Hillary Clinton Statement on the FBI’s Inquiry into the Mortgage Industry

1/30/2008 -- "For a long time families and community groups have been saying that the subprime mortgage industry was rife with abuses. A federal investigation of industry practices is long overdue.

Last year, I introduced the Home Ownership Preservation Act to curb industry abuses by registering mortgage brokers, eliminating certain lending practices, and providing $100 million in assistance to states to investigate and prosecute mortgage-related fraud.

But we must not only end the abusive practices, we must end the foreclosure crisis itself.

That is why I have also proposed a 90-day moratorium on subprime foreclosures, a 5-year freeze in rates on subprime adjustable rate mortgages, and $30 billion in assistance to states and communities to fight foreclosures and offset the costs associated with mounting vacancies."

Source: Hillary Clinton campaign

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