I’m a bit obsessive about issues I care about. Between the Republicans and the Democrats, I watched about 25 presidential debates this campaign season. And as a real estate blogger, I try to pay close attention to what the candidates are saying about the housing crisis, especially because it will be among the top economic issues that the newly elected president will face when he or she takes office next fall. Other than the tough talk on cracking down on predatory lenders, there hasn’t really been any substantive solutions behind the candidates’ rhetoric. In a blog I posted in January, I went to Barack Obama, Hillary Clinton and the Republican candidates Web sites to see, in writing, were they stood on the issue.

I’m delighted to report that in recent months the presidential hopefuls have become more vocal about the housing market malaise, as they campaign through states hit hardest by the subprime fallout and rising foreclosure rates.

To keep you up-to-date, Clinton announced last Thursday that she will be joining Sens. Barney Frank (D-Mass.) and Chris Dodd (D-Conn.) to support a new plan that will deal with the credit crunch and let millions of families facing foreclosures restructure their mortgages and stay in their homes.

Here are excerpts from Clinton’s latest housing spin, courtesy of her campaign press peeps.

“America’s housing crisis is threatening to drive our economy into a deep recession. Mortgage foreclosures are at an all-time high, housing prices are falling at record rates, and for the first time on record, homeowners own less than half the value of their homes. This crisis threatens not only to force millions of Americans out of their homes but put hundreds of thousands of Americans out of work and devastate communities across the nation….

“While I was heartened today to see the Administration acknowledge the need for greater federal oversight of the mortgage industry, this news comes seven months and 1.6 million foreclosure filings after I first called for similar steps. And while the Bush Administration has belatedly acknowledged that both a foreclosure moratorium and an extended rate freeze are important components of an eventual solution, their approach to-date has been far too narrow to address the scope of the crisis.

“That’s why today, in addition to my proposals for a voluntary moratorium and rate freeze, I am supporting a plan to help millions of families restructure their mortgages on affordable, sustainable terms. I am cosponsoring legislation with Sen. Dodd to expand the Federal Housing Administration’s (FHA) capacity to guarantee responsible, restructured mortgages. This legislation will give lenders new incentives to work with homeowners who have seen the value of their homes fall below the principal on their loans, and put them into more affordable, secure long-term mortgages.

“This approach is not a bailout. It is a sensible way for all actors — lenders, investors, servicers and borrowers — to share responsibility, keep families in their homes and stabilize our communities and our economy….

“Finally, I am calling on Congress to immediately establish a $30 billion Emergency Housing Fund for states and localities struggling with mounting foreclosures. While the recently passed stimulus bill provides much-needed support for struggling workers and seniors, it fails to address the housing crisis, which is at the heart of our economy’s problems. This Emergency Fund would give governors, mayors, and community organizations the resources they need to stem the downward economic spiral that accompanies concentrated foreclosures. These resources could be used to buy, rehabilitate and put foreclosed properties back into constructive use, expand foreclosure prevention and counseling programs, and support community-level efforts to combat blight.”

I just have just one question: Where’s the $30 billion going to come from?

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.