Tom Luxsox Coins

Presidential Dollar

The Solutions For Each Presidential Candidate On The Mortgage Foreclosure

Introduction

One presidential candidate has been proposing government intervention in the mortgage crisis consistently while the other has changed his position recently. This speech's purpose is to let everyone know about the details encircling each candidates plan thus empowering the voter with the right information to judge their candidates.

Audience analysis

The audience will be composed of an equal mixture of men and women. Most of them will be between the ages of twenty two to forty five years. It is likely that the audience already knows about the mortgage crisis. Furthermore, it is likely that the audience will already be familiar with the overall solutions for each of the presidential candidates i.e. McCain and Obama; however, some of them may not be familiar with the differences between the two presidential candidates. It is likely that each member of the audience may be biased towards their favored presidential candidate and may not know the faults inherent in their presidential candidate's solutions. Also, it is likely that they may not know the advantages in an opponent's proposal.

Solutions for mortgage foreclosure

McCain's solutions

The question of mortgage foreclosure has been addressed by this presidential candidate under two scenarios. The first was before the month of September 2008 when Wall Street's performance indices dropped dramatically and the second was after that occurrence. (Kaopp, 2008)

Before the Wall Street down turn, Mc Cain believed that the best solution to this problem lay in the hands of the mortgage lenders themselves. He added that lenders should proceed to lend only to persons who were capable of repaying. This was an issue that caused lot of friction between McCain and his opponent since the latter candidate accused McCain of being unrealistic. According to Mc Cain, no lender should be assisted by the government even if they were large banks or small lenders. This presidential candidate claimed that assistance given by the government should only be a short term measure since long term arrangements would encourage irresponsible lenders to continue with their practice while at the same time punishing persons who had played cautiously. Mc Cain strongly affirms that such firms exercised bad judgment and should thus be left to bear the consequences of their actions. This assertion was found to be wanting after the 14th September crisis thus forcing McCain to change his stance on the matter after realizing that he had been wrong.

The other aspect about Mc Cain's solution to the mortgage crisis is increased transparency during the process of lending. He believes that most firms allow their representatives to conduct business on their behalf without clarifying the procedures which those representatives used in the process. He believes that this creates a lot of room for dishonesty and has thus caused the problems that Americans are now seeing.

Mc Cain also proposed that mortgage firms need to have greater capital reserves than they do currently. He asserts that the reason why most mortgage consumers are faced with foreclosure is that lending firms proceed to provide them with finances even when they do not have sufficient funds to tackle the problem if the consumer cannot payback. Consequently, lenders are left with no alternative in such a scenario. They may resort to drastic measures such as cutting down on production or filing for bankruptcy. ( Bedard, 2008)

Mc Cain also affirms that it is necessary to back up the Federal Housing Administration which will assist in the process of changing their mortgage scheme from subprime to traditional mortgages. In close relation with this is the move to support what president Bush had instituted i.e. halting foreclosure for some time. He believes that interest rates for sub prime mortgages should not be increased for a period of five years.

It should be noted that McCain has not given any direct regulatory solutions related to mortgage foreclosure. He however believes that the regulations surrounding capital collection should be eliminated so as to create some sort of leveling ground for mortgage lenders.

After September fourteenth. McCain changed his stand on the crisis claiming that there was a need for the government to intervene in the situation and institute tighter controls.

Obama's solutions

The major difference between what Obama proposed and what Mc Cain proposed before September was the fact that Obama supported government involvement in the mortgage problem. He asserted that home owners can be assisted by changing the nature of their loans in line with certain regulations.  Furthermore, Obama believes that the country should institute lending reform such that borrowers can access financial assistance. (International Herald Tribune, 2008)

The Democratic presidential candidate also believes that foreclosure should be prevented by creating a fund known as the fore closure prevention fund. The latter would have a ten billion package available to borrowers who may be at the highest risk of facing foreclosures. He explained that the sum needed for this fund would be raised by penalizing lenders who had engaged in irregular or fraudulent acts.

Besides the latter, the Democrat believed that home owners should be given the alternative of a mortgagee related credit in instances where they choose not to utilize deduction in their income taxes. He believed that this would be possible by giving homeowners from low income areas a chance of getting five hundred in tax savings annually. The scheme would benefit close to ten million citizens who currently fall in the latter mentioned category.

Obama suggested that there ought to be an institution of certain mechanisms that would heighten transparency in lending institutions. In this scheme, Obama claimed that a rating system should be introduced for all types of mortgage products. By doing this, then consumers would know about hidden interest rates, terms, obligations or costs that could possibly lead to foreclosures or bad debts. This would prevent occurrence of the latter in the future

It should be noted that Obama's proposals are based upon the Stop fraud Act. He introduced this concept at the beginning of the year in order to institute transparency. This was not something that he brought out at the beginning of the September crisis. However, it should be noted that most of his proposals have changed as the year has progressed.

Obama believes that the mortgage crisis has been brought on by lack of regulation in the sector. He asserts that if the problem was eradicated in the future, then lenders should not be left to ‘run their own show'. According to this presidential candidate US economic fundamentals were not strong as his opponent McCain had repeatedly suggested. It seems that the US public strongly agrees with Obama's opinions because before September 14th, Obama's ratings were neck to neck with McCain's (as reported by Gallop polls). However, after Walls street's crisis, Obama's ratings increased to fifty percent while Mc Cain's rating declined to forty four percent. Obama's position also seemed to indicate the fact that it was adhering to economic fundamentals. During the September fourteenth week and subsequent days, the New York stock index drastically reduced. However, after the introduction of a multi billion dollar financial bail out by the government, the NYS index rose sharply. The latter intervention strategies had been supported by Obama long before the election. (Smith, 2008)

Obama has also lashed out at his opponent for his solutions to the mortgagee crisis by accusing him of ‘burying his head in the sand'. Obama believes that McCain's response to the crisis illustrates just how much the Republican had lost his way. This was after McCain had asserted that he would appoint a commission to look into the September fourteenth issue. Obama believed that that was an escapist view point. Obama also attacked McCain's' blame game on the crisis since the latter had claimed that one of the investment banks that received government compensation had contributed substantial amount to Obama's campaigns prior to the September crisis.

Conclusion

The mortgage situation in the country has worsened and everyone is looking for a way of making their presidential platform appear solid. Mc Cain who opposed regulation now supports it and Obama who had been supported by one of the mortgage companies has thrown back the accusations to McCain. The truth of the matter is that both candidates have made wrong and right decisions about mortgage foreclosures and at the end of the day, the voter ought to decide which candidate committed lesser evils in this policy.

Reference

Bedard, M. (2008): Fore Closure Prize fighters: Obama vs. McCain, retrieved from http://www.loanworkout.org/ accessed on 24th Sept 2008

International Herald Tribune (2008): McCain and Obama trade charges on financial crisis, The Associated Press, 21st September

Kaopp, B. (2008): Obama Accuses McCain of passing the buck on eth economic crisis, the Associated Press, September 16th

Smith, B. (2008): Obama: Panicked McCain's solution is to blame me for it, retrieved from http://www.politico.com/ accessed on 24th Sept 2008

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