October 8th, 2008
12:00 PM ET
10 years ago

McCain mortgage plan shifts costs to taxpayers

Sen. John McCain

Sen. John McCain

NEW YORK (CNNMoney.com) - Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers.

McCain's original plan called for lenders to write down the value of these mortgages, and take those losses. McCain unveiled the new $300 billion plan in response to the first question of the debate.

He said, "I would order the Secretary of Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes, at the diminished values of those homes, and let people make those – be able to make those payments and stay in their homes."

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Filed under: Candidate Barack Obama • John McCain
soundoff (428 Responses)
  1. Barbara - Texas

    Angie from PA – Don't worry about a thing. We all know how much of a fraud John McCain and Sarah Palin are. But we the voters will have the final say so on November 4th.

    VOTE "THAT ONE" for change

    October 8, 2008 02:58 pm at 2:58 pm |
  2. dave g, minneapolis


    Bob Barr is polling in the double digits in many states... People voting Democrat or Republican may be shocked that there is a third candidate that is polling as high as Ross Perot was. Unfortunately, we don't hear Barr in the debates because the two parties have "rigged" the debate process to only include candidates that poll 15% or more in 5 national polls...But I challenge you to find even 5 polls that actually ask for the names of all the candidates rather than Dem, Repub, or Undecided.

    When the polls only offer "Undecided" as the third choice, we will never hear a third party candidate in a debate....EVER.

    October 8, 2008 02:58 pm at 2:58 pm |
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