01 Nov 08 Presidential Candidates Want FHA to Play Role in Mortgage Restructuring
On Capitol Hill and along the campaign trail, Democrats and Republicans have traded blame for the troubles at Fannie Mae and Freddie Mac. For a decade, Fed officials and two presidential administrations have exerted pressure to overhaul the mortgage loan giants. Republican presidential candidate Sen. John McCain supports breaking up Fannie and Freddie, selling them off and cutting their government ties. Democratic candidate Sen. Barack Obama opposes a total privatization, supporting some degree of public involvement in the firms.
Both candidates believe that FHA home loans should play a significant role in foreclosure prevention. It will be interesting to see how involved the new president will be in reshaping the home financing sector that needs a serious overhaul immediately.
Tags: FHA home loans, mortgage
Leave a Comment
