"very few of the ones who are going to lose their homes can even qualify for the program"It's to help those that CAN pay, not the rest of them and especially not the low income
or struggling due to unemployment, health concerns etc..
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Democrats Call Bush Mortgage Bailout Too Limitedhttp://www.hispanicbusiness.com/news/newsbyid.asp?id=84589&cat=Politics+News&more=%2Fpolitics%2FDecember 7, 2007
Beth Murtagh -- Newsday
WASHINGTON --
Democrats quickly blasted President George W. Bush's mortgage-bailout plan yesterday as a narrow solution for a broader crisis and pushed their own ideas to fix the mortgage mess.
Hillary Rodham Clinton, who took Wall Street to task for its role, promoted her own solution -- a 90-day moratorium on foreclosures, a five-year rate freeze and possible legislation to let lenders restructure at-risk loans without investor consent.
Clinton yesterday faulted Bush's plan for allowing lenders to decide independently which homeowners could freeze interest rates, saying his plan would leave out most of the 1.5 million families facing a big jump in payments next year.
"Throughout the foreclosure crisis, President Bush has ignored the cries for help. Today he responded, but once again, it's too little, too late," Clinton said.
The Bush administration's plan applies to loans obtained between Jan. 1, 2005, and July 31, 2007, that reset between Jan. 1, 2008, and July 31, 2010. It would help homeowners making on-time mortgage payments who would not be able to afford the sharp increases when the adjustable rates rise.
John Edwards also publicized his pitch to deal with mounting foreclosure numbers. In contrast to Clinton, Edwards proposes an interest-rate freeze lasting seven years, regulation of all lenders and assuring at-risk homeowners individual assistance from lenders to prevent foreclosure.
Barack Obama gave muted praise to Bush's action, but said his plan "does not go far enough. ... Half-measures will not do."
Obama would create a fund to help homeowners refinance mortgages or sell their homes, and change bankruptcy law to allow homeowners to re-negotiate their loans.
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