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McAuliffe Rolls Out Homeownership Plan

Anita Kumar

Democratic gubernatorial candidate Terry McAuliffe unveiled a plan today to encourage residents to buy home and keep homeowners in their houses.

His plan includes educating consumers on financial issues, creating savings accounts and a commonwealth-funded revolving loan program for homebuyers and protecting consumers from predatory lending practices.

"The severity of the current financial crisis overall, and the mortgage crisis in particular, undermines the most basic part of the American dream: homeownership," McAuliffe said. "Much is happening at the federal level to address the mortgage crisis and under Governor Kaine, Virginia has taken bold and aggressive steps to address the issues raised in the current crisis. We need to look beyond the crisis and keep our eye on the long-term goal: increasing homeownership for all in a sensible and realistic way."

McAuliffe also proposes limiting mortgage companies' ability to collect high-spread premiums and charge prepayment penalties, prohibiting foreclosure rescuers from gaining power of attorney from a homeowner, establishing a foreclosure mediation program and creating a foreclosure prevention hotline.

By Anita Kumar  |  April 3, 2009; 3:07 PM ET
Categories:  2009 Governor's Race , Anita Kumar , Election 2009 , Terry McAuliffe  
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Promising home ownership for all? Isn't that what started this whole mess in the first place? Let's face it, some people on the economic scale are not meant to own homes. They simply don't make enough money.

Posted by: scooter964 | April 3, 2009 4:29 PM | Report abuse

There isn't a statement saying that it also includes those who cannot afford an non-inflated mortgage. Not "home ownership for all".

Posted by: robsmithiii | April 4, 2009 11:16 AM | Report abuse

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