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Presidential Candidates and Mortgage Fraud

One of the biggest parts of our economy lately has been the trouble that people are having with their mortgages. Some people did not pay attention when they wanted a mortgage and rushed into something that they could not handle. Others fell victim to predatory lenders and could not find themselves out of a bad situation. How does your favorite Presidential candidate feel about this situation and what are they willing to do about it? This is something that is important to learn because you need to make an informed decision this November. Let's take a look at how they feel about this situation.

Obama on Mortgage

Senator Obama wants to make sure that predatory lenders are held accountable for their actions. He wants to make sure that lending professionals are required to report any type of fraud that they might notice or suspect. Obama wants to make it easier for borrowers to be able to check the history of lenders, allowing the credentials to be shown. Senator Obama also wants there to be new federal laws and penalties for those who are found guilty of mortgage fraud. Obama wants to boost funding for mortgage fraud law enforcement programs by $40 million. Obama also wants to fight for a more accurate way of loan disclosure. This will allow for easier comparison among those borrowers. Overall, Senator Obama really wants to make sure that predatory lenders are brought to justice. .

McCain on Mortgage

Senator McCain also wants to make sure that predatory lenders are brought down and their practices are not continued. McCain wants to create a justice department task force that will punish those that fraud innocent homeowners or forge any loan application documents. This task force would also help out state attorney generals who are investigating these abusive practices. He also believes that the lending process needs to be much clearer so that people know exactly what they are getting themselves into. He wants there to be responsibility on both sides. The lenders must not fraud people out of their money. Borrowers, however, must make sure that they are always paying attention and knowing what they are getting into. Responsibility on both sides will help combat the issue.

Additional Resources:

National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 8, 2012