Hall of Flags, Houston Hall —
In a speech at Penn this morning, presidential candidate Sen. Hillary Clinton (D-N.Y.) delivered a major address on the economy, specifically outlining solutions for the housing crisis.
She defined the troubles in the “critical” housing market as a “crisis of confidence,” and outlined a four-point plan to combat further erosion.
Some points in the plan include:
1) A foreclosure moratorium on subprime, owner-occupied homes.
2) A freeze on the monthly rate on subprime adjustable rate mortgages, with the freeze lasting until mortgages have been converted into affordable, fixed-rate loans.
3) Working with homeowners threatened with foreclosure to restructure their mortgages and providing foreclosure prevention services at the local level.
Additionally, Clinton said that if the Fed can give $30 billion to help out Bear Stearns (as it did last week), then it can create a “one-time emergency, $30 billion fund to purchase foreclosed or distressed properties” from homeowners.
The speech was closed to the public, but check The DP’s media tab for the full video.
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