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"Let's Keep People In Their Homes" (Hillary Clinton wants new Home Owners Loan Corp. - HOLC)
The Wall Street Journal (excerpt) ^ | September 25, 2008 | Hillary Rodham Clinton

Posted on 09/24/2008 11:07:40 PM PDT by HAL9000

Excerpt -

There is a broad consensus that Congress must act to stave off deeper turmoil on Wall Street. Irrespective of the final agreement yet to be reached, there are several principles that must be part of a broader reform effort that begins this week and continues in the coming months.

~ snip ~

I've proposed a new Home Owners' Loan Corporation (HOLC), to launch a national effort to help homeowners refinance their mortgages. The original HOLC, launched in 1933, bought mortgages from failed banks and modified the terms so families could make affordable payments while keeping their homes. The original HOLC returned a profit to the Treasury and saved one million homes. We can save roughly three times that many today. We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We've got to stem the tide of failing mortgages and give the markets time to recover.

~ snip ~


(Excerpt) Read more at online.wsj.com ...


TOPICS: Government; News/Current Events
KEYWORDS: 110th; bailout; clinton; congress; foreclosures; govwatch; hillary; holc; housingbubble; mortgages
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1 posted on 09/24/2008 11:07:41 PM PDT by HAL9000
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To: HAL9000

It’s the new New Deal. And like the old New Deal, it will make things worse, not better.


2 posted on 09/24/2008 11:11:02 PM PDT by TheWasteLand
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To: HAL9000

And how about severe penalties for those that defaulted on their mortgages and then stripped their houses selling the copper pipe for scrap etc. We would need to extradite many of them from Mexico. (Central coast of CA)


3 posted on 09/24/2008 11:12:18 PM PDT by Poincare
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To: HAL9000
What about us that have been paying our mortgages on time and living within our means?

What break do we get?

That's right. Nada. Zip. Zero. Zilch. We do get something, though. The TAB and THE SHAFT.

And if we vote for McCain because we don't like this?

Well, we're 'racists' of course.
4 posted on 09/24/2008 11:13:43 PM PDT by lmr (NOBAMA '08!)
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To: HAL9000
Most of the people who are defaulting on their loans committed fraud in order to obtain those loans. Anyone who overstated their income and now cannot pay their mortgage should not only not be allowed to keep their house, but they should be arrested and sued for fraud.

What I find interesting, however, is that these financial institutions that we are going to try and save by this bail out had no qualms whatsoever about throwing widows out in the street or foreclosing on disabled veterans when the market was doing well, and they thought they could turn a profit by tossing a widow out of the street and reselling or property at an auction. Now that they can't give away those properties, they're trying to unload them on the backs of the widows and veterans whom they were so eager to process into the street just a couple of years ago.

5 posted on 09/24/2008 11:13:58 PM PDT by P-Marlowe (LPFOKETT GAHCOEEP-w/o*)
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To: HAL9000

As much as I hate this plan it sounds a heck of a lot better than spending a trillion plus dollars to bailout crooks.

The money would stimulate the economy better than giving it to a small handful of scam artist as well.

Yes it’s so bad I’ll side with Hillary over some corporate socialist that claims to be conservative.


6 posted on 09/24/2008 11:14:49 PM PDT by Tempest (No more bailouts. No More Fear Mongers.)
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To: Tempest

you’d have to do both


7 posted on 09/24/2008 11:15:54 PM PDT by ari-freedom (We never hide from history. We make history!)
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To: Tempest

I think Hillary! wants both, not one or the other.


8 posted on 09/24/2008 11:18:16 PM PDT by TheWasteLand
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To: HAL9000

Well how about lets get me a free new home just how I want it to be, yada yada yada.


9 posted on 09/24/2008 11:21:19 PM PDT by valkyry1 (McCain/Palin 2008)
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To: ari-freedom

No, I wouldn’t. I’m just saying that the notion of putting the crooks at the front of the line is absurd to me and totally unacceptable.


10 posted on 09/24/2008 11:21:57 PM PDT by Tempest (No more bailouts. No More Fear Mongers.)
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To: Tempest

Theoretically though, couldn’t the govt take it back from the crooks later, via law suits and fines? I mean, the immediate goal is to plug the hole and stop the ship from sinking, we can always take the captain to court later.


11 posted on 09/24/2008 11:28:40 PM PDT by 1972BornFree
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To: Tempest

life isn’t always fair...fixing social security will also have to be very sucky.


12 posted on 09/24/2008 11:31:14 PM PDT by ari-freedom (We never hide from history. We make history!)
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To: Tempest

we need to persuit criminal charges against everyone involved. Inc President Clinton, Mrs Clinton, Obama Pelosi Reno, all of them.


13 posted on 09/24/2008 11:32:29 PM PDT by television is just wrong (liberalism is a mental disorder.)
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To: Tempest
As much as I hate this plan it sounds a heck of a lot better than spending a trillion plus dollars to bailout crooks.

I agree, this plan makes more sense than any other I've heard so far.

14 posted on 09/24/2008 11:33:00 PM PDT by Cementjungle
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To: ari-freedom

Yeah but at least the people on social security aren’t crooks and aren’t responsible for breaking it either.


15 posted on 09/24/2008 11:33:13 PM PDT by Tempest (No more bailouts. No More Fear Mongers.)
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To: 1972BornFree

The captain will have stashed himself and his money away on the Caymans. That’s what a couple of billions of taxpayer dollars can buy you.


16 posted on 09/24/2008 11:35:40 PM PDT by Tempest (No more bailouts. No More Fear Mongers.)
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To: HAL9000

How about multiple homes. Are the people that were smart enough to buy multiple homes and rent them to the OTAs (Other than Americans)going to get a bailout as well?


17 posted on 09/24/2008 11:39:36 PM PDT by Haddit (A Hunter Conservative)
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To: Cementjungle

Yep I’d rather my money go to help out a brother intstead of a Wall Street mugger anyday.


18 posted on 09/24/2008 11:42:22 PM PDT by Tempest (No more bailouts. No More Fear Mongers.)
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To: Tempest

that’s what makes it worse. they will have to pay more and get less


19 posted on 09/24/2008 11:45:26 PM PDT by ari-freedom (We never hide from history. We make history!)
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To: ari-freedom

That’s why we shouldn’t give the crooks on wall street one thin dime.


20 posted on 09/24/2008 11:48:30 PM PDT by Tempest (No more bailouts. No More Fear Mongers.)
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