McCain would buy bad homeowner mortgages

spike

spike

New Member
WASHINGTON - Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.

McCain said: "Until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy and we've got to get some trust and confidence back to America."

In an unusual step, McCain announced the plan during Tuesday's debate. He said that as president he would direct the federal government to purchase mortgages directly from homeowners and mortgage providers. The loans would be replaced with fixed-rate mortgages, ostensibly at a loss to the government.
Click to expand...

http://www.msnbc.msn.com/id/27076838/
 
The current bailout gives money to institutions in the hopes that they will in turn release money so more people can "get into debt" or "get more into debt".McCain's plan would help those who shouldn't have gotten so far into debt in the first place and more than likely won't be able to afford the new terms either or will just turn around and further screw themselves.Meanwhile those who took reasonable steps to keep their debts low and plan for the future are now paying for those who didn't.Personally McCains makes more sense in stimulating cash flow as I can see the banks holding the purse strings a little tighter,but then its not really "their" cash to put back into the system its "borrowed/financed" cash.
 
Umm... wait. Didn't he already vote for the current one? Isn't he already 100% behind it? :shrug:

I wish I were confused but I think it's pretty evident what's really going on.
 
jimpeel said:
So what of Biden stating that he was in favor of allowing the bankruptcy courts the power to reset interest rates and principle on loans?

The Fascist nationalization of America continues unabated.
Click to expand...

I wonder how Peel feal about supporting a Fascist now?
 
Yea, chic, the first eight hundred & fifty some odd billion does allow/warrant the treasury to buy bad mortgages. Nothing new, However, I don't think it said a word about re-mortgaging at a new, lowered, value.

McCain is an idiot. Can we have a do-over with the primaries-one where the Dems don't pick our candidate.
 
You must log in or register to reply here.
Back
Top