Quote:
Originally Posted by knucklesplitter
I didn't know/notice this. Any more info?
I have said before that Obama could be a good one if he chooses the right cabinet and advisors What the country needs is a real leader surrounded by good staff. Somebody who can rally people through some tough decisions that need to be made and some difficult actions that need to be done. And when I say "rally" I don't mean through fear and manipulation like we've seen the last 7 years.
I think Clinton would choose good competent people, but I doubt she could bring the country together as well. That and so many other negatives...
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Here is the
transcript.
Basically Hillary wants to freeze existing ARM rates for 5 years but Obama rightly points out that that would have adverse effect on everyone. She has since said it would not be a mandatory freeze, but that just shows she didn't understand what she was talking about.
Freezing existing ARM loan rates would drive rates for new loans up making it hard for new buyers, or those existing loan holders to refinance, thus driving the housing problem even further down.
There is a lot more to it, but that is the gist.
Right now with LIBOR and prime rates down, refis for qualified borrowers are probably going to resolve far more of these sub prime issues than anything short of "we will pay your loan for you" legislation.
Raising qualifying loan limits may help a little as well, but it is a double edged sword.