McCain, Obama solidify stands on housing

Both presidential candidates have announced plans to help voters deal with the challenging housing economy.

Here are their ideas as posted on their election Web sites:

Sen. John McCain:

• Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments.
  
• Reform financial and lending systems to prevent a repeat.
  
• Require participating lenders to forgive part of subprime borrowers' loan principals and place them into new 30-year Federal Housing Administration loans.
  
• Give financing to municipal and civic groups trying to solve problems within their own communities.

Sen. Barack Obama

• Create a standardized disclosure plan that allows for full-disclosure of loan costs and provisions.
  
• Crack down on mortgage fraud.
  
• Give a mortgage credit to those who don't itemize deductions.
  
• Create a fund to help homeowners who face foreclosure refinance.
  
• Allow bankruptcy courts to modify a homeowner's mortgage payments.
  

Source: The San Diego Union-Tribune, Lori Weisberg