Clinton wants lending reform
 

A leading Democratic presidential candidate heading into the 2008 elections, U.S. Sen. Hillary Rodham Clinton, made housing a primary message during an Orlando campaign stop on Saturday. “Owning your own home is key to the American dream,” said Clinton (D-N.Y.), noting that an upswing in foreclosures nationwide has the potential to ruin that dream for many people. Clinton advocated changes that include mortgage contracts written in plain English and a federally mandated waiting period before a bank can take someone’s home. Clinton took sharp aim at banks that target low-income buyers with unfair deals. “Let’s call them what they are. They’re liar loans,” Clinton said. “It starts with a lie, followed by still more lies, until they foreclose.”

Source: The Orlando Sentinel, March 31, 2007, Rich McKay

© 2007 FLORIDA ASSOCIATION OF REALTORS®