In an attempt to help quality providers of home mortgages, Hillary Clinton is calling for protection that would keep investors from suing the companies. During a speech today that centered around the housing market, Clinton made several key points on how she believes the market can be fixed. In brief, she wants increased availability of refinancing for home mortgages and a new emergency group that will function by helping out home owners facing foreclosure.
“Many mortgage companies are reluctant to help families restructure their mortgages because they’re afraid of being sued by the investment banks, the private equity firms and others who actually own the mortgage papers,” Clinton said in what she billed as a major address on the economy.
“This is the case even though writing down the value of a mortgage is often more profitable than foreclosing,” she said. Clinton said she would offer legislation “to provide mortgage companies with protection against the threat of such lawsuits,” but provided no further details.
Clinton also called for a $30 billion economic stimulus package that would help homeowners and banks alike in the current housing slump. The package would go to help states buy foreclosed properties.
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