April 10th, 2008
09:15 AM ET
7 years ago

McCain to unveil 'HOME' plan

 McCain will unveil a new mortgage relief plan Thursday.
McCain will unveil a new mortgage relief plan Thursday.

John McCain will unveil what he is calling a "HOME" plan later Thursday to help Americans deal with the mortgage crisis.

Key excerpt from his speech:

"I believe a more robust, timely and targeted effort is my HOME plan. It offers every deserving American family or homeowner the opportunity to trade a burdensome mortgage for a manageable loan that reflects the market value of their home. This plan is focused on people. People decide if they need help, they apply for assistance and if approved the government under my HOME Program supports them in getting a new mortgage that they can afford. There will be qualifications which require the home to be a primary residence and the borrower able to afford a new mortgage. We will combine the power of government and the private sector to find immediate solutions for deserving American homeowners.

"My plan follows the sound economic principle that when markets decline dramatically, debts must be restructured. It is built on the reality that homeowners should have an equity capital stake in their home. Homeowners would end up with a 30-year mortgage and an equity stake in their home. The new lender would receive a federal guarantee of the mortgage. And the taxpayer gets a benefit if the sale value ever recovers."


Filed under: John McCain
soundoff (91 Responses)
  1. unions are not stupid

    oh bog can the American people really handle another plan from these republicans one failed policy after another

    April 10, 2008 09:55 am at 9:55 am |
  2. In Chicago

    hhhmmmmmmmmmmmmm....................not sure if this will work

    April 10, 2008 09:58 am at 9:58 am |
  3. Rusty Shackleford

    Does that neon blue light there help to preserve him?

    April 10, 2008 09:59 am at 9:59 am |
  4. Martin

    McCain, won't it be a little too late by the time you can possibly implement this plan?

    April 10, 2008 10:00 am at 10:00 am |
  5. ED

    ANY THING THIS WARMONGER HAS TO SAY HAS BEEEN BREIFED BY THE LOBBYISTS THAT GIVE HIM PLANES WOMEN AND MONEY.HE IS THEBIGGEST OF OUR CROOKED SYSTEM FOR POLICAL FLUNKIES

    April 10, 2008 10:00 am at 10:00 am |
  6. Lilarose in Oregon

    Hey Folks!

    It is TOO late for hundreds of thousands of FORMER home owners!

    Too late!

    They have moved out, they have abandoned thousands of homes, they can't be helped now.

    April 10, 2008 10:00 am at 10:00 am |
  7. Michael, Torrance, CA

    Sounds a lot better than the straight bail out that both democrats are proposing. Help people out only if they can actually afford a new mortgage. No help for irresponsible people that new going in that they couldn't afford to buy a home in the first place.

    April 10, 2008 10:02 am at 10:02 am |
  8. Mike

    Since i got closed out of the Condi comments.

    Wow, look at all of the mad Dem's comming out of the woodwork!!

    Some of Condoleezza Rice's experience;
    -------------

    1) Soviet and East European Affairs Advisor

    2) United States Secretary of State

    3) National Security Advisor

    4) As Stanford's Provost, Rice was responsible for managing the university's multi-billion dollar budget.

    5) She also served on the board of directors for the Carnegie Corporation, the Charles Schwab Corporation, the Chevron Corporation, Hewlett Packard, the Rand Corporation, the Transamerica Corporation, and other organizations.

    6) Served on Council on Foreign Relations

    7) She served as a consultant on the former Soviet Bloc for numerous clients in both the public and private sectors.

    8) She served on the Federal Advisory Committee on Gender-Integrated Training in the Military.

    9) She served as a foreign policy advisor to President Bush senior.

    Wow! Now I see why the Dem's are so upset.

    Condoleezza Rice has more experience than OBama and Clinton combined!!!!

    April 10, 2008 10:03 am at 10:03 am |
  9. Donald, SC

    Any plan that McShame reveal is hypocrisy! He already stated his position on the US economy; all is fine and should be left alone. Anyone who buys into this was either not paying attention to his speeches on his Presidential positions, or they simple believe in the well known flip-flops of this good-old-boy warmonger.

    April 10, 2008 10:04 am at 10:04 am |
  10. Uncle Sam

    Perhaps this is why former Fed chair, Alan Greenspan, endorses Sen. John McCain. Critics have sought to ridicule John for his candor about his knowledge of economics. It is refreshing when a politician is actually humble, yet seems to know more than his detractors.

    Americans for McCain '08

    April 10, 2008 10:07 am at 10:07 am |
  11. CHERYL

    I FIND THIS AMUSING!!!!!!

    SENATOR CLINTON HAS DONE ALL THIS STUFF WEEKS AGO!!!!!!

    THEN McCAIN AND OBAMA FOLLOW SUIT?

    IT IS PLAIN TO SEE WHO SHOULD BE OUR NEXT PRESIDENT!!!!

    HILLARY!

    SHE IS SO FAR AHEAD OF THESE TWO INTELLECTUALLY!!!

    HILLARY GETS MY VOTE!!!!!!!

    April 10, 2008 10:09 am at 10:09 am |
  12. If Not Hillary, McCain

    If Obama gets the nomination, I'm voting for McCain. I'm a typical white person who is so disgusted by Barack's racism that I will vote Republican in November – and it will be the first time I ever do so.

    April 10, 2008 10:10 am at 10:10 am |
  13. Grif

    John McCain's Condo? Built with Finesse. That's Stability. What?

    April 10, 2008 10:10 am at 10:10 am |
  14. Tony

    Yes Mr. McCain, its time to go home.

    April 10, 2008 10:10 am at 10:10 am |
  15. CHERYL

    SENATOR CLINTON LEADS IN THE POLLS!!!!!!

    RASMUSSEN POLL: CLINTON 48%
    OBAMA 43%

    GOOOOOOOOO HILLARY! WE SUPPORT YOU IN MI AND FL!!!!!!!

    April 10, 2008 10:11 am at 10:11 am |
  16. Stacy Clarks,

    Oh My GOD this country is in need of a democrat really bad!!!!

    April 10, 2008 10:13 am at 10:13 am |
  17. CHERYL

    OH,

    ALL OF THE SUDDEN McCAIN KNOWS SOMETHING ABOUT THE ECONOMY?

    HE MUST HAVE TALKED TO HILLARY!!!!!

    I WONDER WHAT THE CLOWN OBAMA WILL HAVE TO SAY ABOUT IT?

    I AM SURE IT WILL BE THE SAME AS McCAIN'S JUST CHANGED AROUND A LITTLE!!!!!!!

    VOTE FOR HILLARY!!!!!!!

    April 10, 2008 10:14 am at 10:14 am |
  18. Bruce, Chicago

    Hey, an actual detailed, practical, and good idea! I don't get it, I thought candidates were supposed to speak in generalities without offering any actual specifics? Maybe Oprah or Elton can help Obama and Clinton with an actual idea of their own, you know, make the election interesting?

    April 10, 2008 10:14 am at 10:14 am |
  19. Mike

    Hey Rusty, stick to the issues!

    Maybe the light is radiating from his "greatness."

    You have any other candidates in mind, NObama perhaps?

    April 10, 2008 10:15 am at 10:15 am |
  20. Brendan D, Niles, IL

    This is such crap. Sen. McCain claims that he doesn't know much about the economy but that he believes in free markets. So what does he want to do? Halfheartedly interfere. Instead of having a government-driven economy the way the Democrats always seem to and the Chinese do, or having a truly free-market economy the way the internet does, McCain wants to pretend to help while pandering to free-marketer businesspeople who don't actually understand economics but know that more regulations mean less money for them.

    April 10, 2008 10:15 am at 10:15 am |
  21. Jay

    Um... so we're supposed to believe McCain has a strong economic mind now? Didn't he already admit that he's not good with that area?

    April 10, 2008 10:16 am at 10:16 am |
  22. Mike

    This is to: "If Not Hillary, McCain."

    ...I agree...

    April 10, 2008 10:17 am at 10:17 am |
  23. NIC

    glad to see that not everyone is jumping on this barack bandwagon. if and when, hillary wins PA, IN, KY and WV (good lead in all 4 of those states), she'll move even more closer to barack's pledge delegate count (almost split by the end).
    superdelegate time! thats what they are for, thats why they were made. now, we'll finally get to use them. she will past him when the superdelegates cast their votes. but im sure we will know by june who the nominee will be regardless.

    April 10, 2008 10:19 am at 10:19 am |
  24. Ricky Marlin, New Orleans, LA

    Some more of Condi Rice's experience:

    –She totally ignored the warnings in the bipartisan Hart-Rudman report that forewarned of the plans for terrorists to use planes as weaspons. Before congress she testified she considered that "an historical document."

    –She was National Security Advisor on Sept. 11, 2001.

    –She has been a cheerleader for the failed policies in Iraq and Afganistan and has accomplished absolutely nothing in brokering peace in the middle east.

    - She helped send our troops to their death based on flawed intelligence.

    - She is a rubber stamp buttkisser to the worst President in U.S. history.

    - She can't maintain a relationship, a family, children, friends, or lovers. But yet she's supposed to fix international relationships?

    Oh, that Condi is every neocon's dream.

    April 10, 2008 10:19 am at 10:19 am |
  25. CHERYL

    I AGREE WITH (IF NOT HILLARY McCAIN) ABOVE!

    I AM SO SICK OF OBAMA'S LIES AND HIS HATRED TOWARD WHITE PEOPLE!!!!!!

    SOMEONE SAID THAT HE IS PAYING WHITE PEOPLE TO STAND BEHIND HIS WIFE MICHELLE WHILE SHE GIVES SPEECHES?

    I KNOW THAT HE BLOCKED MY VOTE FROM COUNTING AND THAT IS UNAMERICAN!!!!

    WE NEED TO VOTE FOR HILLARY! AND SEND HIM A CLEAR MESSAGE THAT ALL HIS MONEY WILL NOT BUY HIM THE PRESIDENCY!!!!!

    GO HILLARY WE ARE WITH YOU GIRL!!!!!

    April 10, 2008 10:20 am at 10:20 am |
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