ANSWER OPTION: Nothing
CANDIDATE'S POSITION: Barr told Glenn Beck on May 22, 2004 that if would be a mistake " to have the federal government now set a "One size fits all" mortgage criteria for the country. That would be disastrous. It would stifle risk-taking, it would stifle the independence of small mortgage houses and mortgage banks and would simply create further problems down the road." (More Info)
ANSWER OPTION: Cut interest rates. Encourage private lenders to freeze interest rates for some subprime borrowers.
CANDIDATE'S POSITION: According to a New York Times article, McCain said he is generally opposed to federal intervention. "Whenever there is government intervention, there are unintended consequences," he said. However this crisis poses such a serious threat to the overall economic health of the nation that greater federal intervention is necessary. He embraced the steps outlined by President Bush, but said he wasn't sure they go far enough. (More Info)
ANSWER OPTION: The government should set affordable payments for monthly mortgage rates.
CANDIDATE'S POSITION: Nader has not made an explicit statement about what should be done on the mortgage crisis, but in an interview "referred to the policy of President Franklin D. Roosevelt's policy of setting monthly mortgage payments at affordable levels." (More Info)
ANSWER OPTION: Impose penalties on "irresponsible lenders" to be used to create a special fund to provide temporary mortgage relief for homeowners.
CANDIDATE'S POSITION: Obama has filed legislation in the Senate to define and penalize mortgage fraud. (More Info)