Candidates Disagree on Foreclosure Fix

Daily Real Estate News  |   February 20, 2008

As the presidential primary in Ohio approaches, Sens. Hillary Clinton (D-N.Y.) and Barack Obama (D-Ill.) are highlighting their different housing proposals. Voters in Ohio especially are concerned about the housing proposals because the state has one of the highest foreclosure rates in the nation.

Clinton insists that government intervention is necessary. She proposes ceasing foreclosure proceedings for 90 days to allow borrowers and lenders to work on modifications, instituting a five-year interest-rate freeze on adjustable-rate subprime mortgages for primary residences only, and the use of government-backed mortgages to refinance borrowers who can no longer manage their monthly payments.

Meanwhile, Obama says that government involvement will force lenders to put the brakes on making new loans and modifications. Instead, he is focusing on stricter penalties for predatory lenders, tax credits for mortgage interest, and a $10 billion fund dedicated to preventing foreclosure and assisting first-time buyers.

Source: The Wall Street Journal, Nick Timiraos (02/20/08)

Neighborhood Planning Unit -T

This Wednesday at 7:30PM 952 Ralph David Abernathy Blvd (Founders Hall, Shrine Of The Black Madonna)

Every 2nd Wednesday of each month.

You will NOT want to miss this months meeting! I invite you to come out, hear the reports from the Police Chief, Fire Dptmt, City Planner, Zone Prosecutor and others to find out what the New Year has in store. 

Also, there will various surprises, give aways and some changes within our NPU meetings. Now is the time to start attending these meeting so that you can have voting privileges throughout the year.  There are MANY plans for the neighborhoods within NPU-T and we need all neighbors to be informed and voices heard by way of vote, for many of the plans.. There is strength in numbers, and we want to insure the city is hearing our requests, and contribution to the planning of neighborhoods.   You must attend FOUR out of six consecutive meetings to be eligible to vote.

See you on Wednesday!