Hillary’s wagging her finger at Wall Street today over the subprime meltdown. Guess she wanted to steal Jesse Jackson’s thunder. Oh, and just like “amnesty” wasn’t “amnesty,” Hillary’s housing bailout is not a “bailout.” It’s a “comprehensive work out.”
Hillary goes to the Nasdaq stock exchange today to call on Wall Street to help clean up the housing foreclosure crisis it helped create. Wall Street not only enabled reckless mortgage lending, it encouraged it-1.8 million home foreclosure notices have been filed this year, a 74% increase from 2006. Now it’s time for lenders, homeowners and investors to come together to solve this crisis and stem the tide of foreclosures.
Hillary will challenge lenders and financial institutions to take three immediate steps today: 1) Voluntarily support a moratorium of at least 90 days on home foreclosures; 2) freeze the fluctuating rates on subprime loans for at least 5 years until they can be converted into fixed rate, affordable loans; 3) Require regular status reports on the progress they’re making in converting unworkable mortgages into loans families can afford so we have real accountability.
Hillary is proposing a comprehensive work out-not a bail out-that would end the foreclosure crisis. If Wall Street refuses to act, Hillary will propose legislation to tackle the problems in the housing market head on.
Watch your wallets.