Politics of Foreclosure Comes to the Presidential Campaign
WASHINGTON -- Democratic presidential hopeful Hillary Clinton recently proposed a 90-day moratorium on home foreclosures to give financially troubled borrowers time to work with lenders and avoid losing their homes.
In a letter to U.S. Treasury Secretary Henry Paulson, who is trying to broker a separate White House/Treasury deal with mortgage lenders, the junior Senator from New York wrote, "It is critical that we address this crisis. 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."