Today Hillary Clinton gave a speech on “Halting the Housing Crisis.” During her speech, she really tried to drive a point that our economy is in a crisis because of the housing crisis that is plaguing many people across this country. It is unfortunate that so many Americans are losing their homes, however Hillary tries to place the blame on anything but where it should be placed.
“That means acknowledging that our economic crisis is, at its core, a housing crisis, a crises caused in part by unscrupulous mortgage lenders and brokers and unregulated transactions in mortgage-backed securities, in part by speculators who were buying multiple homes to sell for a quick buck and other buyers who didn’t act responsibly.”
To begin by placing the blame on those who were lending the money versus who was signing their name on the mortgage paperwork, is pure stupidity. She does credit some of the blame to the buyers, but spends the majority of it pointing to investors and the lenders.
“Communities of color have been especially hard hit.”
What is being said with this? Is she implying that “communities of color” were being targeted by mortgage companies? Is she playing the race card?
“If you have paid off your home, if you have a fixed rate mortgage with a manageable interest rate, you have siffered the steepest decline on record.”
How is it bad for someone who has paid off their home, or has a manageable fixed rate mortgage the one who is suffering? They are the ones who didn’t put themselves in a precarious situation. They were smart and avoided the whole problem.
“They actually owe more for their mortgages that their homes are worth. So what was once their biggest financial asset is now a financial liability.”
They owe more than what their homes are worth because they borrowed more than they were worth. Just more ingorance on who to blame by Hillary.
“I put forward an aggressive plan for a 90-day moratorium on all subprime foreclosures and a voluntary five-year freeze on interest rates for all subprime mortgages. The response from this administation? A plan that let banks off the hook and left homeowners to fend for themselves.”
Just like her to invite big government in to fix the stupidity of so many people losing their homes. Who is the one who signed the paperwork? The bank or the homeowner? The homeowner got themselves into it, let them figure out a way to remedy it.
Now, on to the point where she throws up!
“Today, I am announcing my four part plan to Protect American Homeowners: A plan to help our families keep their homes and help communities har hit by the housing crisis.
My plan starts with an aggressive new effor to help millions of at-risk families restructure their mortgages and stay in their homes.
The time for action is now – not a month from now, or a year from now – but now. And the reality is that many of our families need more than just basic refinancing.
The Frank-Dodd legislation would move beyond this incremental approach by setting up an auction system for mortgage companies that hold hundreds of thousands of these mortgages. Through this system, these companies could sell mortgages in bulk to banks and other buyers. The buyers would be willing to purchase these mortgages – and restructure them to make them affordable for families – because they know the government will guarantee them once they are refinanced.
But given the severity of today’s housing crisis, simply facilitating this auction process might not be enough to get our economy moving again. That’s why I believe the Federal Housing Administration should also stand ready to be a temorary buyer – to purchase, restructure, and resell underwater mortgages.
In order to determine whether the approach outlined by Rep. Frank and Sen. Dodd is sufficient – or whether we need the government to step in as a purchaser – I am calling on President Bush to appoint an emergency working group on forclosures. That is the second part of my plan.
That’s why I’m proposing an Emergency Working Group on Forclosures.
If it’s decided additional steps are needed, then we should investigate wheter – and how – the Federal Housing Administration or other government entities, of Fannie Mae and Freddie Mac, could buy, restructure and resell underwater mortgages.
The third part of my plan is a new housing stimulus package to provide $30 billion directly to states and localities hard hit by this crisis.
That’s why I’m calling for the creation of a one-time emergency $30 billion fund that would go directly to cities and states to address the housing crisis.
This money could be used to purchase forclosed or distressed properties, which cities and states could then resell to low-income families or convert into affordable rental housing.
The Fourth and final part of my plan involves passing new legislation to clarify legal liability for mortgage companies that act to help more borrowers stay in their homes.
Now, some may claim that the plan I’ve outlined today is a ‘bailout.’ They’ll argue that it’s not government’s role to help. Well, that is the same kind of tired rhetoric we’ve been hearing for years now. And I think the American people know better. We’ve had enough of that old ideology. We’re ready for solutions here and now.”
The time for correction is not now like Hillary states. The time was before they signed their paperwork. They should have taken the time to read what they were signing. If they were dumb enough to get themselves into trouble, their solution would have been as simple as refinancing. Having a call for government to step in and fix it is outrageous. Our government is big enough. Now we are trying to elect someone who wants to make it even bigger? She stated that she would come up with more government big spending programs, that she isn’t even sure if they would work. What is her fix for that? More of the same programs. This whole program sounds like a “verbal throw up” of sorts. She could have kept her mouth shut and maybe looked to be a better choice than her opponents, but instead she chose to speak up and look just plain sick. On the brighter side, it does offer a look into what she would be using hard earned tax money for. Bigger government. Is that the answer? NO! Decrease the amount of say that the government has, and put more emphasis on the individual.
Be an individual VOICE against her rhetoric.