| The presidential race has taken on a heated debate over the intensifying mortgage crisis that continues to plague the housing industry and the overall health of the economy. The distinctive difference between presidential candidates McCain, Obama, and Clinton is to what extent the government intervenes on the situation. Democratic candidates Obama and Clinton share similar stances on the subject. The two Democrats argue for strong and immediate government intervention to provide incentives to lenders for refinancing troubled mortgages. Both also believe that the backing of Bear Stearns by the Federal Reserve with $29 billion can help struggling homeowners. 
Senator Hilary Clinton's platform is for a $30 billion assistance package to aid the mortgage and economic crisis. Clinton is also proposing for the emergency assistance of former Federal Reserve chairmen Alan Greenspan and Paul Volcker to recommend ways to remedy at-risk mortgages. Senator Barack Obama is calling for a $10 billion foreclosure prevention fund to help troubled homeowners sell their homes or modify loan terms to avoid foreclosure. Though Clinton's proposals mirror that of Senator Obama's, Clinton harshly criticizes Obama's campaign, saying he is "offering high-minded, eloquent speeches instead of policy ideas." Republican John McCain, on the other hand, opposes heavy government intervention by saying irresponsible banks and borrowers shouldn't be bailed out with government assistance. McCain's takes a hands-off approach that doesn't give much in terms of specifics. "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. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy," says McCain. (Written by: K. Skowronski) Article Sources McCain leaves housing crisis options on table, MSNBC.com Housing: Where the candidates stand, CNNmoney.com Clinton Calls for Action on Housing, NYTimes.com
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