Hal's Mortgage Blog

McCain - "I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers," said McCain.

"Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy."

Clinton - Expanding upon earlier proposals, the Senator from New York called for a 90-day foreclosure moratorium, a five-year rate freeze on subprime mortgages and a $30 billion fund for state and local governments to purchase foreclosed properties.

"If the Fed can extend $30 billion to help Bear Stearns address their financial crisis," said Clinton, "the federal government should provide at least that much emergency help to families and communities address theirs."

Obama - "A blanket freeze like she's proposed will drive rates through the roof on people who are trying to get new mortgages to buy or refinance a home."

"It will reward people who made this problem worse but it will also reward people who are wealthy and don't need it," said Obama.

He added, "Experts say the value of homes will fall even more, and even more families could face foreclosure."

Which viewpoint you agree with will probably depend on where you are in the process. Any comments?