Clinton has publicly laid partial blame on Wall Street for the foreclosure crisis that many borrowers have found themselves in this past year. She pointed at the apathy of the Wall Street brokers who backed the mortgages that were inherently “designed to fail.” She one-upped President Bush’s plan that put a five-year freeze on sub-prime mortgages, which will provide both borrowers and the market time to catch up with a legally authorized delayed payment period of 90 days. Unlike Bush’s five-year freeze, Clinton’s would also extend to all sub-prime borrowers and even some who are late with payments. In addition, she asked that $7 billion be given to those sub-prime borrowers suffering the most from foreclosures. Clinton lambasted mortgage lenders for “aggressively” pursuing borrowers who did not know any better. Clinton insists that her plan is a “comprehensive work-out, not a bail-out.”
Clinton believes that, in order to strengthen the weakening economy, the Federal Housing Administration should "stand ready" to buy, restructure and resell failed mortgages. Her proposed plans include $30 billion in emergency funds for local and federal governments to for these purposes.
Clinton's campaign Web site: See more on Clinton's plan to fight foreclosures.
Reuters Video: Dec 5 - Democratic Presidential frontrunner Hillary Clinton partly blamed Wall Street for the subprime mortgage mess and unveiled a plan to fix it.
Transcript: Hillary's speech about halting the foreclosure crisis
The Next President's Plan: Campaign adviser summarizes Hillary's economic plan
Reuters: Clinton proposes Greenspan lead foreclosure group
— Las Vegas Sun new media interns Jenna Kohler and April Corbin compiled to this report.
