Real Estate, Mortgage News

Real Estate News and Press Release Distribution Services
Submit Press Release | Submit RSS Feed | About US | Contact Us

Home | Real Estate News | Mortgage Rates
Unlimited Press Release Distribution
Press release distribution service

News Media
CNN Money
Costar Group
Inman News

Los Angeles Times

National Real Estate Investor
Mortgage News Daily
New York Times
Realtor Magazine
Wall Street Journal
Yahoo Finance
RSS News Feed
Get your news feed listed here as other news media shown below! Submit RSS News Feed

Mercury News
New York Post

Real Estate News Releases

McCain and Obama differ on housing after new law is signed by Bush

(EMAILWIRE.COM, August 04, 2008 ) NEW YORK – President Bush just signed a housing bill designed to help Americans deal with the housing downturn and tight home mortgage credit markets, and his successor, whether it will be John McCain or Barack Obama, will have much more work to do to help the real estate market.

While it is far from certain what policies either candidate for president will choose to implement once he is elected, the Democrat, Barack Obama, has indicated that he sees a role for the government sponsored mortgage related companies Fannie Mae and Freddie Mac. Republican John McCain, on the other hand, has called for a significant reduction of the operational scope of the two companies that collectively manage trillions of dollars worth of home mortgages.

The current housing market is marked by house prices down more than 15% on average since their peak in 2006 and by 4% of American homeowners in default on their mortgage loans. Some of the legislative provisions recently enacted provide for some refinancing of mortgages, up to 400,000 by some estimates, but many industry watchers doubt that this will staunch the flow of foreclosures.

Real estate and foreclosure expert Patrick McGilvray, president of commented, “Millions of Americans would love to sell their house fast to avoid the pain, shame, and expense of foreclosure, but the recent legislation will do little to actually stop many foreclosures from happening. There are many more problem loans that will become unaffordable to their borrowers when the adjustable rate mortgages rest to higher payments. We buy houses, but our network of investors can't afford to pay market prices in a falling market.”

Some of the ideas that McCain has proposed are as follows:

1. Make Fannie Mae and Freddie Mac completely independent of the government and pass some of their mortgage buying activities to other private banks and banking institutions.
2. Step up criminal investigations into mortgage industry abuses.
3. Don’t reward real estate speculators by giving them access to a bailout.

For his part, Obama suggests:

1. Provide a $500 tax credit to 10 million homeowners. His campaign calls this a 10% “universal mortgage credit.’
2. Like McCain direct greater criminal scrutiny of the mortgage industry, especially targeting the subprime loan lenders.
3. Require more loan disclosures in plain language.
4. Permit bankruptcy judges to modify mortgage balances, something currently prohibited.
Patrick McGilvray
patrick @

Real Estate News by Sector
  • Appraiser
  • Consumer News
  • Commercial
  • Mortgage News
  • Property Law
  • REIT News
  • Sales, Marketing
  • Technology

  • Real Estate RSS Marketpalce

    Submit RSS news feed on Real Estate.
    Have your feed on real estate news, products or services displayed under this marketpalce and have your feed on a full page updated daily. Click on example below. Add RSS feed Now!

    EmailWire Real Estate News Releases
    News releases on real estate as posted by businesses, organizations and experts.

    Press release service

    ESTATENewswire is part of GropWeb Network, online properties of GroupWeb Media LLC. Copyright GroupWeb Media LLC. All Rights Reserved.

    For unlimited press release distribution for $99 per month or $999 per year, call (281) 645-4086 or start posting your press releases online at
    Copyright 2009 GroupWeb Media LLC

    GroupWeb Media Network
    AfricaNewswire.Net | AppleNews247.Com | AsiaNewsWire.Net | Aviation-NewsWire | Energy Industry | EstateNewsWire | | Food Beverage News | Glamour NewsWire | Health NewsWire | Hosting NewsWire | i-Auto NewsWire | i-Business News | EuropeNewsWire.Net | | i-Canada-News.Com | | iT-NewsWire.Com
    | InvestorsNewsDesk.Com | i-TravelNewsWire.Com | | | | MoneyNewsWire.Net | Movie-Stars-News.Com | PayDayNews247.Com | PharmaNewsWire.Com | Publishing-NewsWire.Com | | Telecom-NewsWire.Net | Transportation-News.Com | USGovernment-News.Com | WebPosters.Net | Wireless-NewsWire.Com |
    ESTATENewswire.Com - Newswire and Press Release service of GroupWeb Media LLC