PHILADELPHIA -- Sen. Hillary Clinton called Monday for further federal action to help the nation climb out of its housing troubles, saying the government should stand ready to buy troubled mortgages if other steps fall short.
Sen. Clinton has been more willing to embrace aggressive federal action in the foreclosure crisis than either Democratic rival Sen. Barack Obama or Sen. John McCain, the presumptive Republican nominee for president. She is hoping her economic plan will position her as the strongest candidate to defeat Sen. McCain in November.
Yesterday, she unveiled a four-part plan, including some ideas that she has been promoting already, in a speech before 150 elected officials and students at the University of Pennsylvania.
Sen. Clinton pledged to support legislation being written by Rep. Barney Frank (D., Mass.) and Sen. Christopher Dodd (D., Conn.) that would establish a federally backed auction system for mortgages in default. And she said the Federal Housing Administration should "stand ready" to buy the troubled mortgages if the auction plan is insufficient -- a step beyond what the Dodd-Frank measure would do.
She said mortgage servicers -- companies that collect payments from borrowers and pursue those who are in default -- should receive greater protection from possible lawsuits by investors, so that the servicers can restructure loans more easily to help borrowers.
She suggested a new $30 billion housing stimulus package to allow cities and states to purchase foreclosed properties and improve neighborhoods blighted by foreclosure.
And she proposed a new nonpartisan housing panel led by economists such as former Treasury Secretary Robert Rubin and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.

http://online.wsj.com/article/SB120640430439161017.html?mod=googlenews_wsj

----

I'm glad Hitlery wants to provide me the opportunity to pay for other people's mortgages even though I don't have my own.

FAIL!

lol, the CITY will purchase the housing? They'll make it welfare housing!!

Imagine being on welfare and living in San Elijo Hills in a 4,000 foot house!

I guess I have my life strategy all wrong. San Marcos welfare housing is looking pretty nice.

I'll gladly take a house in San Elijo Hills rather than having to buy one in a shitty part of SD . Thank you liberal losers.

Mello Roos will pwns you!

Yeah, but living in a nice quiet area is priceless. One of the reasons I like Temcula so much.,..

It isn't priceless, as most of the current owners are finding out. $2-4k a year in non deductable taxes on top of property taxes, HOA, insurance, and the eventual mortage payment isn't chump change.

I don't know. As in anything, you have to play to pay. You can sure tell when you're on a street with an HOA. There are some parts of Temecula that are run down, because people can do whatever the heck they want with their home.

I agree high priced neighoorhoods stay nice. Some areas have strong HOA, some weak, some none at all.

My point was most don't factor in the MR taxes and aren't aware they aren't deductable. 4-8k/yr in property taxes is bad enough for an area like SEH, but adding 3k+/yr which isn't deductable to pay for roads, schools, parks, etc adds up. Buying in an older area avoids payin this premium which is usually a 30 year bond.