According to a report in National Mortgage News, Former U.S. President Bill Clinton outlined his plan to help troubled mortgage borrowers before a standing-room-only crowd packed into an auditorium the size of a football field at the Jacob K. Javits Convention Center during the National Retail Federation's Annual Convention & Expo this week.
"This economic crisis is about way more than economics," Clinton said. "It has gone to the core of people's sense of who they are, what they are worth and how they get through life with meaning."
Clinton's plan for resolving the current crisis is to immediately lower principal and interest rates for underwater borrowers to match current valuations and market rates. In exchange, the homeowner would agree to pay the bank a portion of the money earned from eventually selling the home in a recovered market.
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