Political Issues: Mortgage Fraud
Mortgages and mortgage fraud is a large issue in the current presidential campaigns. Since this is the defining issue we wanted to take some time and really let you know what the top two candidates feel about the issue of mortgage fraud and what they would be doing to make sure that their campaigns fight this issue. You need to make sure that you are doing the best you can for your situation and that you know how your political leaders are going to handle situations surrounding your life. Nobody is going to tell you how to vote here, that is only something that you can decide for yourself. Just look through the following information wisely.
Senator Obama’s Viewpoint
One thing that Senator Obama wants to do is make sure predatory lenders are brought to justice. They need to be accountable for their actions, and need someone to answer to. Obama would require lenders to report any type of fraud that they suspect of happening. He wants to make sure that borrowers can check into the credentials of a certain lender. These credentials should be able to be accessed easily. The Senator also wants federal laws and penalties to be updated to punish those who might be guilty of mortgage fraud. The funding for these programs would be boosted by $40 million under his administration. There also must be a more accurate way of loan disclosure, this could help prevent some troubles. This will allow borrowers to be more diligent in comparing lenders. If you are interested in Senator Obama’s record, visit On the Issues: Barack Obama.
Senator McCain’s Viewpoint
Senator McCain’s campaign says that predatory lenders need to be brought to justice and their practices need to be shut down. McCain feels that a justice department task force should be created in order to those who fraud homeowners, or those who forge any documents pertaining to loan applications. If any state attorney generals are investigating these practices then the task force would help them out. The McCain campaign feels that the whole lending process needs to be much clearer in order for people to know just what they are getting. He also realizes that there must be accountability on both sides of the issue. Lenders should be fraud people out of money and borrowers need to make sure that they are always paying attention to what they are getting themselves and their money into. If you want to read more about Senator McCain’s record visit On the Issues: John McCain.