Las Vegas Sun

October 31, 2014

Currently: 74° — Complete forecast | Log in

2008 Elections

Republicans on Foreclosures

 

John McCain (has secured nomination)
McCain along with other Republican Presidential candidates has been silent about the subprime mortgage crisis, but within the week of Dec. 17, 2007, McCain has opened up about economic issues in general and especially the subprime mortgage crisis, citing increasing numbers of voters voicing concerns about home foreclosures. As reported in The New York Times on Dec. 19, 2007, McCain said he would think about stepping up government action if the current solution didn’t work out. And a News-Press article reported that at a December campaign stop in Fort Meyers, Fla. McCain made mention of the rising rate of foreclosures as well. Without revealing details about his plan, McCain said he would aid those that can’t make their payments and stop rewarding those “speculators.” . . . more | Other issues | Bio

 

Alan Keyes
Having never served in an elected office, Alan Keyes has not had a chance to voice his opinion on congressional record or vote on any issues regarding subprime mortgages. Similarly, he has not gone on record with any definitive plan or opinion on the mortgage industry. Instead, Keyes focuses generally on how economics should be based on family household management.... more | Other issues | Bio

 

Ron Paul
Ron Paul believes concern over the impending foreclosures on homes is part of a larger issue of the United States’ monetary policy. In a hearing of the U.S. House Financial Services Committee, Paul said he thought politicians should consider the cause of the collapse of the housing bubble. He thinks foreclosure are caused by the excesses made by the Federal Reserve, which should have attempted to find solutions that would only delay recovery by continuing a cycle of inflation and devaluing of the currency. . . . more | Other issues | Bio

 

Rudy Giuliani (dropped out)
Giuliani has not spoken extensively on the subject, but has been quoted as saying he opposes the government bailing out homeowners hit by the mortgage crisis because there would be nothing stopping those homeowners from making another mistake. However, he has said he could see the government helping those who were cheated by unethical mortgage lenders. Giuliani says government should take a wider view and concentrate most heavily on strengthening the economy and making the 2001 and 2003 tax cuts permanent. In a related matter, Giuliani has criticized the “FairTax” proposal endorsed by Mike Huckabee because it would eliminate the home mortgage income tax deduction, which has created an incentive for single-family home ownership for decades. . . . more | Other issues | Bio

 

Mike Huckabee (dropped out)
In response to the Bush administration’s plan to help families in jeopardy of losing their homes in foreclosures by freezing interest rates for some sub-prime borrowers, Huckabee warned Bloomberg Television of a “chilling effect” on lending. Bush’s plan, Huckabee stated, would make those in the lending industry weary of loaning money because they may not get their money back. Huckabee opposes any further action by the president and Congress in combating the issue of mortgages, saying the issue is a market-based one better left without government intervention. Huckabee told NPR that the government bailing out individuals at risk of being unable to pay for their homes once their mortgage loan rates change to a higher rate is not in the best interest of the people. He places the blame on overambitious borrowers and greedy lenders. . . more | Other issues | Bio

 

Duncan Hunter (dropped out)
Duncan Hunter has not spoken extensively on the mortgage crisis and his campaign Web site does not specifically mention what he might do to curtail the problems of people who face impending foreclosures. However, Hunter has voted against a congressional resolution to regulate the subprime mortgage industry. That resolution was passsed by the House on a 291-127 vote. . . . more | Other issues | Bio

 

Mitt Romney (dropped out)
Romney has said in interviews that he agrees with President Bush’s plan to provide the Federal Housing Administration the power to help some homeowners get their mortgages refinanced at level rates. He said the Federal Reserve’s actions will allow continued activity in the credit markets and keep the subprime mortgage problems from expanding to hurt more of the economy. Romney’s Web site is silent on the mortgage crisis and he has not spoken extensively on the subject. In a related matter, TheStreet.com’s Brett Arends wrote that Romney took a personal financial hit from the mortgage crisis, of at least $1 million, through his investment in Goldman Sachs Global Equity Opportunities fund. . . . more | Other issues | Bio

 

Fred Thompson (dropped out)
Thompson hasn’t really come up with a plan to fix the mortgage crisis. But he has found a scapegoat — illegal immigrants. He said at a rally in Iowa during late December that Hispanics who don’t speak English very well — and don’t understand the mortgages they’re getting into — are partly to blame for the growing numbers of foreclosures around the country.. . more | Other issues | Bio

 

— Las Vegas Sun new media managing editor Dave Toplikar and new media interns April Corbin and Jenna Kohler compiled this report.

Email Newsletters

To view/update your newsletter subscriptions and interests, please visit our Preference Center.

Most Popular

Calendar

The Sun

Locally owned and independent for more than 50 years.