The Donkey & The Elephant Discuss Housing

In the weeks just prior to the election, you can't help but wonder...how do the candidates stand on home ownership? What will they do to crack down on predatory lending? Here are some brief details: Obama/Biden

~Universal Mortgage Credit - This credit will provide an average of $500 mortgage tax credit to 10 million homeowners, the majority of which earn under $50,000/yr.

~STOP FRAUD act - This act will officially define "mortgage fraud" in the law books as well as increase funding for enforcement programs and provide stricter penalties for those convicted of mortgage fraud.

~HOME score - Obama/Biden want to create a Homeowner Obligation Made Explicit score which will allow buyers to easily compare loans and understand the actual cost of borrowing.

~Bankruptcy Loophole - Currently, bankruptcy courts cannot modify mortgage payments for an individual. Obama/Biden want to eliminate this provision in federal law.

McCain/Palin

~Federal assistance to borrowers should not bail out speculators who took unnecessary risk.

~Increasing financial assistance should go hand-in-hand with increasing transparency and accountability.

~HOME plan - homeowners who meet certain guidelines will be given the opportunity to trade their mortgage for a manageable FHA loan reflecting their home's current market value. The McCain camp estimates this will keep up to 400,000 families from losing their home.