Your Money: McCain vs. Obama

· Give homeowners the chance to have their loan modified, provided they meet certain criteria.

· Offer of financial assistance to borrowers contingent upon lending reform.

· Provide more funding for community development groups so they can expand their home rescue efforts.

"...Lenders and borrowers alike were caught up in the speculative frenzy that has harmed the housing market. And it is not the responsibility of the American public to spare them from the consequences of their own bad judgment." -- McCain*

· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.

· Allow subprime borrowers to challenge foreclosure proceedings if they've been subjected to abusive lending practices.

· Create a 10% tax credit for homeowners who do not itemize their taxes.

· Create a $10 billion fund to help victims of predatory loans.

· Create a separate $10 billion fund to help state and local governments maintain critical infrastructure.

· Authorize bankruptcy judges to reduce mortgage principal.

"...If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street." -- Obama**