John McCain

According to his campaign website, John McCain plans to deal with the housing crisis by creating a HOME Plan which will let qualifying homeowners trade their mortgage for a more manageable loan that reflects the home's current market value. To qualify they must hold a sub-prime mortgage taken out before 2005, the home must be the primary residence, and they must prove they had creditworthiness at the time of the original loan.

McCain's plan is based on two principles: "No taxpayer money should bail out real estate speculators or financial market participants who failed to perform due diligence in assessing credit risks," and "any policy of financial assistance should be accompanied by reforms that promote greater transparency and accountability to ensure we never face this problem again."

Barack Obama

As for Barack Obama, his campaign website outlines another home plan. He plans to create a Homeowner Obligation Made Explicit (HOME) score to simplify home mortgage product comparison and cost understanding. This metric would be standardized like APR.

Obama also plans to create a 10% universal mortgage credit to "provide an average of $500 to 10 million homeowners," and to "fight mortgage fraud" by increase funding for federal and state law enforcement programs.

How will Barack Obama or John McCain's housing policies affect you and your home? Guess we'll find out soon.

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