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We will do our best to services your needs, and to better understand what we do, please read all the pages here as they are very helpful. Whether you are you 1-2 or more payments late on your home mortgage or equity line, facing Mortgage "Resets" with interest rates that are way too high, or have received notices regarding impending foreclosure or legal action? WE ARE THE PREMIERE ORGANIZATION WHICH HAS BEEN HELPING PEOPLE FOR OVER A DECADE !
Are you facing a mortgage re-set, that can increase payments that you fear you can't afford on your home mortgage ? Resolution to these problems can be very frightful and also complicated. Relax... We avoid foreclosure too and assist with credit repair ! You've come to the right place, the organization that gets it done right from the start !
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Our family operated Mortgage-Equity Resolution services relieve stressed and struggling homeowners just like you. We work out issues with the lenders that seem all too difficult to work with or even listen to you at all. We actually have solved mortgage loan problems of all types, including loan rate re-sets, foreclosure issues, equity lines, even stopping foreclosure once the legal papers have been filed by the courts, and then assist with the credit repair so badly needed once these problems manifest. If its been done, we've help home borrower's fix it.
We are different, and here's why... We don't have a fancy and flashy website, 'cause we like keeping it simple, and we are not going to promise you the "moon" which, frankly NO ONE can deliver, and we are not going to feed you every "ebook" and "factoid" about avoiding foreclosures and loan resolution. You DON'T need an education on the Mortgage business. You need action! We get the Job DONE !
We are totally Web-Based which allows us to work on your case, and not waste time trying to sell services to you for thousands of dollars. This is not complicated, however to the novice it is VERY difficult, and almost IMPOSSIBLE to get to who MATTERS to listen when it comes to avoiding or stopping foreclosure actions, and have a complete program devoted to credit repair.
Mortgage resolution is all about contacts, and we have EVERY personal contact of every bank and mortgage company in the Nation. Our proprietary database is updated weekly, and no one has THAT! This puts US in contact with who can help YOU fast ! One more waiting on phone lines for someone who never answers.
Many sites and services ramble on about how great they are, and how they can do this, and do that. We are different ! WE JUST DO IT ! You came for help and thats what we DELIVER... FAST ! It's that simple. You want an EXPERT in loan resolution, not a Website or Lawyer that feeds you a bunch of NONSENSE. YOU NEED someone that helps you !
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WE BEGIN TO PROCESS YOUR CASE. WITHIN HOURS, NOT DAYS. You will be given YOUR LENDER'S REPRESENTATIVE NAME... GUARANTEED* THAT HAS STARTED TO RESOLVE with us YOUR FORECLOSURE OR LENDER PROBLEM !
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As Reprinted from the "Dallas Morning News"
Most believe that stop foreclosure laws are designed to hurt rather than help them. Not so. The secret is that foreclosure laws have evolved to protect the borrower--not the bad lender. The secret is out! Listen closely and understand why I say this. The foreclosure process gives you, the borrower, specific periods of time in which to: bring your loan current by making up the missed payments (known as "reinstatement"), or pay off your loan in its entirety (called "redemption"). If neither of these options is feasible, you will still have time to prevent your property from being sold at a public auction (the stopping foreclosure). A New York based company named Divest Debt are experts in solving these problems for the homeowner facing these issues.
You will get the most benefit out of the foreclosure process if you envision this secret as a "window of opportunity" to resolve your financial problems. During this window of opportunity, you have time to learn about the foreclosure process and implement a strategy to stop the foreclosure. Another basic misconception about foreclosure is that lenders want to foreclose. Nothing could be further from the truth! Lenders are in the business of loaning money--not owning real estate.
They don't want your house back for numerous reasons. Lenders are reluctant to incur the costs of a foreclosure. For example, if your lender is forced to foreclose, it will not only lose your back payments, but it will also incur foreclosure expenses, taxes, insurance, wear and tear while you (or your tenant) live in the property, repair costs to refurbish the property for sale, and a real estate agent's commission once the property is sold. As a result, many lenders will go out of their way to work out a resolution--short of actually foreclosing--if you give them the opportunity.
The secret to stopping your foreclosure is communicating with your lender. The problem? Getting to who matters. That's where Divest Debt comes in. With the sudden avalanche of foreclosures and defaults, lenders are more eager than ever before to workout a solution rather than foreclosing. Lenders will do almost anything to avoid increasing their overflowing REO inventory of foreclosed properties.Mortgage resolution is all about contacts, and we have EVERY personal contact of every bank and mortgage company in the Nation. Our proprietary database is updated weekly, and no one has THAT! This puts US in contact with who can help YOU fast ! One more waiting on phone lines for someone who never answers.
Don't shy away because you've missed payments, divest debt concerned that you will miss some payments in the future, or that your property has already gone into foreclosure. Whether you communicate by telephone, letter, email, fax, or in person, you will have a much easier time stopping (or at the very least, delaying) the foreclosure if you talk to your lender rather than adopting a code of silence. The secret is to negotiate directly with divest debt someone with "authority" at your lender's office. The first step is to determine who your lender actually is. (This is no small feat these days with lenders selling their loans to other lenders like hot potatoes.) If your property has already gone into foreclosure, the first person you will be dealing with will either be the foreclosing trustee, or the attorney for the lender. If it is a avoid foreclosure, you will most likely be contacted by a process server, sent by the lender's attorney. If it is a non-judicial foreclosure, the trustee is responsible for handling the avoid foreclosure process. We help with all the following:loan help, foreclosure process, mortgage resolution, oreclosure, stopping your foreclosure, impending foreclosure, increase payments, home mortgage problems, struggling, higher home payments, mortgage loan problems, avoiding foreclosures, negotiate loan, home loan, mortgage solution, foreclosing, lender problems, short sales, rate hikes, mortgage resets, loan issues, subprime help, modify mortgage, foreclosures, loan help, prevention foreclose, modify mortgae, arm loan, bad lenders, problem mortgage, refi mortgage, refi foreclosure, mortgage modification, help with mortgage, mortgage help.
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THESE GUYS BELOW CHARGE THOUSANDS... NOT US !!! $49.00 and RIGHT NOW FREE* ! We will do an in depth budget and hardship analysis, and based on what you are able to pay each month into your legal trust account, we can determine how many months you will be part of the program, and ultimately be debt free. Typical results are 2-3 years. During the negotiation process you will not be paying your creditors, but making monthly payments into your trust account, building funds for future negotiations. Once your program has been established, through our network, we will retain a law firm to handle the negotiating process and protect your consumer rights. Throughout the program, an attorney will communicate to your creditors that you are represented by counsel and they are to contact you through your attorney only! You will no longer be dealing with harassing phone calls and letters from your creditors. Debt Group's legal networks process has been tested and developed over years of experience by our team of professionals in the field of finance and credit card debt. Our professionals are highly skilled in each of their fields of expertise. Through the established relationships that we have with the creditors and financial institutions, we are able to successfully negotiate the debts of our clients at a substantial discount. Creditors are willing to negotiate a debt with Debt Group's network of attorneys, on behalf of our clients, with the understanding that the settled amount will be paid in a timely manner. Furthermore, creditors are always looking to avoid the ineffective and costly efforts of an outside collection company. Debt Group continues to develop our relationships with creditors throughout the country, and we always maintain a very professional and cooperative relationship with the creditors in order to reach the most favorable negotiation offer for our clients. We work directly, and 100% for you. Upon enrollment, the attorney will contact each of your creditors, individually, and let them know that we are now representing you, and also let them know of your interest in settling your debt with them. Reaching a settlement usually takes several phone calls and communication between the law firm and the creditor. Once a settlement offer has been reached, and you as the client have agreed on this amount, we will obtain that settlement offer in writing and will then disperse the funds from your legal trust account resulting in a zero balance. At that point, the creditor has accepted the payment in full, and you are free of that debt forever. We will diligently continue to work on negotiating all of your debts, until you are finally free from the once overwhelming debt that you started our program with. Our main goal is to get you out of debt. We work only for our clients; not for the benefit of the creditors. Becoming debt free is the first step to becoming financially secure, and debt negotiation may be your best option. Keep in mind, that this is not a bankruptcy!
Only DebtGroup offers a nationwide network of attorneys specializing in debt negotiation!
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WHY A LAW FIRM:
No one wants to hire a law firm, but if you are struggling with crushing debt or are being hounded by relentless debt collectors, then having a lawyer representing you can save you much more than the legal fees through our national network of attorneys and law firms, specializing in Debt Consolidation. Only Debt Group can offer effective legal representation that can restore your peace of mind and restore your quality of life.
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OTHER SITES OF INTEREST
| Better Business Bureau | www.bbb.org |
| Goodwill Industries International | www.goodwill.org |
| Association of Independent Consumer Credit Counseling Agencies | www.aiccca.org |
| Dept of Housing and Urban Development | www.hud.gov |
| Department of Justice | www.usdoj.gov |
| Federal Trade Commission | www.ftc.gov |
| National Foundation for Credit Counseling | www.nfcc.org |
| Council on Accreditation | www.coanet.org |
| National Credit Union Administration | www.ncua.gov |
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LAS VEGAS–She didn't actually use the words, but Senator Hillary Clinton might as well have repeated the phrase made so famous by her husband's winning campaign strategy in the 1990s: "It's the economy, stupid!" At a stop inside a cluttered printing shop in an industrial sector of this city yesterday, Clinton told an audience of workers and members of the public that the American dream of prosperity is becoming more elusive by the day. "Nobody ever thought the economy of Las Vegas would slow down, that a construction worker would be laid off, that a casino employee would be laid off," she said in a speech leading up to today's presidential caucuses in Nevada.
Clinton is following in the footsteps of her husband, former president Bill Clinton, in ways deeper than just the fact that she's also aiming for the Oval Office. The campaign is emerging as a mirror image of 1992 when Bill Clinton was elected based on his promise to fix the sputtering economy.While Clinton was speaking, a few blocks away, 71-year-old Betty Turner was quietly listening to a credit counselor, a sheaf of printouts spread across her lap. She knows the economy is in a rough patch when she looks in the mirror every day.
"My credit cards have gotten away from me, which is why I came here," she said inside the counseling service's office. She adds, however, that at least her house isn't being foreclosed on, like some of her neighbors in the state that leads the nation in home foreclosures. This morning, Nevadans will publicly jostle each other in small groups to pledge their support for presidential nominee hopefuls in this key battleground state, which, by virtue of its status as an early nomination contest, will influence the entire race.A win for either of the two leading Democratic candidates, senators Hillary Clinton of New York or Barack Obama of Illinois, is vital because it will give their campaign momentum in a contest that is so far a virtual tie. For Republicans, the caucuses here are less important than the vote in South Carolina, which holds that party's primary today as well. Only former Massachusetts governor Mitt Romney and libertarian Ron Paul have spent time and money campaigning here.
Polls have in past months put Clinton way ahead of Obama, including among Nevada's Hispanics, who make up 25 per cent of the population. But as Obama's profile has risen here, so have numbers. A poll released earlier this week had him ahead of Clinton by two points. But a new poll out yesterday by the Las Vegas Review-Journal, which has endorsed Obama, has Clinton ahead of Obama by nine points at 41 per cent versus 32 per cent. John Edwards is at 14 per cent. The same poll also has Romney 15 points ahead of Senator John McCain in the Republican race.
But signs of a national economic downturn are mounting, and it has emerged as the number one issue among Americans. Stock markets have tumbled in recent days, off more than 1,000 points since the beginning of 2008. Construction of new homes has dropped, as have home prices in the wake of the subprime mortgage crisis. Banks and brokerages are losing billions of dollars and writing off billions more in bad loans.
"I'm really worried," said Denise Gustafson, 50, who lives in Pahrump, a town an hour's drive west of Las Vegas. She makes the commute every day and is worried about rising gas prices. "My husband is a union sheet-metal worker," added Gustafson, who is undecided between Clinton and Obama. "Construction jobs are going to undocumented workers because they can pay them less." Peggy Maze Johnson, executive director of the Clark County Democratic Party, said the economy has become a huge issue among voters."When you look at one part of Las Vegas, all those new hotels and condos going up, people say, `What a great economy," she observed. "But when you draw down on the streets here, and see all the for sale signs, then you know."
Republicans and Democrats have begun talking about how to re-energize the economy. Clinton and Obama have been tripping over each other to get their message out. Yesterday, Obama attacked Clinton on that front, saying Clinton's plan to stimulate the economy by providing a tax rebate for workers was partially taken from his plan.
"Senator Clinton has said she is ready to lead from Day 1," Obama said in Reno. "But it's important on Day 1 to get it right, whether you're talking about war or you're talking about economic proposals." Obama's plan would also provide $10 billion to help homeowners facing foreclosure and $10 billion to cover state budget shortfalls. He also has vowed to go after unscrupulous lenders, who have played a major role in the foreclosure crisis, and a "credit card bill of rights." At the printing shop in Nevada, Clinton told the crowd her plan also includes a moratorium on home foreclosures for 90 days to give people a chance to "figure things out," a freeze on interest rates, and a $25 billion plan to help people who can't pay their utility bills.She said she wants to return the economy to the way it was while her husband was in office, when jobs were plentiful and the government was on track for a surplus. But at a stop in San Francisco on Thursday, Obama countered: "The American people are not looking specifically for a repetition of what happened in the '90s," he said. "What they are looking for is who's going to lead us over the next eight years into an era of greater prosperity and also to meet new challenges as they come up."
Hillary Rodham Clinton urged for a moratorium on foreclosures for 90 days on homes with subprime mortgages and a five-year long period of freeze on the interest rates that those borrowers would have to pay.
She addressed a letter to Treasury Secretary, Henry Paulson, who is now ready to announce the Bush administration’s responsibility to today’s housing problems. Clinton, in her remarkable foresight, notes that today’s foreclosures continue to pose incalculable loss to the economy.Clinton has stated that the mortgage problems have gone way beyond the state of transparency to the common people. At a news conference on last Sunday of December 2008, she has mentioned that what every Iowan should look forward to is, to have accurate information when they make decisions about undergoing mortgage payments.Clinton has indicated that the battle within the Democrats is about how to get things done in a rougher manner. But she stresses that coming to the last month of the year she wants to start drawing contrasts from the way it has been with foreclosures so far.Clinton has already dared to go further than her Democratic rivals and revealed what the administrators think about the decisions made on foreclosures. Obama has introduced a bill which would go on to make mortgage fraud a severe criminal offence. The bill also reinstates that such fraudulence attracts favors national funds to help the lenders who are severely in danger of losing their homes.
Obama and Edward, the two members of the Democrats are supposedly changing laws to make people live better and not lose their homes altogether. According to the Associates Press, Paulson would call for voluntary extensions on the issue of subprime mortgages at the present interest rates. In the letter to Paulson, as a part of the Clinton campaign, Hillary Clinton states that he needs to impose these new laws in the form of a moratorium on all foreclosures. The moratorium would be for at least 90 days acting upon all owner-occupied homes with subprime mortgages. The letter also states for a freeze in the monthly rates on subprime mortgage rates whish are of the adjustable nature. The mortgage rate would be effective for at least 5 years until they can be converted into affordable and fixed-rate loans. The letter urges that the mortgage industry would be required to submit status reports on the number of mortgages that need to be modified to make them affordable for the majority.
With these points in mind the reformation on foreclosures is expected to be done as an essential part of Clinton’s campaign.
Today, Hillary outlined an economic stimulus plan to help hard hit families and give our economy a much needed boost. Over a month ago, in a speech to Wall Street, Senator Clinton called on the Bush Administration to begin considering economic stimulus. In the month since, while the Administration has failed to act, we have seen growing signs that our economy is faltering. Tens of thousands of families have already been forced out of their homes. Recently, oil hit $100 a barrel, and last Friday, the Bureau of Labor Statistics reported that the economy lost jobs in the private sector in December for the first time in over four years. According to RealtyTrac, more than 201,000 foreclosure filings were reported in November alone, up 68 percent from the year before.
Hillary believes we need real action now. While economists may still be debating whether we've met the technical definition of a recession, for hard-hit middle class families that question has already been answered.
That is why today Senator Clinton called on the President and Congressional leaders from both parties to enact an aggressive, fast-acting stimulus package based on common-sense economic principles. Unlike 2001, when President Bush used stimulus as an excuse to force through long-term tax cuts for the wealthiest Americans-which ran up our debt to foreign governments while utterly failing to reignite job growth-Senator Clinton believes we need a strong immediate stimulus to jumpstart the economy without negatively affecting our long-term fiscal position. In addition, stimulus measures should be targeted toward hardworking families that are most likely to spend new resources, which will ensure that we give our economy an immediate boost. As President, Hillary would enact a five-part stimulus package that is consistent with these principles. This package includes: Establishing a $30 Billion Emergency Housing Crisis Fund to assist states and cities mitigate the effects of mounting foreclosures. With our economy facing the prospect of substantial contraction as hundreds of thousands of subprime mortgages reset and housing values erode further, Senator Clinton believes that any effective stimulus package must take aggressive action to mitigate this contraction and help as many families as possible remain in their homes. Her $30 billion fund would provide immediate, time-limited resources to states, cities and community organizations to help prevent unnecessary foreclosures. States and communities could also use the funds to offset the costs associated with vacant properties by supporting efforts like community-level anti-blight programs and helping local housing authorities buy up vacant properties and rent them to working families. When families lose their homes, surrounding property values and local tax revenues decline and the cost of policing and maintaining vacant properties rise. This reduction in revenues and rise in costs can lead cities and states to cutback services, lay off teachers and other vital workers, raise college tuition, or even raise local taxes. The availability of $30 billion in federal assistance will ensure that states and cities have the resources they need to fight foreclosures, prevent a downward housing cycle impacting large numbers of homeowners and to weather the crisis without unnecessary fiscal contraction.
Taking bold action to end the housing crisis. Senator Clinton is the only candidate with a comprehensive plan to keep families in their homes and keep the housing crisis from dragging down the economy. More than 2 million foreclosure notices went out last year, devastating families and communities. The foreclosure crisis is also contributing to the decline in home prices which has already cost families an estimated $1.3 trillion. Many experts believe the worst is yet to come. To stem this crisis, Senator Clinton has called for a 90-day moratorium on subprime foreclosures and an automatic rate freeze on subprime mortgages of at least five years or until servicers have converted the unworkable mortgages into loans families can afford. In addition, Senator Clinton proposed to temporarily empower state housing financing agencies to help families refinance unworkable mortgages and temporarily increasing the portfolio caps at Fannie Mae and Freddie Mac, and enabling them to purchase larger loans in high-cost areas. These steps would immediately increase the availability of mortgages for responsible borrowers.
WASHINGTON (Reuters) - Democratic presidential hopeful Hillary Clinton proposed on Monday a 90-day moratorium on home foreclosures to give financially troubled borrowers time to work with lenders and avoid losing their homes.
Clinton, the New York senator outlined the proposal in a letter to U.S. Treasury Secretary Henry Paulson, who is trying to broker a deal with mortgage lenders that would help troubled borrowers. Clinton said, “The crisis surrounding subprime mortgages extended to borrowers with spotty credit has unnerved financial markets and could deepen a slump in the U.S. housing market that some economists fear has pushed the economy close to recession”.
"It is critical that we address this crisis," Clinton said in a letter to Paulson. "The administration and the mortgage industry must reach agreement that matches the scale of the problem. If you produce an inadequate agreement, or fail outright, the cost to our economy will be incalculable." The U.S. Treasury Department has been pushing the mortgage industry to agree to temporarily freeze interest rates for some borrowers who took out loans with low teaser rates that will soon be resetting much higher. More than 2 million borrowers are estimated to be facing rate resets.
Clinton said any agreement should include a moratorium on foreclosures of at least 90 days on owner-occupied homes with subprime mortgages. Any agreement should also include a rate freeze on adjustable mortgages of at least five years or until the loan is converted into a fixed-rate mortgage, she said. Clinton said the freeze would give the housing market time to stabilize and homeowners time to build equity. She also called on the mortgage industry to provide regular reports on the number of mortgages they have modified. If the administration fails to secure an agreement that includes those provisions, Clinton said she would push for legislation that would allow lenders to convert subprime mortgages into more affordable loans without permission of investors. Clinton said she also called for a $5 billion fund to help hard-hit communities and homeowners cope with the foreclosure crisis. The subprime mortgage crisis has hit some states harder than others, including Florida, Nevada, California, Michigan and Ohio -- key states in next year's presidential elections. Clinton leads in the troubled States.
Wall Street deserves some of the blame for the current mortgage crisis, Democrat Hillary Clinton charged Wednesday, urging the industry to take steps to reverse the damage. "Wall Street shifted risk away from the people who knew what was going on and onto the people who did not," Clinton told an audience at the Nasdaq Marketsite in Times Square."This is a moment for shared responsibility in America. Investors, lenders and homeowners all have a part to play, and sacrifices to make." She called for a 90-day freeze on owner-occupied home foreclosures, and also for stopping increases in subprime mortgage rates for at least five years - a move similar to what the White House is expected to announce today.
"This is a moment for shared responsibility in America. Investors, lenders and homeowners all have a part to play, and sacrifices to make." She called for a 90-day freeze on owner-occupied home foreclosures, and also for stopping increases in subprime mortgage rates for at least five years - a move similar to what the White House is expected to announce today. The Democratic White House front-runner also suggested the creation of a one-time, multibillion-dollar "community support fund" to prevent foreclosures by providing financial counseling and other services, and for prosecuting foreclosure-related fraud. Taking on Wall Street is viewed as smart and risky for Clinton, analysts said. It could make her look like a woman who won't be her donors' puppet - or anger a population with deep pockets. The Democratic front-runner has hauled in more than $4.7 million from donors in the securities and investment industries, according to the Center for Responsive Politics. She has also drawn nearly $4million from real estate supporters and just under $1 million from the commercial banking sector. David Birdsell of the Baruch College School of Public Affairs said Clinton's appeal could be seen as "a response to the energetic critique from her left from John Edwards and Barack Obama" as the race to win Iowa nears - and tightens. Obama addressed the mortgage crisis issue in a stern September speech, also at the Nasdaq Marketsite. With a large stable of topflight investment types in her corner, Birdsell added, Clinton "probably has some running room, so she can go populist to some degree without risking their allegiance." Clinton said she would consider legislation if Wall Street didn't come along voluntarily, but ended on a conciliatory note. "I'm calling particularly on those who are so able, and so smart and so resourceful, to help us find our way forward here," she said. "It's the right thing to do for the economy, but even more importantly, it's the right thing to do for America."
Taking on Wall Street is viewed as smart and risky for Clinton, analysts said. It could make her look like a woman who won't be her donors' puppet - or anger a population with deep pockets. The Democratic front-runner has hauled in more than $4.7 million from donors in the securities and investment industries, according to the Center for Responsive Politics. She has also drawn nearly $4million from real estate supporters and just under $1 million from the commercial banking sector. David Birdsell of the Baruch College School of Public Affairs said Clinton's appeal could be seen as "a response to the energetic critique from her left from John Edwards and Barack Obama" as the race to win Iowa nears - and tightens. Obama addressed the mortgage crisis issue in a stern September speech, also at the Nasdaq Marketsite. With a large stable of topflight investment types in her corner, Birdsell added, Clinton "probably has some running room, soshe can go populist to some degree without risking their allegiance."
Clinton said she would consider legislation if Wall Street didn't come along voluntarily, but ended on a conciliatory note. "I'm calling particularly on those who are so able, and so smart and so resourceful, to help us find our way forward here," she said. "It's the right thing to do for the economy, but even more importantly, it's the right thing to do for America." Source: New York Daily News
SAN DIEGO -- Sen. Hillary Rodham Clinton made a campaign stop Friday at a private home in Bonita, where she thanked her Democratic supporters and vowed to bring about change and better the lives of Americans.
"We know how fortunate we are because of all the opportunities we have been given, and we also know that it is up to us to make sure those opportunities and blessings remain available to our children and our grandchildren," Clinton said. She made her proposal as polls indicated the recent economic downturn has caused the economy to overtake the war in Iraq as the leading issue in the presidential campaign. Her plan includes a $30 billion emergency housing crisis fund to assist states and cities mitigate the effects of mounting foreclosures; a 90-day moratorium on subprime foreclosures; and an automatic rate freeze on subprime mortgages of at least five years. Clinton also called for $25 billion in emergency energy assistance for families facing rising heating bills, accelerating $5 billion in energy efficiency and alternative energy investments to stimulate "green collar" job growth and a $10 billion increase in extending and broadening unemployment benefits. "Economists and politicians are finally waking up to what many of America's families already know -- that we might be sliding into a recession," she said. "But when the bills are stacking up, and you're just one pink slip away from losing everything you've got, the last thing you need is more talk. In the face of rising global competition, our children's future is at stake, so we don't need more rhetoric, we need action," she said. "We need an immediate strategy to get our economy back on track. I would work with leaders from both parties to pass an aggressive, fast-acting stimulus package to create good new jobs and revitalize our economy."
Clinton also called on Congress to provide an additional $40 billion in direct tax rebates to what she called working and middle-class families if the economy continues to worsen. Clinton's main rivals for the Democratic presidential nomination, Illinois Sen. Barack Obama and former North Carolina Sen. John Edwards, have made similar proposals.
Even before Clinton gave her first speech of the day, the California Republican Party issued a statement from Chairman Ron Nehring criticizing her credibility on economic issues. "Senator Clinton has a pretty hard time squaring her rhetoric on economic issues with her record in the Senate," Nehring said. "Time and again, Senator Clinton contradicts herself when what she promises on the campaign trail collides with what she's actually done in office. "How can Californians trust a candidate who talks about fiscal responsibility in front of one audience, and proposes $800 billion in new spending in front of another? Whatever happened to Senator Clinton's campaign promise to create 200,000 new jobs in New York, or to bring broadband Internet access to rural areas, improve job training, and provides tax cut for business in areas with lagging economies? In California's high-tech economy, we recognize Senator Clinton's campaign promises on the economy for what they are: vaporware." Clinton's appearance at the Electrical Training Institute in Commerce, a facility affiliated with the International Brotherhood of Electrical Workers, was her first in Southern California since a Dec. 10 fundraiser. Obama is scheduled to be in the Southern California Wednesday for a fundraiser in Pacific Palisades. Clinton, accompanied by daughter Chelsea, came to California three days after her upset victory in the New Hampshire primary, where she beat Obama by 3 percentage points after trailing him in the polls, rebounding from a third-place finish in the Iowa caucuses behind Obama and Edwards.
Combat Mortgage Fraud and Subprime Loans: The implosion of the subprime lending industry threatens to bring foreclosure to over two million households, including many families with children. Barack Obama has been closely monitoring this situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity. This bill also provides counseling to homeowners and tenants to avoid foreclosures. Finally, Obama's bill requires the Government Accountability Office to evaluate and report to Congress on various state lending practices so that state regulations that undermine consumer's rights can be identified and hopefully eliminated. Create Fund to Help Homeowners Avoid Foreclosures: In addition to taking important steps to prevent mortgage fraud from occurring in the future, Barack Obama will establish policies to help Americans currently facing foreclosure through no fault of their own. For instance, in communities where there are many foreclosures property values of innocent homeowners are often also negatively impacted, driving them toward foreclosure, too. Obama will create a fund to help people refinance their mortgages and provide comprehensive supports to innocent homeowners. The fund will also assist individuals who purchased homes that are simply too expensive for their income levels by helping to sell their homes. The fund will help offset costs of selling a home, including helping low-income borrowers get additional time and support to pay back any losses from the sale of their home and waiving certain federal, state and local income taxes that result from an individual selling their home to avoid foreclosure. These steps will ensure that individuals who have to sell their homes will be able to quickly regain stable financial footing. The fund will be partially paid for by Obama's increased penalties on lenders who acted irresponsibly and committed fraud.
Presidential candidate Sen. Barack Obama (D-IL) is not concerned about the "technical definition" of a recession. Nor is he scrambling to pay for proposals to jumpstart the economy. He just knows that people across the country are struggling, and his mix of tax cuts and direct spending – not the plan of rival Sen. Hillary Clinton (D-NY) – will give the economy a fast-acting fix, he says. "People have been hurting, and they've been hurting for some time, even before the downturn caused by the subprime lending crisis," Obama tells Melissa Block. "There's no doubt that things have gotten a little bit worse over the last several months." Clinton's $70 billion plan includes emergency housing and heating assistance. Obama said it relies too much on spending proposals. In a recent press release, Clinton said Congress should also "stand ready" to provide an additional $40 billion in tax rebates. Obama says his plan emphasizes tax relief. His $75 billion package would provide an immediate $250 tax cut per worker, his campaign said in a recent press release. He also calls for a temporary $250 increase in Social Security checks. "I think speed is of the essence if you want a stimulus plan," Obama says. For example, the Social Security supplement could be easily and quickly delivered to seniors, who could then buy prescription drugs. "That is, I think, the kind of opportunity that's going to get money into pockets of Americans quicker and is more likely to boost the economy quicker," Obama says. And how will he pay for the proposal? He doesn't plan to."As [Federal Reserve] Chairman Bernanke planned to testify today, right now it is more important to jumpstart the economy," Obama says. "We will lose so much federal revenue if we plunge into a severe recession that, from a perspective of a one-time temporary boost, it's important for us to just get the money out."
Bureaucrat-in-Chief? In recent comments to the Reno Gazette-Journal, Obama said voters do not want an "operating officer." Instead, he told the paper, his job would be to set a vision of where the bureaucracy needs to go.
Clinton responded to Obama's comments by saying the country does need a CEO – someone to focus on the nitty-gritty details — in the White House. "She obviously wasn't paying attention to what I said," Obama tells NPR. Obama says he would be involved in the details if elected president.
"This is a broader theme that I think Sen. Clinton has been trying to project, that somehow there's a brisk efficiency to her potential presidency that would be lacking in mine," Obama says. Perceived Weakness: Obama takes another jab at his rivals when asked about a response he gave to a question at a recent Democratic debate.
At a debate in Nevada, Obama was asked about his weaknesses. He confessed that his greatest weakness is a lack of organization — a messy desk and office. At the debate, Obama answered the question first, followed by Clinton and former Sen. John Edwards (D-NC). "I think Sen. Edwards said he was too passionate about helping poor people, and Sen. Clinton said she was too impatient to move the country forward," Obama tells NPR. "I was trying to answer the question 'What's your greatest weakness?' as opposed to 'What's your greatest strength disguised as a weakness?' But Obama says he would not want to redo his response. "I think one of the hallmarks of our campaign is that I actually answer questions honestly and try not to engage in too much spin," he says. Concerns for Safety
Obama's wife, Michelle, recently said that some, including those in the African-American community, have focused on "what might go wrong" as her husband pursues the presidency. The comments have been interpreted as allusions to threats to Obama's safety. Obama says that he feels confident in his ability move the campaign forward and "assuage some of the concerns that people have." "I think that for obvious historical reasons, there is a level of apprehension sometimes in the African-American community when there are efforts to break through glass ceilings," Obama says.
WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market. The text of the letter is below:
Dear Chairman Bernanke and Secretary Paulson, There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge. We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.
Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets. The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:
What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates. How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty. How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical. How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage. How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns. How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability. Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation. Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.
Sincerely, U.S. Senator Barack Obama
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