Less than three weeks are left until Election Day, and the topic on many Americans’ minds is the same: Who will be our next president, and what will he do for the economy, the housing crisis and the country in general? Recent news has made the nation aware of the very real problems at work, and each candidate has offered his proposed solutions.

Here are a few facts, taken directly from the candidates’ Web sites (JohnMcCain.com and BarackObama.com).

If you are a homeowner, here’s what you’ll want to know:

Democratic Presidential candidate Barack Obama’s Plan:

• Obama proposes a 10% universal mortgage credit to homeowners who typically earn less than $50,000 per year. This option could provide roughly 10 million homeowners in the U.S. with an average of $500 in tax credit.
• Obama’s Stop Fraud Act will increase funding for federal and state law enforcement programs and impose new penalties on mortgage professionals convicted of fraud. This law proposes to protect homeowners with subprime mortgages from abusive lending practices.
• The Homeowner Obligation Made Explicit (HOME) score will provide potential borrowers with a standardized borrower metric for home mortgages. This ensures that homeowners will have honest and complete information about various mortgage products so they may make easier comparisons.
• Currently, bankruptcy courts can modify debt on credit card accounts, vacation homes, vehicles, boats and investment properties, but not loans on a primary residence. The current loophole that prevents bankruptcy courts from modifying a homeowner’s mortgage payments will be eliminated.
• Most recently, on Monday, October 13, Obama called for a 90-day moratorium on home foreclosures at several banks. He also suggested that homeowners be allowed to withdraw up to $10,000 from their retirement accounts without any penalty through 2009.

Republican Presidential candidate John McCain’s Plan

• McCain’s new HOME plan consists of government-backed mortgage proposals from the Office of Thrift Supervision, House Financial Services Chairman Barney Frank and Senate Banking Chairman Christopher Dodd. This plan offers homeowners the opportunity to trade in mortgages for a manageable loan that reflects the market value of their house.
• Through the Federal Housing Administration (FHA), the government will back new loans for 200,000 to 400,000 deserving families, thereby keeping them from losing their homes.
• Eligible families are those who took a sub-prime mortgage on a primary residence after 2005; who can prove creditworthiness at the time of the loan; who can meet the terms of a new 30 year fixed-rate mortgage on their existing home.
• The process of the HOME plan is as follows:
  1. Pick up a form at the Post Office or download on over the Internet to apply for the HOME loan
  2. Once the FHA HOME Office verifies that an individual qualifies, the office contacts that individual’s mortgage service provider.
  3. The mortgage servicer retires the existing conventional mortgage and replaces it with an FHA guaranteed HOME loan from a lender.
• In his radio address on October 3, McCain has also proposed a one-year spending freeze on government agencies, with the exception of national defense, care of veterans and a few other critical issues.