her plans for healthcare during the first Clinton administration.
Dear God she's is thinking again! This could be trouble!!!
ahahahahasha, a great president!? hahahaah
Are we all going to be mandated to get a loan for a house from one lending company too?? Idiot!!!
Good, At least she did think of this!
I admire her
A moritorium on foreclosures? How deep Hillary! Perfect for your entitlement crazed constituents.
Ummmm, Juan ... What exactly is your point?
For every problem, Her Royal Thighness has a gov't plan to fix it. She doesn't have a fricking clue but to get gov't involved in every aspect of our lives. Let the market forces deal with the mortgage issue. By the time the next president gets in (hopefully not Queen Hillary!), the credit crunch will be old news.
Hmmm...her plan is similar to the Bush proposal...I've heard this before.
I wonder if she got inside information from Rubuen who is heading Citibank and was the Secretary of Treasury under Bill Clinton.
Great idea...disrupt the markets and screw investors!
Bush lite
Mother hen is there to save you from personal responsibility – you signed into an adjustable mortgage – yep....she's there to save you from that – not paying your bills that you agreed to pay...yep....she's there for you too – didn't seek employment with a company that provides health benefits (i.e. Walmart, Staples, Starbucks) – yep...she's there to save you too...all with free money...because nobody has to pay for anything....its all free...and don't let those evil Republicans tell you that you have to take care of yourself....mother hen will....omg....whats wrong with you people??
I know that I couldnt afford the payments on a $500K, I could only afford the payments $100K, but Im entitled to the best of everything, how are you going to protect me from myself hillary.
I wonder when Hillary is planning on going back to work and actually passing a comprehensive budget? What did we pay this 110th Congress 108 million dollars for this year??