Clinton Talks on Mortgage Woes to Wall St.washingtonpost.com
Made popular 2429 days ago in Business
blog.washingtonpost.com — In an act of striking synchronicity, two leading Democratic candidates introduced proposals to help stem the national mortgage crisis just as President Bush prepared to unveil his own program this week.

Sen. Hillary Rodham Clinton traveled to Wall Street on Wednesday to speak to business leaders and deliver what her advisers described as a major policy address. She also appeared on the business network CNBC for an extended interview about her economic viewpoint with anchor Maria Bartiromo.

Clinton described a litany of economic worries plaguing Americans far from lower Manhattan - including rising gas prices, stagnant wages and, most significantly, the housing crisis that she said risks forcing people out of their homes.

Clinton said "these economic problems are certainly not all Wall Street's fault - not by a long shot."

"But the reality of our interconnected economy is that what happens on Wall Street impacts main streets across America," Clinton said. "If we're honest, we need to acknowledge that Wall Street has played a significant role in the current problems," she said, citing a flawed bond rating system and irresponsible lending practices as among the industry's contributions.

"Wall Street helped create the foreclosure crisis, and Wall Street needs to help solve it," Clinton said in her speech. She proposed suspending any changes on subprime loans - often made to borrowers with weak credit - for five years to avoid new foreclosures caused by adjustable rate mortgages.

Posted by Jane60
156 Votes
2 Comments
ShareThis
Do you believe the foreclosure aid from the government is justified?
A step in the right direction, freeze rates
11%
Definitely not enough need to include all mortgages
6.4%
Government added liquidity, should not go any further
5.8%
Going too far, this is a bail out by tax payers
77%
This is not a scientific survey, click here to learn more. Results may not total 100% due to rounding and voting descrepencies.
User Comments
Posted 2430 days ago
0 up votes, 0 down votes
Freekin socialist state! It's crazy we pay for the mistakes of banks and hedge funds.
Posted 2426 days ago
0 up votes, 0 down votes
What a joke.Even a high school drop out could tell a floating interest rate loan was a time bomb.And we are to believe it was all a surprise to them?They made a killing.And we should believe Clinton lol didn't she make a bundle ripping people off.White water wasn't it called?Skank is a lying witch.
You will have 2 minutes to edit your comment.

Add your comments