Bankrate.com highlights the major-party presidential candidates’ stances on the subprime meltdown. Romney, Huckabee, and McCain favor a light touch, perhaps freezing interest rates or offering some aid to borrowers. But they are vague as to what, if anything, they would do. Paul favors a return the gold standard and the abolition of the Federal Reserve.
Democrats Clinton and Obama, by contrast, each have a plan to address the problem and prevent a recurrence.
Clinton’s four-point plan is to (1) crack down on unscrupulous mortgage brokers; (2) crack down on mortgage lending abuses; (3) help reduce foreclosures; and (4) expand affordable housing.
Obama’s also has four points to his approach, and would (1) combat mortgage fraud and subprime loans; (2) mandate accurate loan disclosure; (3) create a fund to help homeowners avoid foreclosure; and (4) close the bankruptcy loophole for mortgage companies.
So there you have it. The Democrats seem to have given the subprime meltdown more thought than the Republicans, with the possible exception of Ron Paul, whose solution involves a fundamental change to the market.
[Consumer Law & Policy Blog crosspost]
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