Posted on 03/31/2007 8:54:36 PM PDT by Flavius
ORLANDO, Fla. - Sen. Hillary Rodham Clinton said Saturday she favors stricter home loan standards, clearer mortgage documents and better counseling for borrowers to stave off delinquencies and foreclosures.
The Democratic presidential candidate proposed more leniency for borrowers in a financial crisis, allowing them a grace period from mortgage payments. She also called for more selectivity when screening people for loans to ensure they are qualified.
"The loans need to be legitimate so people aren't strung out," Clinton told a group of about 20 people at a community center.
The New York senator said borrowers should have more access to counseling and unbiased advice on lenders, loan types and refinancing options and that mortgage documents should be written in plain, easy-to-read language.
"We need clear, easily understood language in all these documents," Clinton said. "Enough with the confusion and complexity."
The troubles of risky subprime mortgages — home loans given to people with blemished credit histories or low incomes — have made big news lately. Weak home prices and rising interest rates have made it increasingly difficult for borrowers to keep up with their payments. Delinquencies and foreclosures are sharply rising.
At least one woman in the audience had firsthand experience with subprime loans. Deanna Critelli said she fell into a financial crisis in 2003 and turned to a subprime lender to refinance her St. Petersburg home.
The adjustable rate mortgage eventually had her monthly payment jump from $850 to $1,200, she said. She was headed toward foreclosure when she sold the home to a neighbor.
"I'm now living in a home that we bought nine years ago and we're paying rent," Critelli said in tears.
Clinton, who planned to attend private fundraising events in Orlando, West Palm Beach and Miami later Saturday, said the issue is one that resonates nationally.
"Home ownership is such an important part of people's savings. It's the biggest asset people own. It is the key part of the American dream," she said.
So all these borrowers were bamboozled by the mortgage loan officer? Must be some awful stupid or naive fools out there!! READ A CONTRACT BEFORE YOU SIGN IT!!! If you aren't smart enough to know what you're signing, keep renting!! Home ownership is too complicated for you!!
Because people are just too stupid to make their own decisions. The government has to tell them how.
How can anyone vote for someone like that?
btw: nice car.
anything is better then wanting some silly 5 year great leap forward
your asking how can anyone vote for someone who promises to take care of all their needs, without any effort from them?
Because there are taxpayers and tax receivers in this country and the receivers are rapidly over taking the tax payers.
And every banker will be required to read to the borrower Polonius's advise to Laertes in Hamlet:
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
The Democratic presidential candidate proposed more leniency for borrowers in a financial crisis, allowing them a grace period from mortgage payments. She also called for more selectivity when screening people for loans to ensure they are qualified.
And what happens if the increased screening in lending produces racially disparate results? Jesse Jackson, Al Sharpton and Hillary will jump on the banks in an instant.
see they dont have to actually fix anything they just have to show their care
so i will care along with them
i care for the peeps in debt
I'm a banker and I'm feeling sick to my stomach.
Mid 90s: "You lenders are 'redlining'. The proof is that you are turning down too many blacks. You better start giving loans to more low-income minorities, or we're going to ramp up our calls of racism and ruin your reputation."
Year 2000: Lenders are offering home loans to everyone who can hold a pen. Low income? No problem. Bad credit? No problem. Spotty job history, no problem.
Year 2007: "How dare you prey on those poor low income minorities by giving them loans they can't afford. You are racist for doing so."
Catch 22...lenders are damned if they do and damned if they don't.
you feel sick because there are so many loan defaults on the sub primes
or because your shatter to think whom your new commander in chief will be
is it to late to sell all your possessions and buy gold and bury it in Nevada desert
thats my big plan for the upcoming gulag
We're getting close to the time when we need to dissolve the people and elect a new one. ;)
Oh. How nice. Hillary wants another crack at being a real estate mogul.
Where was Her Thighness when the subprime loans orgy was going on? Why wasn't she 'on the case' as an elected official?
Ooooh Lord won't you buy me a Mercedes Benz
My friends all drive Porsches, I must make ammends.
etc, etc, etc "
It's called Caveat Emptor Hillary-just like "let the buyer beaware" of that BS you're peddlin'
"hil dog".
"We need clear, easily understood language in all these documents," Clinton said. "Enough with the confusion and complexity."
All written by the laywer scum she has so long protected whored herself out with.
No doubt there are bad boys in the banking and mortgage business. But banking has been an easy target and traditional whipping boy for Congress. Regulation in our industry is absurd and overwhelming already. We don't need more. I'm tired of the Rats trying to idiot-proof America. Banking is no different to doctors, lawyers and accountants in that they sometimes make money off the ignorance and lack of discipline of their clientele.
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