Presidential Candidates On Foreclosures

Posted in Foreclosures, June 4th, 2008 |

With the housing crisis being uppermost in the minds of vote seekers the presidential candidates views on foreclosures are of great importance.

In North Las Vegas, Democratic candidate Barrack Obama hit out at Republican John McCain for his link with the foreclosure related mess made by the Bush administration. McCain was derided for being “out of touch with the struggles of working people”. Obama in the middle of three-day campaign in the battle ground states of the west, focused on the travails of families in Las Vegas struggling with foreclosure threats. The limping economy arising out of the millions of foreclosure became the main theme of his address.

Obama knocked on the doors of a single-storey stucco house occupied by Felicitas Rosel who worked as a maid and her husband Francisco Cano who was a porter. Both worked in a casino. They had bought this house – the first time they owned a home – about three years ago with the help of a sub-prime adjustable rate mortgage. But with the rising interest rate they are now facing foreclosure. Obama, the senator from Illinois, showed grave concern saying that all across Las Vegas as well as Nevada foreclosures have become “a serious problem”. He opines that that had the banks been better regulated this situation would not have arisen.

Later Obama while talking to his supporters in a college in south Nevada reference was made to what McCain had said about not understanding economics as much as he should have. He also criticized McCain for by passing the foreclosure crisis. Obama also mocked McCain in regard to a private fund raising programme in which Bush was present. There were instructions that there were to be no cameras or reporters because McCain did not want be caught hand in hand with a President whose polices have failed. It would have tantamounted to saying that for another four years the same policies would continue if McCain won the presidential crown.

Tucker Bounds the spokesperson of McCain however contended that previously McCain had offered a solution to the foreclosure crisis and pointed to advertisements that highlight his determination “to fight foreclosures”. Bounds said that Obama was making a misinformed political attack on McCain. Obama does not have much of solution to offer except playing around with $50 billion of taxpayer’s money with no surety that will not fall into the hands of speculators and no-gooders.

Clinton also lashed out at the failed policy of the Republicans.