Where They Stand: Saving Homes

(CBS)
Ben Tracy is a CBS News correspondent based in Los Angeles.
If you don't believe the housing market is as bad as the media makes it out to be, just head to Las Vegas. It's ground zero in the mortgage mess. In fact, one in every 35 household in the metro area received a foreclosure notice this year. That's amazing when you think about it! Vegas is our backdrop for tonight's "Where They Stand" piece that will explain the presidential candidate's positions on the housing crisis – and how they propose to fix it.

As you know, when it comes to any home improvement, there is no easy fix. One of the people we met in Las Vegas was Adriana Camejo. She's a young mother who bought her house in a Las Vegas suburb two years ago. She had a great job and even better credit. Unfortunately, she signed on for a risky adjustable-rate mortgage. She says her lender told her that her interest rate was 6 percent, but after signing her loan documents she realized it was 11 percent. When her husband lost his job, she fell behind on her payments, and is now facing foreclosure. Her credit is ruined.

So, would the housing plans of Sens. McCain and Obama help her stay in her home? I was pretty surprised by what the candidate's agree on and how their political philosophies inform their plans. Tune in tonight at 6:30 p.m. EST and see which ideas you find most compelling. And you can click here to see our past installments of "Where They Stand."
  • Ben Tracy

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