Novick focuses on foreclosure
By Alex Isenstadt, Politicker.com ReporterDemocratic U.S. Senate candidate Steve Novick is talking about how he would handle the foreclosure crisis.
"Many Oregon families being squeezed by a faltering economy and rising food and gas bills are facing skyrocketing sub-prime mortgage payments," said Novick. "We need action to help these families now, not just rules to protect future borrowers. Senator Hillary Rodham Clinton and FDIC chair Sheila Bair have the right idea on subprime loans: a rate freeze, turning the 'teaser' rate into the permanent rate – or at least, as Senator Clinton has proposed, a five-year freeze on the rate."
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