How the candidates would address the foreclosure crisis

Mark Ireland, former Minnesota Assistant Attorney General, took a look at what the three remaining presidential candidates are saying about the foreclosure crisis and translated their campaign-speak into good ol’ American English.

According to Ireland’s commentary, only Obama has a real plan. He would increase penalties for fraudulent lending, create a foreclosure-prevention fund, create a standardized scoring system for rating borrowers’ obligations, and more. (Although Obama does not mention it, I hope he would also earmark funding to prosecute the frauds, who are pretty much going unpunished.)

Ireland says Clinton wants to offer shelter to the mortgage servicers who helped create the problem, while McCain’s “proposal” is basically to do nothing.

The Issues: Housing [NYT]

Clinton, Obama, McCain On Foreclosure Crisis [Consumer Rights Watch]

(photo: The Joy Of The Mundane)

[crosspost: Consumerist]