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August 30, 2008 1:56:09 AM CDT

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Dems Pitch Own Mortgage Plans

Posted Dec 6, 07 2:56 AM CST in Politics,  Business 

(Newser) – Democratic candidates are criticizing President Bush's plan to bail out homeowners in the subprime mess for not going far enough and have outlined their own, more ambitious, proposals, the New York Times reports. "It appears that the president is pushing a freeze for a very narrow group of borrowers,” said Hillary Clinton, who traveled to Wall Street to push for fixes. Bush will formally introduce his plan today.

Clinton yesterday called for at least a five-year freeze on rates and a 90-day moratorium on foreclosures. John Edwards called for a seven-year freeze and a fund to help borrowers. Barack Obama's proposal in September called for a similar fund. Bush reached a deal with the mortgage industry yesterday for a five-year freeze, but his measure would exclude many homeowners hit by the crunch.

Sources New York Times, Reuters

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Democratic presidential hopeful, former North Carolina Sen. John Edwards, D-N.C., speaks at Hawkeye Community College, in Waterloo, Iowa, in this Dec. 3, 2007 file photo. Senator Edwards has promised...   (Associated Press)
A foreclosure sign tops a sale sign outside an existing home on the market in northwest Denver in this Aug. 29, 2007 file photo. The Bush administration has hammered out an agreement with industry to...   (Associated Press)
Democratic presidential hopeful, Sen. Hillary Rodham Clinton speaks about the mortgage crisis, Wednesday, Dec. 5, 2007, at the NASDAQ Marketsite in New York. (AP Photo/Seth Wenig)   (Associated Press)
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Hillary Clinton  • US economy  • subprime mortgages  • John Edwards  • recession  • foreclosure  • borrowers  • moratorium  • mortgage rate freeze


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