Posted on 12/02/2007 8:11:13 PM PST by BurbankKarl
In a sign that the housing crunch is increasingly resonating on the campaign trail, Sen. Hillary Clinton is expected to call today for a 90-day moratorium on home foreclosures, as well as a five-year freeze on the rates of adjustable mortgages, an idea the Bush administration is already considering.
The Democratic presidential front-runner's move signals a likely priority shift for political candidates, from one dominated by foreign affairs and domestic issues such as health insurance to one that more directly addresses the economic well-being of individual Americans. High oil prices, plummeting home values and an increasingly volatile stock market are making consumers nervous, and a credit crunch has them fretting about their personal liquidity.
"I think it's inevitable" that the political conversation will turn more sharply toward economic issues, as the campaigns move into 2008, Mrs. Clinton said in an interview. "There are just too many factors converging here."
Up to now, though, most of the rhetoric regarding subprime loans and skyrocketing foreclosure rates have come from the Democratic candidates. Former North Carolina Sen. John Edwards has been at the vanguard of the political conversation, proposing early on that bankruptcy laws be loosened to make it easier for homeowners to seek protection from creditors, that mortgage and credit-card companies be more tightly regulated to ensure they aren't gouging consumers, and that public money be used to help out homeowners who are in danger of losing their houses. Mrs. Clinton has made similar calls for reform as well; in August, she called for legislation banning prepayment penalty riders on mortgage products and to disclose more details about broker commissions.
(Excerpt) Read more at online.wsj.com ...
More consequence-free interference from the Socialists, errr.., I mean the Democrats.
So, a legally binding contract, is not legally binding?
These mortgages were securitized, and sold off. How is the holder of the security/bond, going to take to the idea that they are not entitled to the income, they paid the risk for?
This is such nonsense, in a free country, you cannot do this, whether you think it is a good thing, or not. Or I guess we decide we can just make it up as we go along...
So everyone that was prudent with their mortgage, home purchase decisions, eats it for the rest of the world? No way man...
here it comes: “it’s the economy, stupid” part 2
Holy Crap, this woman is pandering more then Al Gore, “freezing foreclosures”?
Does she not have any idea how a market works? Is she this large an advocate for Nanny Statism?
I think opportunity to refinance to sane mortgages would be a good thing, to put creditors on “permahold” is ludicrus.
Just wow, maybe she will have John Edwards talk to his buddies in the industry and see what can’t be done...
Bush has the same type of plan apparently.
From what I've read Jorge is pushing something along similar lines.
Seems the johnny do gooders cannot leave the market alone.
Making Government responsible for people’s actions is the essence of no freedom. Go straight back were you came from you waste of American space. (Not you of course, SoConPubbie)
So if I vote for der Schleikmeisteress does that mean I don’t have to pay my mortgage any more ?!
Yippee !!!
What will that do to my mortgage backed securities I own ?
W's plan is voluntary.
“as well as a five-year freeze on the rates of adjustable mortgages”
When, in recorded history, have price controls not made a bad situation worse? This will kill the mortgage and real estate industries, and spread the credit crunch contagion.
That's a good question, but I don't see how getting a foreclosed home in this market would be any better.
More socialist drivel from the leader of the socialist party...
Where was the government involvement as housing prices absurdly skyrocketed with double-digit percentage increases year after year?
That’s right, they [rightly] kept out of it. I’m stuck renting here, and it’s going to really, really tick me off to bail out my neighbors in their tiny 50-year-old half-million dollar homes.
In the near future,expect the steady but gradual drumbeat of the looming “Worst Recession in History” by the MSM. BOHICA
This idiocy is not only from the left. Remember, Nixon put in price controls in 71.
I’m fed up with politicians sticking their noses in the private sector.
I should be surprized, but a politician never bought a vote they didn't like, especially with other people's money.
Really .. then why isn’t Hillary going after Edwards - because Edwards’ associates are the people forclosing on all the Katrina victims.
Funny .. not a peep out of Hillary about that ..??
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