04 Jun 08 Who’s Got More Game, Plan

If you're new here, you may want to subscribe to New Homes Section's Blog. Thanks for visiting!

Now that we finally have the presidential candidate situation figured out, which in your opinion Senator McCain or Senator Obama has the more effective/beneficial plan for our current real estate market?

These are the current plans from each candidate for fixing the current mortgage crisis.

Senator Barack Obama is asking for a $10 billion foreclosure prevention fund that will help victims of mortgage fraud sell their home or modify their current mortgage. The Federal Housing Administration program encourages lenders to buy or refinance existing mortgages, and to convert them into stable 30-year fixed mortgages. The program would require the borrowers to share the equity of the home with the FHA when they sell or refinance.

Senator John McCain has proposed the “HOME Plan”. In this proposal, if a borrower sells his/her home for a gain, then the lender and the federal government each would receive a portion of the equity earned. McCain wants lenders to do for borrowers what the lenders are asking the government to do for them in terms of help. McCain has also asked for the creation of a Department of Justice task force to investigate mortgage crimes involving lending and securitizing home loans.

So in your opinion which candidate has the more beneficial plan? Which candidate do you think will most positively impact the current real estate market?

Tags: crisis, equity, help, housing, loans, McCain, mortgage, Obama, plan, Real Estate