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.
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