There was an interesting synopsis of the general plans being put forth by presidential nominees Obama and McCain in the AP recently. Here is a snippet of that:
McCain:
_ To be eligible for the FHA-insured mortgages, certain borrowers who live in their homes must prove creditworthiness at the time of the original loan and that they can meet the terms of a new 30-year fixed-rate mortgage.
Obama:
_To be eligible for FHA help, people do not have to have good credit to qualify as long as they can show they are able to afford the new payments.
_Separately, Obama would create a 10 percent mortgage credit for people who do not itemize their taxes.
_Supports changing bankruptcy laws so that homeowners going through that process can renegotiate terms of their mortgages — just as people or investors who own multiple homes or vacation homes can do.