Clinton Proposes Remedies for Mortgage Crisis
ROBERT SIEGEL, host:
Hillary Clinton was among those asking today whether the government should be helping homeowners that get in trouble, as well as investment banks.
(Soundbite of political speech)
Senator HILLARY CLINTON (Democrat, New York; Presidential Candidate): Well, if the Fed can extend $30 billion to help Bear Stearns address their financial crisis, the federal government should provide at least that much emergency assistance to help families and communities address theirs.
SIEGEL: Speaking in Philadelphia, Clinton proposed several new measures. She suggested that the government protect mortgage companies against lawsuits from investment banks and others that hold their loans.
She supported an auction of hundreds of thousands of mortgages in default so banks could restructure them and make them more affordable. And she called on President Bush to appoint a panel of financial experts to determine what else the government might do.
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