Both presidential candidates have announced plans to help voters deal with the challenging housing economy.
Here are their ideas as posted on their election websites:
Sen. John McCain:
Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments.
Reform financial and lending systems to prevent a repeat.
Require participating lenders to forgive part of subprime borrowers’ loan principals and place them into new 30-year Federal Housing Administration loans.
Give financing to municipal and civic groups trying to solve problems within their own communities.
Sen. Barack Obama
Create a standardized disclosure plan that allows for full-disclosure of loan costs and provisions.
Crack down on mortgage fraud.
Give a mortgage credit to those who don’t itemize deductions.
Create a fund to help homeowners who face foreclosure refinance.
Allow bankruptcy courts to modify a homeowner’s mortgage payments.
Source: The San Diego Union-Tribune, Lori Weisberg