Post by jeffolie on Aug 13, 2007 12:17:46 GMT -6
Dems take on mortgage meltdown
Clinton, Dodd, Obama and Edwards offer ways to avoid future mortgage meltdowns.
By Les Christie, CNNMoney.com staff writer
August 13 2007: 1:01 PM EDT
NEW YORK (CNNMoney.com) -- In the wake of the subprime mess, Democratic presidential candidates are grabbing hold of the issue and offering their own solutions. And the problem, according to many of them, lies with the mortgage broker.
Sen. Barack Obama has introduced legislation targeting fraud and predatory lending. John Edwards, the former senator from North Carolina, has said he wants to ban certain fees, establish uniform broker licensing standards and start a national database for disciplinary infractions.
Current Mortgage Rates
Type Overall avgs
30 yr fixed mtg 6.24%
15 yr fixed mtg 5.89%
30 yr fixed jumbo mtg 6.96%
5/1 ARM 6.07%
5/1 jumbo ARM 6.47%
Find personalized rates:
TalkBack
Mortgage Meltdown
What will be the impact of the subprime crisis? (more)
Mortgage Meltdown: 2007
Mortgage Resets: Record bill due
Billions in subprime ARMs will be subject to higher payments. (more)
Hardest hit zip codes
Foreclosure clusters are on the move from industrial centers to coastal and southern states. (more)
Jumbo rates on the rise
Financing a home in some of the nation's priciest areas just got more expensive. (more)
Last week, Sen. Hillary Clinton came out with a plan to address lending abuses. One of its main policy planks was to "crack down on unscrupulous brokers."
money.cnn.com/2007/08/09/real_estate/pols_play_subprime_blame_game/index.htm?postversion=2007081313
As I expected, the housing crisis is becoming a political campaign issue. Dems have various proposals and the Republicans are silent.
Does anyone have a take on any of the Republican's positions on housing?
Clinton, Dodd, Obama and Edwards offer ways to avoid future mortgage meltdowns.
By Les Christie, CNNMoney.com staff writer
August 13 2007: 1:01 PM EDT
NEW YORK (CNNMoney.com) -- In the wake of the subprime mess, Democratic presidential candidates are grabbing hold of the issue and offering their own solutions. And the problem, according to many of them, lies with the mortgage broker.
Sen. Barack Obama has introduced legislation targeting fraud and predatory lending. John Edwards, the former senator from North Carolina, has said he wants to ban certain fees, establish uniform broker licensing standards and start a national database for disciplinary infractions.
Current Mortgage Rates
Type Overall avgs
30 yr fixed mtg 6.24%
15 yr fixed mtg 5.89%
30 yr fixed jumbo mtg 6.96%
5/1 ARM 6.07%
5/1 jumbo ARM 6.47%
Find personalized rates:
TalkBack
Mortgage Meltdown
What will be the impact of the subprime crisis? (more)
Mortgage Meltdown: 2007
Mortgage Resets: Record bill due
Billions in subprime ARMs will be subject to higher payments. (more)
Hardest hit zip codes
Foreclosure clusters are on the move from industrial centers to coastal and southern states. (more)
Jumbo rates on the rise
Financing a home in some of the nation's priciest areas just got more expensive. (more)
Last week, Sen. Hillary Clinton came out with a plan to address lending abuses. One of its main policy planks was to "crack down on unscrupulous brokers."
money.cnn.com/2007/08/09/real_estate/pols_play_subprime_blame_game/index.htm?postversion=2007081313
As I expected, the housing crisis is becoming a political campaign issue. Dems have various proposals and the Republicans are silent.
Does anyone have a take on any of the Republican's positions on housing?