Posted on 03/24/2008 6:36:59 AM PDT by ricks_place
PHILADELPHIA - Democrat Hillary Rodham Clinton called on President Bush on Monday to appoint "an emergency working group on foreclosures" to recommend new ways to confront the nation's housing finance troubles.
The New York senator said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.
Such a panel would recommend legislation and other steps to "help re-establish confidence in our economy," Clinton said in prepared remarks for a speech on the economy in Philadelphia. She and Sen. Barack Obama are campaigning heavily in Pennsylvania, which holds its presidential primary April 22.
Clinton said she supports proposed legislation to establish a federally backed auction system for hundreds of thousands mortgages in default. Under the Democratic-drafted plan, lenders "could sell mortgages in bulk to banks and other buyers," she said, who in turn would "restructure them to make them affordable for families, because they know the government will guarantee them once they're reworked."
But more steps are needed, Clinton said. The Federal Housing Administration, she said, "should also stand ready to be a temporary buyer to purchase, restructure, and resell underwater mortgages."
Clinton said a recently enacted $168 billion stimulus package "did next to nothing to help homeowners and communities struggling with foreclosure."
"If the Fed can extend $30 billion to help Bear Stearns address their financial crisis," she said, "the federal government should provide at least that much emergency help to families and communities to address theirs."
What an idiot.........
The only people that don’t have “confidence” in our economy are the Socialist/Liberal/Dems. and they are out to wreck it anyway.
What has a Rat ever fixed?
Ah, but she’s Ann Coulter’s girl.
Apparently there are only a small percentage of actual housing losses. The drive by media has given this headlines it doesn’t deserve. Republicans want to fix it and Democrats want to throw other people’s money at the problem....enter Senator Clinton to grab some ink.
Well, she certainly had great plans for healthcare (sarc).....
Is there nothing that a panel of ex-Clinton toadies cannot fix?
It was a Clintoon and the Dem’s that started this crap in the first place. Threatening to fine any bank that didn’t give out these phony loans to people that couldn’t afford them. What ever happened to qualifying a borrower befor you hand out the money. When we bought our first house the realtor told us how much house we could afford on what our income was.
Hillary, you’re done, get out of the race.
recommend new ways to confront the nation’s housing finance troubles
How about the old way of only loaning money to those who can pay it back?
Agreed. Unfortunately there are three idiots running. A tossup.
This is idiotic, they should just restore lien stripping to the bankrupcy code.
Right now those inflated assesments are protected under the post 2005 bankrupcy reforms. Under the pre-2005 code lenders who pulled this stunt would have had their collateral revalued and the unsecured portion of the loan claim stripped off and put in the unsecured debt pile.
THAT would readjust stuff FAST. less reason for people to just walk away.
Bill Clinton played a large role in the mortgage debacle, by signing an executive order to extend credit to poor neighborhoods. There was a very good reason that those neighborhoods were red-lined and it had little to do with race. It had to do with poor credit.
Apparently the DNC types did not see the fact that Housing sales are amazingly up and even prices are down a bit so people can purchase. Would it not be odd that by Sept., the economy recovered enough to show that the socialist pacifists put in charge would once again ruin our free enterprise system??
She calls for a panel!!! Stop the presses!!! Go for a new headline:
Senator Clinton(D-NY) Fighting and Working Hard for Homeowners Against Banking Interests.
In ratland, calling for another useless freaking panel in Washington is considered hard work.
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