No one offers a GUARANTEE* in this business...
But we have too.. It's our Name
GUARANTEED LOAN HELP
But we have too.. It's our Name
GUARANTEED LOAN HELP
Your Subtitle text
WELCOME TO GUARANTEED LOAN HELP
CREDIT CARD & MORTGAGE PROBLEMS-DEBT & FORECLOSURE ISSUES
INTERNET SPECIAL - LIMITED TIME.... ONLY $199.00 (All Inclusive)
Our success is your success, and while we cannot resolve every case satisfactorily, we guarantee that your case will be handled with the same importance and diligence as the providers that charge up to 10 times that Guaranteed Loan Help debt group does. As well as tell you what we do, we will also explain what we DO NOT do. This is a difficult time, and at the very least you made the effort, to seek help, and you DO need help. Do not do it alone. Debt can cause serious emotional as well as physical problems. Get the debt help your need NOW!
GET DEBT, FORECLOSURE & LOAN HELP HERE... JUST CLICK
It is very tough to work with debt problems with lenders who are huge institutions and have mounds of regulations and people to deal with when dealing with debt. We know the system, and there is a way. Our expert debt group team will go to work right away to contact the creditor(s) of your mortgage or other credit problem to start the process of relieving you of the stress these situations can cause. 98% of foreclosures can be stopped! You can save your credit, your home, and you can save it fast! Applying is EASY, and you have many options to assure that you keep your home, but time is not on your side. We understand the stress of big debt, the harassing phone calls, threatening letters, and that situations can get to the point of returned checks and no returned calls. We also understand that bad things can happen to good people. Hundreds have been helped with our debt resolution services, and our success rate is one of the highest in the industry! We can stop foreclosure, or modify loan, and help your credit through several methods!
We have extensive computerized network software custom designed for GUARANTEED LOAN HELP debt group exclusively that provides us with contacts at EVERY mortgage, credit lender and service agent in the business, in fact our database and DIRECT contact software list took over a year to comply and thousands of dollars to compile. Updated every month with the NEWEST contact information, we have the sources to get your case to the RIGHT people in hours, not days, weeks or even a month. Credit is the key to the good life.
Time is NOT on your side when it comes to foreclosure and getting your lender to LISTEN. Half the battle is getting the right people who service YOUR loan to answer and LISTEN to reason. We have the capability and the resources to do just that. Let us explore this a moment. The difference is SPEED and CONTACT!
INTERNET SPECIAL - LIMITED TIME..... ONLY $199.00 (All Inclusive)
Have YOU contacted your lender? Seem impossible to get SOMEONE, ANYONE to even have A CLUE to HOW to HELP YOU? Our point exactly! You NEED the RIGHT CONTACTS and the “GO TO” person to listen to YOUR NEEDS! We do just that. A little known fact is your loan number gives us information that LEADS us to the source of who services that loan and who to speak with. MOST foreclosure service agents don’t even know this, and most DON’T CARE ! WE DO! Get the advantage and get your life back and get on track with GUARANTEED LOAN HELP DEBT GROUP NOW !
Although this may not be a very
pleasant time in your life, we want you to know you have come to a
service-based organization who's goal it is to help people who are
facing difficulties in their financial life. We know what it is to be
in dire financial situations. Our founder who has over 20 years of Real
Estate experience, and has counseled and worked with thousands of
people over the years, countless banks, lawyers and mortgage companies,
in fact he was once himself in the very situation of losing his home to
creditors. He fought back and won, that was 27 years ago, and he has
never stopped fighting. A mortgage loan and credit specialist for sure.
Please browse through all of our site and learn all you need to know. Debt is a HUGE problem. The fast, hard rule is to act quickly before the situation becomes worse. This is the biggest mistake that folks make. IT WILL NOT get better, and the faster you have help to fight for you and know WHO to contact, and have them act, the better off you will be. Debt is a sleeping monster, and by the time it awakens, it's a beast that can eat you alive.
As Printed August 2007 ~ The Button Down News
Credit card debt and tax debt are common problems in American households and mortgage foreclosure are increasing week by week, month by month. We are the Guaranteed Loan Help Debt Group and we are here to offer an alternative to the debt negotiation firms that promise everything and deliver nothing. The Guaranteed Loan Help Debt Group’s only has professional negotiators throughout the nation who are credit card debt settlement specialists. Our professional negotiators will arbitrate your credit card debt, and often will negotiate a payment plan that will allow you to pay pennies on the dollar. ?2006 year-end statistics show current credit card debt levels, overdue personal income taxes and increasing adjustable mortgage rates are the primary reasons why many Americans live from paycheck to paycheck. The Guaranteed Loan Help Debt Group’s professional negotiators can provide relief in the form of debt reduction for people like you so that you can become debt free and start fresh. Discharging credit card or tax debt through bankruptcy, debt consolidation programs, or installment agreements are not the only solutions. Moreover, the new bankruptcy rules have disqualified many hard-working Americans like you and Bankruptcy has huge economic and emotional down sides and takes a tremendous toll on your credit rating. ?Debt consolidation requires you to pay back 100% or more of your debt and many debt consolidation companies are funded by credit card companies. Installment agreements for taxes or credit cards only prolong your agony. The Guaranteed Loan Help Debt Group offers real relief in the form of an alternative to bankruptcy and debt consolidation called debt settlement and it truly works. Our professional negotiators utilize proven debt settlement and arbitration techniques to help rid you of credit card debt. Our professional negotiators will assist you in doing the same for your state tax debt and federal income tax debt so that you can regain control of your finances. ?Debt arbitration by professional negotiators is the clear choice to debt consolidation, debt elimination, or bankruptcy. We like to think that our professional negotiators "wrote the book" on debt relief. Our debt arbitration program provides instant relief and is an effective way to reduce your debt. In addition to providing you with instant debt relief our debt settlement program is simple to understand and easy follow. Our affiliated law firm’s debt arbitration specialists will negotiate a long or short-term debt reduction program with your creditors and our professional negotiators tax firm will do the same with the Internal Revenue Service. In short, our professionals will provide immediate relief and quickly put you in a position to begin restoring your credit. Are Credit Card Companies, The IRS, State Taxing Authorities or Collection Companies Harassing You? Our professional negotiators are specialists who will immediately put an end to creditor and IRS harassment because upon being accepted into our program, your creditors will stop calling you at home or work and will call our debt settlement and tax arbitration counselors instead. All correspondence from creditors relative to your debt arbitration will come directly to our professional negotiators who will immediately contact your creditors immediately after you enter our proven debt settlement program. Remember, our professional negotiators will provide immediate relief because they deal with your creditors for you. We get you out of debt fast and immediately help your cash flow. We are debt settlement negotiators that will negotiate settlements with your creditors or our professional negotiators will negotiate with the IRS or state tax agency. The result may be a settlement of pennies on the dollar. Our proven debt settlement programs allow you to pay back a fraction of what you owe as quickly as possible. You will make monthly payments based on projected settlement amounts which are typically lower than the amounts you currently pay the credit card companies so you will retain more of your hard earned dollars for the people that are important: you and your family! Now that is real debt relief! ?The Guaranteed Loan Help Debt Group is committed to providing the highest level of customer service. The success of our debt settlement program rests solely on the relationships we build with our clients and with consumer lending institutions. These relationships are built on trust, understanding, and mutual respect. Our professional negotiators have two goals in mind: debt reduction and financial freedom. So why not conquer your debt without the devastating effects of bankruptcy? Our debt settlement program will make you debt free far sooner than other credit counseling programs without the terrible blemish of a bankruptcy on your record. Contact us TODAY !
Get Help with Foreclosure Problems at Guaranteed Loan Help
http://www.autolinkexchanger.com/?go=6782
When your home is about to be foreclosed by the bank, you will probably feel helpless. However, you do not have to feel this way since there is still a way out for you. When you are in this situation, you will not be able to think clearly. You won’t be able to make up your mind coherently because of the anxiety that you are going to lose your home. In order to stop feeling helpless, you need to seek the assistance of professionals. Stop foreclosure with the guidance of Guaranteed Loan Help. This is an organization which aims in assisting people who are going through a difficult financial situation.
Guaranteed Loan Help understands the plight of homeowners who are about to have their homes foreclosed. The founder of this organization has experience over real estate for more than twenty years. What is more, he has done counseling jobs with a lot of people. He has worked with several individuals, lawyers, mortgage firms, and banks for several years. He knows how it feels like to lose your home to lenders and creditors because he has been in a situation like this. If you want a company which has compassion over its clients, Guaranteed Loan Help is your choice. Avoiding foreclosure is never easier with the assistance of this organization. With the understanding that they have over your circumstance, you know that you are seeking the guidance of the right people.
When you want help with foreclosure issues, opt for Guaranteed Loan Help. Their network software system is computerized and has been custom-designed specifically for the services that they offer to their clients. This system helps them communicate with every agent and mortgage lender in the industry. Because of this, you are assured that Guaranteed Loan Help will be able to come into contact with your lender to assist you with your problem. You have no reason to worry regarding the service that this organization extends. Their software system is updated with the most current contact information each month. In a matter of hours, the people at Guaranteed Loan Help will be able to have your case turned over to the appropriate individuals.
There are several reasons why your home is going to be foreclosed. Some of these reasons are partly your fault, such as unnecessary spending. On the other hand, your reasons might be unintended for like sudden sickness or injury. When you go through these times, you are forced to skip on a payment just so you can attend to hospital bills. If this is the case, you need foreclosure help right away. When you want immediate action, choose for the services of Guaranteed Loan Help. They will be able to help you out within twenty-four hours and not in a matter of weeks or days. They will help you negotiate with your lender so that you will be provided with more time to pay the amount that you failed to settle. It does not matter whether you skipped one or more payments. This organization is capable of working out your situation so that you will be able to keep your home, all with a 24 Hour response GUARANTEE with the lenders information that will listen through mediation.
Even our politicians are screaming about the subprime mess and what its doing to the economy: NEW YORK (CNNMoney.com) -- Senator Hillary Clinton spelled out the details of her subprime bailout plan Wednesday, calling for a 90-day moratorium on foreclosures and a five-year freeze on the interest rates of adjustable rate mortgages (ARMs).
In August, the democratic presidential hopeful asked legislators to ban prepayment penalties on mortgages, but her new plan goes much further, and bears similarities to other proposals.
Hillary Rodham Clinton, urged for a moratorium on foreclosures for 90 days on homes with subprime mortgages and a five-year long period of freeze on the interest rates that those borrowers would have to pay. She addressed a letter to Treasury Secretary, Henry Paulson, who is now ready to announce the Bush administration’s responsibility to today’s housing problems. Clinton, in her remarkable foresight, notes that today’s foreclosures continue to pose incalculable loss to the economy. Clinton has stated that the mortgage problems have gone way beyond the state of transparency to the common people. At a news conference on last Sunday of December 2008, she has mentioned that what every Iowan should look forward to is, to have accurate information when they make decisions about undergoing mortgage payments.
Clinton has indicated that the battle within the Democrats is about how to get things done in a rougher manner. But she stresses that coming to the last month of the year she wants to start drawing contrasts from the way it has been with foreclosures so far. Clinton has already dared to go further than her Democratic rivals and revealed what the administrators think about the decisions made on foreclosures. Obama has introduced a bill which would go on to make mortgage fraud a severe criminal offence. The bill also reinstates that such fraudulence attracts favors national funds to help the lenders who are severely in danger of losing their homes. Hillary Clinton is no dummy. Even her detractors know that. And yet in last night's Democratic presidential debate in Nevada, Clinton floated what is perhaps the dumbest solution to the current mortgage mess I've heard from a top presidential contender. "I have a plan - a moratorium on foreclosures for 90 days [and] freezing interest rates for five years, which I think we should do immediately," Clinton announced at what was the last Democratic debate before the Nevada Caucus on Jan. 19. A 90-day moratorium on foreclosures would throw a lifeline to some deserving homeowners, though I suspect it would only delay the inevitable for most. That's not my beef. Where Clinton goes awry is her proposal to freeze mortgage rates for five years, which is essentially a much broader version of a deal President Bush recently hammered out with lenders to assist some subprime borrowers. If Clinton's only goal were to bail out homeowners facing steep rate resets on adjustable mortgages, her plan would work just fine.
Jan 19, 2008 04:30 AM
Andrew Chung
Staff Reporter
LAS VEGAS–She didn't actually use the words, but Senator Hillary Clinton might as well have repeated the phrase made so famous by her husband's winning campaign strategy in the 1990s: "It's the economy, stupid!" At a stop inside a cluttered printing shop in an industrial sector of this city yesterday, Clinton told an audience of workers and members of the public that the American dream of prosperity is becoming more elusive by the day. "Nobody ever thought the economy of Las Vegas would slow down, that a construction worker would be laid off, that a casino employee would be laid off," she said in a speech leading up to today's presidential caucuses in Nevada.
Clinton is following in the footsteps of her husband, former president Bill Clinton, in ways deeper than just the fact that she's also aiming for the Oval Office. The campaign is emerging as a mirror image of 1992 when Bill Clinton was elected based on his promise to fix the sputtering economy. While Clinton was speaking, a few blocks away, 71-year-old Betty Turner was quietly listening to a credit counselor, a sheaf of printouts spread across her lap. She knows the economy is in a rough patch when she looks in the mirror every day.
"My credit cards have gotten away from me, which is why I came here," she said inside the counseling service's office. She adds, however, that at least her house isn't being foreclosed on, like some of her neighbors in the state that leads the nation in home foreclosures.
This morning, Nevadans will publicly jostle each other in small groups to pledge their support for presidential nominee hopefuls in this key battleground state, which, by virtue of its status as an early nomination contest, will influence the entire race.
A win for either of the two leading Democratic candidates, senators Hillary Clinton of New York or Barack Obama of Illinois, is vital because it will give their campaign momentum in a contest that is so far a virtual tie. For Republicans, the caucuses here are less important than the vote in South Carolina, which holds that party's primary today as well. Only former Massachusetts governor Mitt Romney and libertarian Ron Paul have spent time and money campaigning here. Polls have in past months put Clinton way ahead of Obama, including among Nevada's Hispanics, who make up 25 per cent of the population. But as Obama's profile has risen here, so have numbers. A poll released earlier this week had him ahead of Clinton by two points. But a new poll out yesterday by the Las Vegas Review-Journal, which has endorsed Obama, has Clinton ahead of Obama by nine points at 41 per cent versus 32 per cent. John Edwards is at 14 per cent. The same poll also has Romney 15 points ahead of Senator John McCain in the Republican race. But signs of a national economic downturn are mounting, and it has emerged as the number one issue among Americans. Stock markets have tumbled in recent days, off more than 1,000 points since the beginning of 2008. Construction of new homes has dropped, as have home prices in the wake of the subprime mortgage crisis. Banks and brokerages are losing billions of dollars and writing off billions more in bad loans. "I'm really worried," said Denise Gustafson, 50, who lives in Pahrump, a town an hour's drive west of Las Vegas. She makes the commute every day and is worried about rising gas prices.
"My husband is a union sheet-metal worker," added Gustafson, who is undecided between Clinton and Obama. "Construction jobs are going to undocumented workers because they can pay them less."Peggy Maze Johnson, executive director of the Clark County Democratic Party, said the economy has become a huge issue among voters. "When you look at one part of Las Vegas, all those new hotels and condos going up, people say, `What a great economy," she observed. "But when you draw down on the streets here, and see all the for sale signs, then you know." Republicans and Democrats have begun talking about how to re-energize the economy. Clinton and Obama have been tripping over each other to get their message out. Yesterday, Obama attacked Clinton on that front, saying Clinton's plan to stimulate the economy by providing a tax rebate for workers was partially taken from his plan. "Senator Clinton has said she is ready to lead from Day 1," Obama said in Reno. "But it's important on Day 1 to get it right, whether you're talking about war or you're talking about economic proposals."
Obama's plan would also provide $10 billion to help homeowners facing foreclosure and $10 billion to cover state budget shortfalls. He also has vowed to go after unscrupulous lenders, who have played a major role in the foreclosure crisis, and a "credit card bill of rights."
At the printing shop in Nevada, Clinton told the crowd her plan also includes a moratorium on home foreclosures for 90 days to give people a chance to "figure things out," a freeze on interest rates, and a $25 billion plan to help people who can't pay their utility bills.
She said she wants to return the economy to the way it was while her husband was in office, when jobs were plentiful and the government was on track for a surplus. But at a stop in San Francisco on Thursday, Obama countered: "The American people are not looking specifically for a repetition of what happened in the '90s," he said. "What they are looking for is who's going to lead us over the next eight years into an era of greater prosperity and also to meet new challenges as they come up."
Hillary Rodham Clinton urged for a moratorium on foreclosures for 90 days on homes with subprime mortgages and a five-year long period of freeze on the interest rates that those borrowers would have to pay. She addressed a letter to Treasury Secretary, Henry Paulson, who is now ready to announce the Bush administration’s responsibility to today’s housing problems. Clinton, in her remarkable foresight, notes that today’s foreclosures continue to pose incalculable loss to the economy. Clinton has stated that the mortgage problems have gone way beyond the state of transparency to the common people. At a news conference on last Sunday of December 2008, she has mentioned that what every Iowan should look forward to is, to have accurate information when they make decisions about undergoing mortgage payments.
Clinton has indicated that the battle within the Democrats is about how to get things done in a rougher manner. But she stresses that coming to the last month of the year she wants to start drawing contrasts from the way it has been with foreclosures so far.
Clinton has already dared to go further than her Democratic rivals and revealed what the administrators think about the decisions made on foreclosures. Obama has introduced a bill which would go on to make mortgage fraud a severe criminal offence. The bill also reinstates that such fraudulence attracts favors national funds to help the lenders who are severely in danger of losing their homes.
Obama and Edward, the two members of the Democrats are supposedly changing laws to make people live better and not lose their homes altogether. According to the Associates Press, Paulson would call for voluntary extensions on the issue of subprime mortgages at the present interest rates. In the letter to Paulson, as a part of the Clinton campaign, Hillary Clinton states that he needs to impose these new laws in the form of a moratorium on all foreclosures. The moratorium would be for at least 90 days acting upon all owner-occupied homes with subprime mortgages. The letter also states for a freeze in the monthly rates on subprime mortgage rates whish are of the adjustable nature. The mortgage rate would be effective for at least 5 years until they can be converted into affordable and fixed-rate loans. The letter urges that the mortgage industry would be required to submit status reports on the number of mortgages that need to be modified to make them affordable for the majority.With these points in mind the reformation on foreclosures is expected to be done as an essential part of Clinton’s campaign.
Today, Hillary outlined an economic stimulus plan to help hard hit families and give our economy a much needed boost. Over a month ago, in a speech to Wall Street, Senator Clinton called on the Bush Administration to begin considering economic stimulus. In the month since, while the Administration has failed to act, we have seen growing signs that our economy is faltering. Tens of thousands of families have already been forced out of their homes. Recently, oil hit $100 a barrel, and last Friday, the Bureau of Labor Statistics reported that the economy lost jobs in the private sector in December for the first time in over four years. According to RealtyTrac, more than 201,000 foreclosure filings were reported in November alone, up 68 percent from the year before. Hillary believes we need real action now. While economists may still be debating whether we've met the technical definition of a recession, for hard-hit middle class families that question has already been answered. That is why today Senator Clinton called on the President and Congressional leaders from both parties to enact an aggressive, fast-acting stimulus package based on common-sense economic principles. Unlike 2001, when President Bush used stimulus as an excuse to force through long-term tax cuts for the wealthiest Americans-which ran up our debt to foreign governments while utterly failing to reignite job growth-Senator Clinton believes we need a strong immediate stimulus to jumpstart the economy without negatively affecting our long-term fiscal position. In addition, stimulus measures should be targeted toward hardworking families that are most likely to spend new resources, which will ensure that we give our economy an immediate boost. As President, Hillary would enact a five-part stimulus package that is consistent with these principles. This package includes: Establishing a $30 Billion Emergency Housing Crisis Fund to assist states and cities mitigate the effects of mounting foreclosures. With our economy facing the prospect of substantial contraction as hundreds of thousands of subprime mortgages reset and housing values erode further, Senator Clinton believes that any effective stimulus package must take aggressive action to mitigate this contraction and help as many families as possible remain in their homes. Her $30 billion fund would provide immediate, time-limited resources to states, cities and community organizations to help prevent unnecessary foreclosures. States and communities could also use the funds to offset the costs associated with vacant properties by supporting efforts like community-level anti-blight programs and helping local housing authorities buy up vacant properties and rent them to working families. When families lose their homes, surrounding property values and local tax revenues decline and the cost of policing and maintaining vacant properties rise. This reduction in revenues and rise in costs can lead cities and states to cutback services, lay off teachers and other vital workers, raise college tuition, or even raise local taxes. The availability of $30 billion in federal assistance will ensure that states and cities have the resources they need to fight foreclosures, prevent a downward housing cycle impacting large numbers of homeowners and to weather the crisis without unnecessary fiscal contraction. Taking bold action to end the housing crisis. Senator Clinton is the only candidate with a comprehensive plan to keep families in their homes and keep the housing crisis from dragging down the economy. More than 2 million foreclosure notices went out last year, devastating families and communities. The foreclosure crisis is also contributing to the decline in home prices which has already cost families an estimated $1.3 trillion. Many experts believe the worst is yet to come. To stem this crisis, Senator Clinton has called for a 90-day moratorium on subprime foreclosures and an automatic rate freeze on subprime mortgages of at least five years or until servicers have converted the unworkable mortgages into loans families can afford. In addition, Senator Clinton proposed to temporarily empower state housing financing agencies to help families refinance unworkable mortgages and temporarily increasing the portfolio caps at Fannie Mae and Freddie Mac, and enabling them to purchase larger loans in high-cost areas. These steps would immediately increase the availability of mortgages for responsible borrowers.
WASHINGTON (Reuters) - Democratic presidential hopeful Hillary Clinton proposed on Monday a 90-day moratorium on home foreclosures to give financially troubled borrowers time to work with lenders and avoid losing their homes. Clinton, the New York senator outlined the proposal in a letter to U.S. Treasury Secretary Henry Paulson, who is trying to broker a deal with mortgage lenders that would help troubled borrowers.
Clinton said, “The crisis surrounding subprime mortgages extended to borrowers with spotty credit has unnerved financial markets and could deepen a slump in the U.S. housing market that some economists fear has pushed the economy close to recession”.
"It is critical that we address this crisis," Clinton said in a letter to Paulson. "The administration and the mortgage industry must reach agreement that matches the scale of the problem. If you produce an inadequate agreement, or fail outright, the cost to our economy will be incalculable." The U.S. Treasury Department has been pushing the mortgage industry to agree to temporarily freeze interest rates for some borrowers who took out loans with low teaser rates that will soon be resetting much higher. More than 2 million borrowers are estimated to be facing rate resets.
Clinton said any agreement should include a moratorium on foreclosures of at least 90 days on owner-occupied homes with subprime mortgages. Any agreement should also include a rate freeze on adjustable mortgages of at least five years or until the loan is converted into a fixed-rate mortgage, she said.
Clinton said the freeze would give the housing market time to stabilize and homeowners time to build equity. She also called on the mortgage industry to provide regular reports on the number of mortgages they have modified.
If the administration fails to secure an agreement that includes those provisions, Clinton said she would push for legislation that would allow lenders to convert subprime mortgages into more affordable loans without permission of investors.
Clinton said she also called for a $5 billion fund to help hard-hit communities and homeowners cope with the foreclosure crisis.
The subprime mortgage crisis has hit some states harder than others, including Florida, Nevada, California, Michigan and Ohio -- key states in next year's presidential elections. Clinton leads in the troubled States.
Wall Street deserves some of the blame for the current mortgage crisis, Democrat Hillary Clinton charged Wednesday, urging the industry to take steps to reverse the damage.
"Wall Street shifted risk away from the people who knew what was going on and onto the people who did not," Clinton told an audience at the Nasdaq Marketsite in Times Square.
"This is a moment for shared responsibility in America. Investors, lenders and homeowners all have a part to play, and sacrifices to make."
She called for a 90-day freeze on owner-occupied home foreclosures, and also for stopping increases in subprime mortgage rates for at least five years - a move similar to what the White House is expected to announce today.
"This is a moment for shared responsibility in America. Investors, lenders and homeowners all have a part to play, and sacrifices to make."
She called for a 90-day freeze on owner-occupied home foreclosures, and also for stopping increases in subprime mortgage rates for at least five years - a move similar to what the White House is expected to announce today.
The Democratic White House front-runner also suggested the creation of a one-time, multibillion-dollar "community support fund" to prevent foreclosures by providing financial counseling and other services, and for prosecuting foreclosure-related fraud.
Taking on Wall Street is viewed as smart and risky for Clinton, analysts said. It could make her look like a woman who won't be her donors' puppet - or anger a population with deep pockets.
The Democratic front-runner has hauled in more than $4.7 million from donors in the securities and investment industries, according to the Center for Responsive Politics.
She has also drawn nearly $4million from real estate supporters and just under $1 million from the commercial banking sector.
David Birdsell of the Baruch College School of Public Affairs said Clinton's appeal could be seen as "a response to the energetic critique from her left from John Edwards and Barack Obama" as the race to win Iowa nears - and tightens.
Obama addressed the mortgage crisis issue in a stern September speech, also at the Nasdaq Marketsite.
With a large stable of topflight investment types in her corner, Birdsell added, Clinton "probably has some running room, so she can go populist to some degree without risking their allegiance."
Clinton said she would consider legislation if Wall Street didn't come along voluntarily, but ended on a conciliatory note.
"I'm calling particularly on those who are so able, and so smart and so resourceful, to help us find our way forward here," she said. "It's the right thing to do for the economy, but even more importantly, it's the right thing to do for America."
Taking on Wall Street is viewed as smart and risky for Clinton, analysts said. It could make her look like a woman who won't be her donors' puppet - or anger a population with deep pockets. The Democratic front-runner has hauled in more than $4.7 million from donors in the securities and investment industries, according to the Center for Responsive Politics. She has also drawn nearly $4million from real estate supporters and just under $1 million from the commercial banking sector. David Birdsell of the Baruch College School of Public Affairs said Clinton's appeal could be seen as "a response to the energetic critique from her left from John Edwards and Barack Obama" as the race to win Iowa nears - and tightens. Obama addressed the mortgage crisis issue in a stern September speech, also at the Nasdaq Marketsite. With a large stable of topflight investment types in her corner, Birdsell added, Clinton "probably has some running room, soshe can go populist to some degree without risking their allegiance." Clinton said she would consider legislation if Wall Street didn't come along voluntarily, but ended on a conciliatory note. "I'm calling particularly on those who are so able, and so smart and so resourceful, to help us find our way forward here," she said. "It's the right thing to do for the economy, but even more importantly, it's the right thing to do for America."
Source: New York Daily News
SAN DIEGO -- Sen. Hillary Rodham Clinton made a campaign stop Friday at a private home in Bonita, where she thanked her Democratic supporters and vowed to bring about change and better the lives of Americans. "We know how fortunate we are because of all the opportunities we have been given, and we also know that it is up to us to make sure those opportunities and blessings remain available to our children and our grandchildren," Clinton said.She made her proposal as polls indicated the recent economic downturn has caused the economy to overtake the war in Iraq as the leading issue in the presidential campaign. Her plan includes a $30 billion emergency housing crisis fund to assist states and cities mitigate the effects of mounting foreclosures; a 90-day moratorium on subprime foreclosures; and an automatic rate freeze on subprime mortgages of at least five years. Clinton also called for $25 billion in emergency energy assistance for families facing rising heating bills, accelerating $5 billion in energy efficiency and alternative energy investments to stimulate "green collar" job growth and a $10 billion increase in extending and broadening unemployment benefits. "Economists and politicians are finally waking up to what many of America's families already know -- that we might be sliding into a recession," she said. "But when the bills are stacking up, and you're just one pink slip away from losing everything you've got, the last thing you need is more talk. In the face of rising global competition, our children's future is at stake, so we don't need more rhetoric, we need action," she said. "We need an immediate strategy to get our economy back on track. I would work with leaders from both parties to pass an aggressive, fast-acting stimulus package to create good new jobs and revitalize our economy." Clinton also called on Congress to provide an additional $40 billion in direct tax rebates to what she called working and middle-class families if the economy continues to worsen. Clinton's main rivals for the Democratic presidential nomination, Illinois Sen. Barack Obama and former North Carolina Sen. John Edwards, have made similar proposals. Even before Clinton gave her first speech of the day, the California Republican Party issued a statement from Chairman Ron Nehring criticizing her credibility on economic issues. "Senator Clinton has a pretty hard time squaring her rhetoric on economic issues with her record in the Senate," Nehring said. "Time and again, Senator Clinton contradicts herself when what she promises on the campaign trail collides with what she's actually done in office. "How can Californians trust a candidate who talks about fiscal responsibility in front of one audience, and proposes $800 billion in new spending in front of another? Whatever happened to Senator Clinton's campaign promise to create 200,000 new jobs in New York, or to bring broadband Internet access to rural areas, improve job training, and provides tax cut for business in areas with lagging economies? In California's high-tech economy, we recognize Senator Clinton's campaign promises on the economy for what they are: vaporware." Clinton's appearance at the Electrical Training Institute in Commerce, a facility affiliated with the International Brotherhood of Electrical Workers, was her first in Southern California since a Dec. 10 fundraiser. Obama is scheduled to be in the Southern California Wednesday for a fundraiser in Pacific Palisades. Clinton, accompanied by daughter Chelsea, came to California three days after her upset victory in the New Hampshire primary, where she beat Obama by 3 percentage points after trailing him in the polls, rebounding from a third-place finish in the Iowa caucuses behind Obama and Edwards.
Combat Mortgage Fraud and Subprime Loans: The implosion of the subprime lending industry threatens to bring foreclosure to over two million households, including many families with children. Barack Obama has been closely monitoring this situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity. This bill also provides counseling to homeowners and tenants to avoid foreclosures. Finally, Obama's bill requires the Government Accountability Office to evaluate and report to Congress on various state lending practices so that state regulations that undermine consumer's rights can be identified and hopefully eliminated. Create Fund to Help Homeowners Avoid Foreclosures: In addition to taking important steps to prevent mortgage fraud from occurring in the future, Barack Obama will establish policies to help Americans currently facing foreclosure through no fault of their own. For instance, in communities where there are many foreclosures property values of innocent homeowners are often also negatively impacted, driving them toward foreclosure, too. Obama will create a fund to help people refinance their mortgages and provide comprehensive supports to innocent homeowners. The fund will also assist individuals who purchased homes that are simply too expensive for their income levels by helping to sell their homes. The fund will help offset costs of selling a home, including helping low-income borrowers get additional time and support to pay back any losses from the sale of their home and waiving certain federal, state and local income taxes that result from an individual selling their home to avoid foreclosure. These steps will ensure that individuals who have to sell their homes will be able to quickly regain stable financial footing. The fund will be partially paid for by Obama's increased penalties on lenders who acted irresponsibly and committed fraud.
Presidential candidate Sen. Barack Obama (D-IL) is not concerned about the "technical definition" of a recession. Nor is he scrambling to pay for proposals to jumpstart the economy. He just knows that people across the country are struggling, and his mix of tax cuts and direct spending – not the plan of rival Sen. Hillary Clinton (D-NY) – will give the economy a fast-acting fix, he says. "People have been hurting, and they've been hurting for some time, even before the downturn caused by the subprime lending crisis," Obama tells Melissa Block. "There's no doubt that things have gotten a little bit worse over the last several months." Clinton's $70 billion plan includes emergency housing and heating assistance. Obama said it relies too much on spending proposals. In a recent press release, Clinton said Congress should also "stand ready" to provide an additional $40 billion in tax rebates. Obama says his plan emphasizes tax relief. His $75 billion package would provide an immediate $250 tax cut per worker, his campaign said in a recent press release. He also calls for a temporary $250 increase in Social Security checks.
"I think speed is of the essence if you want a stimulus plan," Obama says. For example, the Social Security supplement could be easily and quickly delivered to seniors, who could then buy prescription drugs. "That is, I think, the kind of opportunity that's going to get money into pockets of Americans quicker and is more likely to boost the economy quicker," Obama says. And how will he pay for the proposal?
He doesn't plan to.
"As [Federal Reserve] Chairman Bernanke planned to testify today, right now it is more important to jumpstart the economy," Obama says. "We will lose so much federal revenue if we plunge into a severe recession that, from a perspective of a one-time temporary boost, it's important for us to just get the money out."Bureaucrat-in-Chief? In recent comments to the Reno Gazette-Journal, Obama said voters do not want an "operating officer." Instead, he told the paper, his job would be to set a vision of where the bureaucracy needs to go. Clinton responded to Obama's comments by saying the country does need a CEO – someone to focus on the nitty-gritty details — in the White House.
"She obviously wasn't paying attention to what I said," Obama tells NPR. Obama says he would be involved in the details if elected president.
"This is a broader theme that I think Sen. Clinton has been trying to project, that somehow there's a brisk efficiency to her potential presidency that would be lacking in mine," Obama says. Perceived Weakness: Obama takes another jab at his rivals when asked about a response he gave to a question at a recent Democratic debate. At a debate in Nevada, Obama was asked about his weaknesses. He confessed that his greatest weakness is a lack of organization — a messy desk and office. At the debate, Obama answered the question first, followed by Clinton and former Sen. John Edwards (D-NC). "I think Sen. Edwards said he was too passionate about helping poor people, and Sen. Clinton said she was too impatient to move the country forward," Obama tells NPR. "I was trying to answer the question 'What's your greatest weakness?' as opposed to 'What's your greatest strength disguised as a weakness?' But Obama says he would not want to redo his response.
"I think one of the hallmarks of our campaign is that I actually answer questions honestly and try not to engage in too much spin," he says.
Concerns for Safety Obama's wife, Michelle, recently said that some, including those in the African-American community, have focused on "what might go wrong" as her husband pursues the presidency. The comments have been interpreted as allusions to threats to Obama's safety.
Obama says that he feels confident in his ability move the campaign forward and "assuage some of the concerns that people have."
"I think that for obvious historical reasons, there is a level of apprehension sometimes in the African-American community when there are efforts to break through glass ceilings," Obama says.
WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market. The text of the letter is below: Dear Chairman Bernanke and Secretary Paulson, There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge. We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly. Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets. The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:
What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates. How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty. How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical. How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage. How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.
How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.
Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation. Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.
Sincerely, U.S. Senator Barack Obama
Credit card debt and tax debt are common problems in American households and mortgage foreclosure are increasing week by week, month by month. We are the Guaranteed Loan Help Debt Group and we are here to offer an alternative to the debt negotiation firms that promise everything and deliver nothing. The Guaranteed Loan Help Debt Group’s only has professional negotiators throughout the nation who are credit card debt settlement specialists. Our professional negotiators will arbitrate your credit card debt, and often will negotiate a payment plan that will allow you to pay pennies on the dollar. ?2006 year-end statistics show current credit card debt levels, overdue personal income taxes and increasing adjustable mortgage rates are the primary reasons why many Americans live from paycheck to paycheck. The Guaranteed Loan Help Debt Group’s professional negotiators can provide relief in the form of debt reduction for people like you so that you can become debt free and start fresh. Discharging credit card or tax debt through bankruptcy, debt consolidation programs, or installment agreements are not the only solutions. Moreover, the new bankruptcy rules have disqualified many hard-working Americans like you and Bankruptcy has huge economic and emotional down sides and takes a tremendous toll on your credit rating. ?Debt consolidation requires you to pay back 100% or more of your debt and many debt consolidation companies are funded by credit card companies. Installment agreements for taxes or credit cards only prolong your agony. The Guaranteed Loan Help Debt Group offers real relief in the form of an alternative to bankruptcy and debt consolidation called debt settlement and it truly works. Our professional negotiators utilize proven debt settlement and arbitration techniques to help rid you of credit card debt. Our professional negotiators will assist you in doing the same for your state tax debt and federal income tax debt so that you can regain control of your finances. ?Debt arbitration by professional negotiators is the clear choice to debt consolidation, debt elimination, or bankruptcy. We like to think that our professional negotiators "wrote the book" on debt relief. Our debt arbitration program provides instant relief and is an effective way to reduce your debt. In addition to providing you with instant debt relief our debt settlement program is simple to understand and easy follow. Our affiliated law firm’s debt arbitration specialists will negotiate a long or short-term debt reduction program with your creditors and our professional negotiators tax firm will do the same with the Internal Revenue Service. In short, our professionals will provide immediate relief and quickly put you in a position to begin restoring your credit. Are Credit Card Companies, The IRS, State Taxing Authorities or Collection Companies Harassing You? Our professional negotiators are specialists who will immediately put an end to creditor and IRS harassment because upon being accepted into our program, your creditors will stop calling you at home or work and will call our debt settlement and tax arbitration counselors instead. All correspondence from creditors relative to your debt arbitration will come directly to our professional negotiators who will immediately contact your creditors immediately after you enter our proven debt settlement program. Remember, our professional negotiators will provide immediate relief because they deal with your creditors for you. We get you out of debt fast and immediately help your cash flow. We are debt settlement negotiators that will negotiate settlements with your creditors or our professional negotiators will negotiate with the IRS or state tax agency. The result may be a settlement of pennies on the dollar. Our proven debt settlement programs allow you to pay back a fraction of what you owe as quickly as possible. You will make monthly payments based on projected settlement amounts which are typically lower than the amounts you currently pay the credit card companies so you will retain more of your hard earned dollars for the people that are important: you and your family! Now that is real debt relief! ?The Guaranteed Loan Help Debt Group is committed to providing the highest level of customer service. The success of our debt settlement program rests solely on the relationships we build with our clients and with consumer lending institutions. These relationships are built on trust, understanding, and mutual respect. Our professional negotiators have two goals in mind: debt reduction and financial freedom. So why not conquer your debt without the devastating effects of bankruptcy? Our debt settlement program will make you debt free far sooner than other credit counseling programs without the terrible blemish of a bankruptcy on your record. Contact us TODAY !
Get Help with Foreclosure Problems at Guaranteed Loan Help
http://www.autolinkexchanger.com/?go=6782
When your home is about to be foreclosed by the bank, you will probably feel helpless. However, you do not have to feel this way since there is still a way out for you. When you are in this situation, you will not be able to think clearly. You won’t be able to make up your mind coherently because of the anxiety that you are going to lose your home. In order to stop feeling helpless, you need to seek the assistance of professionals. Stop foreclosure with the guidance of Guaranteed Loan Help. This is an organization which aims in assisting people who are going through a difficult financial situation.
Guaranteed Loan Help understands the plight of homeowners who are about to have their homes foreclosed. The founder of this organization has experience over real estate for more than twenty years. What is more, he has done counseling jobs with a lot of people. He has worked with several individuals, lawyers, mortgage firms, and banks for several years. He knows how it feels like to lose your home to lenders and creditors because he has been in a situation like this. If you want a company which has compassion over its clients, Guaranteed Loan Help is your choice. Avoiding foreclosure is never easier with the assistance of this organization. With the understanding that they have over your circumstance, you know that you are seeking the guidance of the right people.
When you want help with foreclosure issues, opt for Guaranteed Loan Help. Their network software system is computerized and has been custom-designed specifically for the services that they offer to their clients. This system helps them communicate with every agent and mortgage lender in the industry. Because of this, you are assured that Guaranteed Loan Help will be able to come into contact with your lender to assist you with your problem. You have no reason to worry regarding the service that this organization extends. Their software system is updated with the most current contact information each month. In a matter of hours, the people at Guaranteed Loan Help will be able to have your case turned over to the appropriate individuals.
There are several reasons why your home is going to be foreclosed. Some of these reasons are partly your fault, such as unnecessary spending. On the other hand, your reasons might be unintended for like sudden sickness or injury. When you go through these times, you are forced to skip on a payment just so you can attend to hospital bills. If this is the case, you need foreclosure help right away. When you want immediate action, choose for the services of Guaranteed Loan Help. They will be able to help you out within twenty-four hours and not in a matter of weeks or days. They will help you negotiate with your lender so that you will be provided with more time to pay the amount that you failed to settle. It does not matter whether you skipped one or more payments. This organization is capable of working out your situation so that you will be able to keep your home, all with a 24 Hour response GUARANTEE with the lenders information that will listen through mediation.
Even our politicians are screaming about the subprime mess and what its doing to the economy: NEW YORK (CNNMoney.com) -- Senator Hillary Clinton spelled out the details of her subprime bailout plan Wednesday, calling for a 90-day moratorium on foreclosures and a five-year freeze on the interest rates of adjustable rate mortgages (ARMs).
In August, the democratic presidential hopeful asked legislators to ban prepayment penalties on mortgages, but her new plan goes much further, and bears similarities to other proposals.
Hillary Rodham Clinton, urged for a moratorium on foreclosures for 90 days on homes with subprime mortgages and a five-year long period of freeze on the interest rates that those borrowers would have to pay. She addressed a letter to Treasury Secretary, Henry Paulson, who is now ready to announce the Bush administration’s responsibility to today’s housing problems. Clinton, in her remarkable foresight, notes that today’s foreclosures continue to pose incalculable loss to the economy. Clinton has stated that the mortgage problems have gone way beyond the state of transparency to the common people. At a news conference on last Sunday of December 2008, she has mentioned that what every Iowan should look forward to is, to have accurate information when they make decisions about undergoing mortgage payments.
Clinton has indicated that the battle within the Democrats is about how to get things done in a rougher manner. But she stresses that coming to the last month of the year she wants to start drawing contrasts from the way it has been with foreclosures so far. Clinton has already dared to go further than her Democratic rivals and revealed what the administrators think about the decisions made on foreclosures. Obama has introduced a bill which would go on to make mortgage fraud a severe criminal offence. The bill also reinstates that such fraudulence attracts favors national funds to help the lenders who are severely in danger of losing their homes. Hillary Clinton is no dummy. Even her detractors know that. And yet in last night's Democratic presidential debate in Nevada, Clinton floated what is perhaps the dumbest solution to the current mortgage mess I've heard from a top presidential contender. "I have a plan - a moratorium on foreclosures for 90 days [and] freezing interest rates for five years, which I think we should do immediately," Clinton announced at what was the last Democratic debate before the Nevada Caucus on Jan. 19. A 90-day moratorium on foreclosures would throw a lifeline to some deserving homeowners, though I suspect it would only delay the inevitable for most. That's not my beef. Where Clinton goes awry is her proposal to freeze mortgage rates for five years, which is essentially a much broader version of a deal President Bush recently hammered out with lenders to assist some subprime borrowers. If Clinton's only goal were to bail out homeowners facing steep rate resets on adjustable mortgages, her plan would work just fine.
Jan 19, 2008 04:30 AM
Andrew Chung
Staff Reporter
LAS VEGAS–She didn't actually use the words, but Senator Hillary Clinton might as well have repeated the phrase made so famous by her husband's winning campaign strategy in the 1990s: "It's the economy, stupid!" At a stop inside a cluttered printing shop in an industrial sector of this city yesterday, Clinton told an audience of workers and members of the public that the American dream of prosperity is becoming more elusive by the day. "Nobody ever thought the economy of Las Vegas would slow down, that a construction worker would be laid off, that a casino employee would be laid off," she said in a speech leading up to today's presidential caucuses in Nevada.
Clinton is following in the footsteps of her husband, former president Bill Clinton, in ways deeper than just the fact that she's also aiming for the Oval Office. The campaign is emerging as a mirror image of 1992 when Bill Clinton was elected based on his promise to fix the sputtering economy. While Clinton was speaking, a few blocks away, 71-year-old Betty Turner was quietly listening to a credit counselor, a sheaf of printouts spread across her lap. She knows the economy is in a rough patch when she looks in the mirror every day.
"My credit cards have gotten away from me, which is why I came here," she said inside the counseling service's office. She adds, however, that at least her house isn't being foreclosed on, like some of her neighbors in the state that leads the nation in home foreclosures.
This morning, Nevadans will publicly jostle each other in small groups to pledge their support for presidential nominee hopefuls in this key battleground state, which, by virtue of its status as an early nomination contest, will influence the entire race.
A win for either of the two leading Democratic candidates, senators Hillary Clinton of New York or Barack Obama of Illinois, is vital because it will give their campaign momentum in a contest that is so far a virtual tie. For Republicans, the caucuses here are less important than the vote in South Carolina, which holds that party's primary today as well. Only former Massachusetts governor Mitt Romney and libertarian Ron Paul have spent time and money campaigning here. Polls have in past months put Clinton way ahead of Obama, including among Nevada's Hispanics, who make up 25 per cent of the population. But as Obama's profile has risen here, so have numbers. A poll released earlier this week had him ahead of Clinton by two points. But a new poll out yesterday by the Las Vegas Review-Journal, which has endorsed Obama, has Clinton ahead of Obama by nine points at 41 per cent versus 32 per cent. John Edwards is at 14 per cent. The same poll also has Romney 15 points ahead of Senator John McCain in the Republican race. But signs of a national economic downturn are mounting, and it has emerged as the number one issue among Americans. Stock markets have tumbled in recent days, off more than 1,000 points since the beginning of 2008. Construction of new homes has dropped, as have home prices in the wake of the subprime mortgage crisis. Banks and brokerages are losing billions of dollars and writing off billions more in bad loans. "I'm really worried," said Denise Gustafson, 50, who lives in Pahrump, a town an hour's drive west of Las Vegas. She makes the commute every day and is worried about rising gas prices.
"My husband is a union sheet-metal worker," added Gustafson, who is undecided between Clinton and Obama. "Construction jobs are going to undocumented workers because they can pay them less."Peggy Maze Johnson, executive director of the Clark County Democratic Party, said the economy has become a huge issue among voters. "When you look at one part of Las Vegas, all those new hotels and condos going up, people say, `What a great economy," she observed. "But when you draw down on the streets here, and see all the for sale signs, then you know." Republicans and Democrats have begun talking about how to re-energize the economy. Clinton and Obama have been tripping over each other to get their message out. Yesterday, Obama attacked Clinton on that front, saying Clinton's plan to stimulate the economy by providing a tax rebate for workers was partially taken from his plan. "Senator Clinton has said she is ready to lead from Day 1," Obama said in Reno. "But it's important on Day 1 to get it right, whether you're talking about war or you're talking about economic proposals."
Obama's plan would also provide $10 billion to help homeowners facing foreclosure and $10 billion to cover state budget shortfalls. He also has vowed to go after unscrupulous lenders, who have played a major role in the foreclosure crisis, and a "credit card bill of rights."
At the printing shop in Nevada, Clinton told the crowd her plan also includes a moratorium on home foreclosures for 90 days to give people a chance to "figure things out," a freeze on interest rates, and a $25 billion plan to help people who can't pay their utility bills.
She said she wants to return the economy to the way it was while her husband was in office, when jobs were plentiful and the government was on track for a surplus. But at a stop in San Francisco on Thursday, Obama countered: "The American people are not looking specifically for a repetition of what happened in the '90s," he said. "What they are looking for is who's going to lead us over the next eight years into an era of greater prosperity and also to meet new challenges as they come up."
Hillary Rodham Clinton urged for a moratorium on foreclosures for 90 days on homes with subprime mortgages and a five-year long period of freeze on the interest rates that those borrowers would have to pay. She addressed a letter to Treasury Secretary, Henry Paulson, who is now ready to announce the Bush administration’s responsibility to today’s housing problems. Clinton, in her remarkable foresight, notes that today’s foreclosures continue to pose incalculable loss to the economy. Clinton has stated that the mortgage problems have gone way beyond the state of transparency to the common people. At a news conference on last Sunday of December 2008, she has mentioned that what every Iowan should look forward to is, to have accurate information when they make decisions about undergoing mortgage payments.
Clinton has indicated that the battle within the Democrats is about how to get things done in a rougher manner. But she stresses that coming to the last month of the year she wants to start drawing contrasts from the way it has been with foreclosures so far.
Clinton has already dared to go further than her Democratic rivals and revealed what the administrators think about the decisions made on foreclosures. Obama has introduced a bill which would go on to make mortgage fraud a severe criminal offence. The bill also reinstates that such fraudulence attracts favors national funds to help the lenders who are severely in danger of losing their homes.
Obama and Edward, the two members of the Democrats are supposedly changing laws to make people live better and not lose their homes altogether. According to the Associates Press, Paulson would call for voluntary extensions on the issue of subprime mortgages at the present interest rates. In the letter to Paulson, as a part of the Clinton campaign, Hillary Clinton states that he needs to impose these new laws in the form of a moratorium on all foreclosures. The moratorium would be for at least 90 days acting upon all owner-occupied homes with subprime mortgages. The letter also states for a freeze in the monthly rates on subprime mortgage rates whish are of the adjustable nature. The mortgage rate would be effective for at least 5 years until they can be converted into affordable and fixed-rate loans. The letter urges that the mortgage industry would be required to submit status reports on the number of mortgages that need to be modified to make them affordable for the majority.With these points in mind the reformation on foreclosures is expected to be done as an essential part of Clinton’s campaign.
Today, Hillary outlined an economic stimulus plan to help hard hit families and give our economy a much needed boost. Over a month ago, in a speech to Wall Street, Senator Clinton called on the Bush Administration to begin considering economic stimulus. In the month since, while the Administration has failed to act, we have seen growing signs that our economy is faltering. Tens of thousands of families have already been forced out of their homes. Recently, oil hit $100 a barrel, and last Friday, the Bureau of Labor Statistics reported that the economy lost jobs in the private sector in December for the first time in over four years. According to RealtyTrac, more than 201,000 foreclosure filings were reported in November alone, up 68 percent from the year before. Hillary believes we need real action now. While economists may still be debating whether we've met the technical definition of a recession, for hard-hit middle class families that question has already been answered. That is why today Senator Clinton called on the President and Congressional leaders from both parties to enact an aggressive, fast-acting stimulus package based on common-sense economic principles. Unlike 2001, when President Bush used stimulus as an excuse to force through long-term tax cuts for the wealthiest Americans-which ran up our debt to foreign governments while utterly failing to reignite job growth-Senator Clinton believes we need a strong immediate stimulus to jumpstart the economy without negatively affecting our long-term fiscal position. In addition, stimulus measures should be targeted toward hardworking families that are most likely to spend new resources, which will ensure that we give our economy an immediate boost. As President, Hillary would enact a five-part stimulus package that is consistent with these principles. This package includes: Establishing a $30 Billion Emergency Housing Crisis Fund to assist states and cities mitigate the effects of mounting foreclosures. With our economy facing the prospect of substantial contraction as hundreds of thousands of subprime mortgages reset and housing values erode further, Senator Clinton believes that any effective stimulus package must take aggressive action to mitigate this contraction and help as many families as possible remain in their homes. Her $30 billion fund would provide immediate, time-limited resources to states, cities and community organizations to help prevent unnecessary foreclosures. States and communities could also use the funds to offset the costs associated with vacant properties by supporting efforts like community-level anti-blight programs and helping local housing authorities buy up vacant properties and rent them to working families. When families lose their homes, surrounding property values and local tax revenues decline and the cost of policing and maintaining vacant properties rise. This reduction in revenues and rise in costs can lead cities and states to cutback services, lay off teachers and other vital workers, raise college tuition, or even raise local taxes. The availability of $30 billion in federal assistance will ensure that states and cities have the resources they need to fight foreclosures, prevent a downward housing cycle impacting large numbers of homeowners and to weather the crisis without unnecessary fiscal contraction. Taking bold action to end the housing crisis. Senator Clinton is the only candidate with a comprehensive plan to keep families in their homes and keep the housing crisis from dragging down the economy. More than 2 million foreclosure notices went out last year, devastating families and communities. The foreclosure crisis is also contributing to the decline in home prices which has already cost families an estimated $1.3 trillion. Many experts believe the worst is yet to come. To stem this crisis, Senator Clinton has called for a 90-day moratorium on subprime foreclosures and an automatic rate freeze on subprime mortgages of at least five years or until servicers have converted the unworkable mortgages into loans families can afford. In addition, Senator Clinton proposed to temporarily empower state housing financing agencies to help families refinance unworkable mortgages and temporarily increasing the portfolio caps at Fannie Mae and Freddie Mac, and enabling them to purchase larger loans in high-cost areas. These steps would immediately increase the availability of mortgages for responsible borrowers.
WASHINGTON (Reuters) - Democratic presidential hopeful Hillary Clinton proposed on Monday a 90-day moratorium on home foreclosures to give financially troubled borrowers time to work with lenders and avoid losing their homes. Clinton, the New York senator outlined the proposal in a letter to U.S. Treasury Secretary Henry Paulson, who is trying to broker a deal with mortgage lenders that would help troubled borrowers.
Clinton said, “The crisis surrounding subprime mortgages extended to borrowers with spotty credit has unnerved financial markets and could deepen a slump in the U.S. housing market that some economists fear has pushed the economy close to recession”.
"It is critical that we address this crisis," Clinton said in a letter to Paulson. "The administration and the mortgage industry must reach agreement that matches the scale of the problem. If you produce an inadequate agreement, or fail outright, the cost to our economy will be incalculable." The U.S. Treasury Department has been pushing the mortgage industry to agree to temporarily freeze interest rates for some borrowers who took out loans with low teaser rates that will soon be resetting much higher. More than 2 million borrowers are estimated to be facing rate resets.
Clinton said any agreement should include a moratorium on foreclosures of at least 90 days on owner-occupied homes with subprime mortgages. Any agreement should also include a rate freeze on adjustable mortgages of at least five years or until the loan is converted into a fixed-rate mortgage, she said.
Clinton said the freeze would give the housing market time to stabilize and homeowners time to build equity. She also called on the mortgage industry to provide regular reports on the number of mortgages they have modified.
If the administration fails to secure an agreement that includes those provisions, Clinton said she would push for legislation that would allow lenders to convert subprime mortgages into more affordable loans without permission of investors.
Clinton said she also called for a $5 billion fund to help hard-hit communities and homeowners cope with the foreclosure crisis.
The subprime mortgage crisis has hit some states harder than others, including Florida, Nevada, California, Michigan and Ohio -- key states in next year's presidential elections. Clinton leads in the troubled States.
Wall Street deserves some of the blame for the current mortgage crisis, Democrat Hillary Clinton charged Wednesday, urging the industry to take steps to reverse the damage.
"Wall Street shifted risk away from the people who knew what was going on and onto the people who did not," Clinton told an audience at the Nasdaq Marketsite in Times Square.
"This is a moment for shared responsibility in America. Investors, lenders and homeowners all have a part to play, and sacrifices to make."
She called for a 90-day freeze on owner-occupied home foreclosures, and also for stopping increases in subprime mortgage rates for at least five years - a move similar to what the White House is expected to announce today.
"This is a moment for shared responsibility in America. Investors, lenders and homeowners all have a part to play, and sacrifices to make."
She called for a 90-day freeze on owner-occupied home foreclosures, and also for stopping increases in subprime mortgage rates for at least five years - a move similar to what the White House is expected to announce today.
The Democratic White House front-runner also suggested the creation of a one-time, multibillion-dollar "community support fund" to prevent foreclosures by providing financial counseling and other services, and for prosecuting foreclosure-related fraud.
Taking on Wall Street is viewed as smart and risky for Clinton, analysts said. It could make her look like a woman who won't be her donors' puppet - or anger a population with deep pockets.
The Democratic front-runner has hauled in more than $4.7 million from donors in the securities and investment industries, according to the Center for Responsive Politics.
She has also drawn nearly $4million from real estate supporters and just under $1 million from the commercial banking sector.
David Birdsell of the Baruch College School of Public Affairs said Clinton's appeal could be seen as "a response to the energetic critique from her left from John Edwards and Barack Obama" as the race to win Iowa nears - and tightens.
Obama addressed the mortgage crisis issue in a stern September speech, also at the Nasdaq Marketsite.
With a large stable of topflight investment types in her corner, Birdsell added, Clinton "probably has some running room, so she can go populist to some degree without risking their allegiance."
Clinton said she would consider legislation if Wall Street didn't come along voluntarily, but ended on a conciliatory note.
"I'm calling particularly on those who are so able, and so smart and so resourceful, to help us find our way forward here," she said. "It's the right thing to do for the economy, but even more importantly, it's the right thing to do for America."
Taking on Wall Street is viewed as smart and risky for Clinton, analysts said. It could make her look like a woman who won't be her donors' puppet - or anger a population with deep pockets. The Democratic front-runner has hauled in more than $4.7 million from donors in the securities and investment industries, according to the Center for Responsive Politics. She has also drawn nearly $4million from real estate supporters and just under $1 million from the commercial banking sector. David Birdsell of the Baruch College School of Public Affairs said Clinton's appeal could be seen as "a response to the energetic critique from her left from John Edwards and Barack Obama" as the race to win Iowa nears - and tightens. Obama addressed the mortgage crisis issue in a stern September speech, also at the Nasdaq Marketsite. With a large stable of topflight investment types in her corner, Birdsell added, Clinton "probably has some running room, soshe can go populist to some degree without risking their allegiance." Clinton said she would consider legislation if Wall Street didn't come along voluntarily, but ended on a conciliatory note. "I'm calling particularly on those who are so able, and so smart and so resourceful, to help us find our way forward here," she said. "It's the right thing to do for the economy, but even more importantly, it's the right thing to do for America."
Source: New York Daily News
SAN DIEGO -- Sen. Hillary Rodham Clinton made a campaign stop Friday at a private home in Bonita, where she thanked her Democratic supporters and vowed to bring about change and better the lives of Americans. "We know how fortunate we are because of all the opportunities we have been given, and we also know that it is up to us to make sure those opportunities and blessings remain available to our children and our grandchildren," Clinton said.She made her proposal as polls indicated the recent economic downturn has caused the economy to overtake the war in Iraq as the leading issue in the presidential campaign. Her plan includes a $30 billion emergency housing crisis fund to assist states and cities mitigate the effects of mounting foreclosures; a 90-day moratorium on subprime foreclosures; and an automatic rate freeze on subprime mortgages of at least five years. Clinton also called for $25 billion in emergency energy assistance for families facing rising heating bills, accelerating $5 billion in energy efficiency and alternative energy investments to stimulate "green collar" job growth and a $10 billion increase in extending and broadening unemployment benefits. "Economists and politicians are finally waking up to what many of America's families already know -- that we might be sliding into a recession," she said. "But when the bills are stacking up, and you're just one pink slip away from losing everything you've got, the last thing you need is more talk. In the face of rising global competition, our children's future is at stake, so we don't need more rhetoric, we need action," she said. "We need an immediate strategy to get our economy back on track. I would work with leaders from both parties to pass an aggressive, fast-acting stimulus package to create good new jobs and revitalize our economy." Clinton also called on Congress to provide an additional $40 billion in direct tax rebates to what she called working and middle-class families if the economy continues to worsen. Clinton's main rivals for the Democratic presidential nomination, Illinois Sen. Barack Obama and former North Carolina Sen. John Edwards, have made similar proposals. Even before Clinton gave her first speech of the day, the California Republican Party issued a statement from Chairman Ron Nehring criticizing her credibility on economic issues. "Senator Clinton has a pretty hard time squaring her rhetoric on economic issues with her record in the Senate," Nehring said. "Time and again, Senator Clinton contradicts herself when what she promises on the campaign trail collides with what she's actually done in office. "How can Californians trust a candidate who talks about fiscal responsibility in front of one audience, and proposes $800 billion in new spending in front of another? Whatever happened to Senator Clinton's campaign promise to create 200,000 new jobs in New York, or to bring broadband Internet access to rural areas, improve job training, and provides tax cut for business in areas with lagging economies? In California's high-tech economy, we recognize Senator Clinton's campaign promises on the economy for what they are: vaporware." Clinton's appearance at the Electrical Training Institute in Commerce, a facility affiliated with the International Brotherhood of Electrical Workers, was her first in Southern California since a Dec. 10 fundraiser. Obama is scheduled to be in the Southern California Wednesday for a fundraiser in Pacific Palisades. Clinton, accompanied by daughter Chelsea, came to California three days after her upset victory in the New Hampshire primary, where she beat Obama by 3 percentage points after trailing him in the polls, rebounding from a third-place finish in the Iowa caucuses behind Obama and Edwards.
Combat Mortgage Fraud and Subprime Loans: The implosion of the subprime lending industry threatens to bring foreclosure to over two million households, including many families with children. Barack Obama has been closely monitoring this situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity. This bill also provides counseling to homeowners and tenants to avoid foreclosures. Finally, Obama's bill requires the Government Accountability Office to evaluate and report to Congress on various state lending practices so that state regulations that undermine consumer's rights can be identified and hopefully eliminated. Create Fund to Help Homeowners Avoid Foreclosures: In addition to taking important steps to prevent mortgage fraud from occurring in the future, Barack Obama will establish policies to help Americans currently facing foreclosure through no fault of their own. For instance, in communities where there are many foreclosures property values of innocent homeowners are often also negatively impacted, driving them toward foreclosure, too. Obama will create a fund to help people refinance their mortgages and provide comprehensive supports to innocent homeowners. The fund will also assist individuals who purchased homes that are simply too expensive for their income levels by helping to sell their homes. The fund will help offset costs of selling a home, including helping low-income borrowers get additional time and support to pay back any losses from the sale of their home and waiving certain federal, state and local income taxes that result from an individual selling their home to avoid foreclosure. These steps will ensure that individuals who have to sell their homes will be able to quickly regain stable financial footing. The fund will be partially paid for by Obama's increased penalties on lenders who acted irresponsibly and committed fraud.
Presidential candidate Sen. Barack Obama (D-IL) is not concerned about the "technical definition" of a recession. Nor is he scrambling to pay for proposals to jumpstart the economy. He just knows that people across the country are struggling, and his mix of tax cuts and direct spending – not the plan of rival Sen. Hillary Clinton (D-NY) – will give the economy a fast-acting fix, he says. "People have been hurting, and they've been hurting for some time, even before the downturn caused by the subprime lending crisis," Obama tells Melissa Block. "There's no doubt that things have gotten a little bit worse over the last several months." Clinton's $70 billion plan includes emergency housing and heating assistance. Obama said it relies too much on spending proposals. In a recent press release, Clinton said Congress should also "stand ready" to provide an additional $40 billion in tax rebates. Obama says his plan emphasizes tax relief. His $75 billion package would provide an immediate $250 tax cut per worker, his campaign said in a recent press release. He also calls for a temporary $250 increase in Social Security checks.
"I think speed is of the essence if you want a stimulus plan," Obama says. For example, the Social Security supplement could be easily and quickly delivered to seniors, who could then buy prescription drugs. "That is, I think, the kind of opportunity that's going to get money into pockets of Americans quicker and is more likely to boost the economy quicker," Obama says. And how will he pay for the proposal?
He doesn't plan to.
"As [Federal Reserve] Chairman Bernanke planned to testify today, right now it is more important to jumpstart the economy," Obama says. "We will lose so much federal revenue if we plunge into a severe recession that, from a perspective of a one-time temporary boost, it's important for us to just get the money out."Bureaucrat-in-Chief? In recent comments to the Reno Gazette-Journal, Obama said voters do not want an "operating officer." Instead, he told the paper, his job would be to set a vision of where the bureaucracy needs to go. Clinton responded to Obama's comments by saying the country does need a CEO – someone to focus on the nitty-gritty details — in the White House.
"She obviously wasn't paying attention to what I said," Obama tells NPR. Obama says he would be involved in the details if elected president.
"This is a broader theme that I think Sen. Clinton has been trying to project, that somehow there's a brisk efficiency to her potential presidency that would be lacking in mine," Obama says. Perceived Weakness: Obama takes another jab at his rivals when asked about a response he gave to a question at a recent Democratic debate. At a debate in Nevada, Obama was asked about his weaknesses. He confessed that his greatest weakness is a lack of organization — a messy desk and office. At the debate, Obama answered the question first, followed by Clinton and former Sen. John Edwards (D-NC). "I think Sen. Edwards said he was too passionate about helping poor people, and Sen. Clinton said she was too impatient to move the country forward," Obama tells NPR. "I was trying to answer the question 'What's your greatest weakness?' as opposed to 'What's your greatest strength disguised as a weakness?' But Obama says he would not want to redo his response.
"I think one of the hallmarks of our campaign is that I actually answer questions honestly and try not to engage in too much spin," he says.
Concerns for Safety Obama's wife, Michelle, recently said that some, including those in the African-American community, have focused on "what might go wrong" as her husband pursues the presidency. The comments have been interpreted as allusions to threats to Obama's safety.
Obama says that he feels confident in his ability move the campaign forward and "assuage some of the concerns that people have."
"I think that for obvious historical reasons, there is a level of apprehension sometimes in the African-American community when there are efforts to break through glass ceilings," Obama says.
WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market. The text of the letter is below: Dear Chairman Bernanke and Secretary Paulson, There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge. We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly. Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets. The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:
What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates. How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty. How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical. How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage. How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.
How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.
Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation. Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.
Sincerely, U.S. Senator Barack Obama