home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Political Mortgage News | Mortgage Laws
Mortgage people in politics. Political contributions by mortgage companies. Coverage of political support by lenders and executives. GSE lobbying and issues.



Clinton Blasted Over Mortgage PACs

Mortgage crisis plan laid out today

March 24, 2008

By MortgageDaily.com staff


Sen. Hillary Clinton today proposed a number of steps to mitigate rising foreclosures. The plan was attacked by her Democratic rival over contributions she has accepted from mortgage industry lobbyists.

Clinton today focused on how the credit crisis has disproportionately impacted blacks. Citing statistics from consumer groups, she said her plan -- which calls for a 90-day foreclosure moratorium, a five-year rate freeze on subprime mortgages and a $30 billion fund for communities to buy foreclosed properties -- is a sensible way for lenders, investors and borrowers to stabilize the economy, according to statements posted on her campaign Web site today.

In addition, the New York senator proposed a four-part plan today that includes restructuring mortgages where the loan balance exceeds the property value, according to her campaign. Either the Federal Housing Administration or another government entity "stand ready to purchase, restructure, and resell underwater mortgages if a private-sector auction does not achieve the type of broad-based restructuring our housing market needs."

Clinton is also calling for an emergency working group on foreclosures to come up with a plan over the next three weeks to deal with mounting foreclosures. She proposes that the group be headed "by a non-partisan group of eminent leaders like Alan Greenspan, Paul Volcker and Bob Rubin -- each of whom supports one of the remaining candidates in the Presidential race."

Clinton said she plans to introduce legislation that would protect mortgage servicers from investor liability if they modify loans.

But Sen. Barack Obama, Clinton's rival for the Democratic presidential nomination, said her history of accepting campaign contributions from political action committees tied to mortgage bankers makes him better qualified to deal with the credit crunch, according to an announcement today.

"Her history of accepting campaign contributions from PACs and lobbyists representing that same industry shows that she's enmeshed in the very system that needs to change," the announcement stated. "Senator Obama does not accept PAC or federal lobbyist money and has pledged to sign the most sweeping ethics reform in history, finally getting tough on the special interests."

The announcement went on to detail contributions to Clinton including $56,250 so far from finance industry PACs, $11,750 from four Countrywide Financial Corp. lobbyists and $10,200 from three Washington Mutual Inc. lobbyists. Obama also itemized a number of other contributions from PACs from outside the industry.

Obama went on to say he proposed his own emergency working group one year ago in a letter to Federal Reserve Chairman Ben Bernanke.

Among other ideas the Illinois senator has proposed are: allowing bankruptcy judges to modify mortgages, creating a borrower fund from increased penalties to mortgage lenders and boosting resources for mortgage fraud prevention.

Republican rival Sen. John McCain recently warned that government intervention in mortgage contract terms would negatively impact credit availability.

"I'm also worried about the investor class," he said in a video interview with the Wall Street Journal. "If government changes terms of a contract, then what is going to be their motivation in the future to be involved in that kind of investment?"

Foreclosure News | Foreclosure Resources


SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders