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Presidential Candidates and the Foreclosure Crisis

We all know that the housing market is not looking that great right now. People are facing troubles that were brought upon by not paying attention and predatory lenders. This is something that is becoming a large topic in the Presidential election this year. Do you know what your candidate thinks about foreclosure? The following are some of the thoughts of Senators Obama and McCain. Make sure that you are setting yourself up to make an informed decision. Now is not the time to be ignorant in your voting. Take your time and really research both of these candidates. Let's start today by talking about foreclosure.

Obama on Foreclosure

Senator Obama wants to create a $10 billion foreclosure prevention fund. This will not help everybody, just those who are at risk homeowners in cities hardest hit by foreclosure. He also wants to create a rating system for mortgage products. This system will help consumers stay on top of hidden costs, interest rates and their obligations. In order to avoid foreclosure he will amend the bankruptcy code so that a court will be able to modify an individual's mortgage payments. If you are facing foreclosure then Senator Obama wants to establish exemptions that will relieve you of some taxes and fees. The middle class are the ones who will be affected by this foreclosure crisis plan of Senator Obama. Overall, this is all part of the Stop Fraud Act that was introduced a year ago. For more on Senator Obama's record please visit On the Issues: Barack Obama Tax Reform.

McCain on Foreclosure

Senator McCain believes that limited government intervention in this problem is better for this process. He also says that relief will be given more so to those who hold an adjustable rate mortgage. Even though he does not want to see added regulation, McCain does believe that more people need to be accountable. This accountability needs to stretch from the lender to the borrower. Senator McCain believes that more funding needs to be provided for community development groups in order for them to expand their home rescue efforts. It you meet a certain criteria then you should be allowed to have your homeowner loan modified. While he has softened his stance slightly on government regulation, he also believes that the borrowers themselves hold some blame and that cannot be overlooked. For more information on Senator McCain's record please visit On the Issues: John McCain Tax Reform.

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