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. Vaxe

    This is a guy who call himself a conservitve. NO BIG GOVENMENT. His is crazy

    October 8, 2008 01:48 pm at 1:48 pm |
  2. Peter (CA)

    ME-don't get too excited.

    Rasmussen went from 52-44 yesterday to 51-45 today. It's not significant and has moved in this range for a week now. Unless Obama drops below 50 or McCain goes over 45, it does not mean much. By the way, Gallup has it at 52-41 today.
    More importantly, the electoral map heavily favors Obama.

    Throw out all of the charges you want. McCain has tried and nothing sticks. Why? Because voters see through this stuff and know what matters.

    October 8, 2008 01:48 pm at 1:48 pm |
  3. Tommy

    If you think John McCain cares anymore about the average american taxpayer than George W. Bush does, you are simply delusional and living in Disneyworld.

    October 8, 2008 01:50 pm at 1:50 pm |
  4. Farrell, Houston, Tx

    Would someone just please call the "Undertaker" before McCain buries Americans while he continues to bury himself in stupidity.

    October 8, 2008 01:50 pm at 1:50 pm |
  5. Underwater Mortgages

    Watch It. He's gettin' all MAVERICKY

    October 8, 2008 01:50 pm at 1:50 pm |
  6. James

    It urks me to no end how people tout Obama's most liberal title. The funny thing about this is that it was the National review that calls him this. Now suddenly, this is the gospel. Does anyone but me not see the obvious conflict of interest here when the NATIONAL REVIEW is the one making this judgement? Who doesn't think they have an agenda to get another Republican elected?

    Funny how every democratic candidate of late gets this nice distinction. (ever since liberal became a dirty word)

    October 8, 2008 01:51 pm at 1:51 pm |
  7. Liz

    Is it not strange that when you watch CNN they report that Obama won the debate but when you watch Fox News they say MCain won the debate. I saw how Fox News did their polling and it was people woulc text in and chose who they thought won. But CNN, as usual, picked the people they wanted to poll and their opinion. So tell me, with CNN so pro-Obama (The Messiah/The One) I know they fully well knew that the majority of the voters who they picked would certainly say that Obama won. This CNN polling was not a unbiased process so of course you will get the majority of the idiots polled will definitely say Obama. I take this CNN polling with a grain of salt just like their reporting. The Fox polling was a superior process to what CNN used. So as an undecided voter, I will say McCain won the debate. When CNN does a better polling process then I will consider their results. We all know that this polling would be biased. ANYWAY TO EACH HIS OWN!!!!!!! ANYWAY LETS US SEE THE REAL POLLING ON NOVEMBER 4 THAT'S IF THE VOTER REGISTRATION FRAUD HAS NOT TAKEN OVER THE WHOLE ELECTORIAL PROCESS AND WE HAVE A FLAWED ELECTION.

    October 8, 2008 01:51 pm at 1:51 pm |
  8. John Mcain - Leave with honor

    John we do admire and appreciate your service to this country. But now is the time to step aside. Leave with honor. Stop this non-sense. You appear more confused and erractic every day.

    October 8, 2008 01:51 pm at 1:51 pm |

    John McSAME wants to write down the mortgages of his 13 hiouses and let the tax payer bear the burden of the cost.

    hmmm, this No longer the MR DEREGULATOR...John McSAME IS NOW MR FRAUDULATOR!!!!

    October 8, 2008 01:51 pm at 1:51 pm |
  10. Jerry Ohio

    McCain and Palin, Cindy your are a bunch of jokes who trying to destroy American.....McCain you are disgrace for calling Obama THAT ONE.......I wondering what Bush and the Republican have to say about THAT ONE----->>>>Palin

    October 8, 2008 01:52 pm at 1:52 pm |
  11. Norma, FL

    Person #1:
    If I can make you say three words, will you vote for John McCain?

    Person #2:
    You lose.

    October 8, 2008 01:53 pm at 1:53 pm |
  12. Leanne

    McCain and Palin will say and do anything to attract a vote...obviously.

    October 8, 2008 01:53 pm at 1:53 pm |
  13. Jill Rae

    Vote for the guy with one house.

    October 8, 2008 01:54 pm at 1:54 pm |
  14. KG

    I don't understand how so many people can talk about McCains tactics and just overlook the illegal tactic of obama, I mean McCain just says things about obama but obama has real illegal issues going on around him. I can't believe that our politicians on the democratic side can just overlook these things. I was a democrate all my life but I am seriously thinking of registering as a republican.After studying the fraud and illegal tactics going on in the demacratic party , it started with Hillary whom they used every tactic to keep her out and now they are even using dirtier and more illegal tactics to keep McCain out. Sorry our society is so blinded as not to see this.

    October 8, 2008 01:54 pm at 1:54 pm |
  15. Noel


    This will be the biggest present America can give themselves.

    Obama/Biden 08

    October 8, 2008 01:55 pm at 1:55 pm |
  16. Zaley

    Does McCain think before he speaks? We know Palin doesn't.
    Both are appearing more and more desperate, thus, looking more and more like fools.

    October 8, 2008 01:55 pm at 1:55 pm |
  17. ez

    Early voting is the way to go.

    Registered Republican voted for Obama/Biden 08

    October 8, 2008 01:55 pm at 1:55 pm |
  18. Brian in upstate N.Y.

    Stop taxing me. I think someone should audit the government. where has all the money gone? I've tightend my belt, because I have to. Why is the government able to spend,spend,spend? Get back to basics, spend on what we NEED. Once they can distinguish between need and have to have, I think you'll find alot more money than you thought.

    October 8, 2008 01:56 pm at 1:56 pm |
  19. joseph

    we got socialist to the left of me, socialists to the right, here i am stuck in the mud again.

    btw obama we arent a wealthy nation anymore so please scratch your socialized health care, and your global poverty tax, cuz we will need that money.

    October 8, 2008 01:56 pm at 1:56 pm |
  20. D. A. Reuter, Bremerton, WA

    I want to see the POTUS and Congress held accountable for the part they played in this mess, after all they made it happen.

    October 8, 2008 01:56 pm at 1:56 pm |
  21. JAQ


    October 8, 2008 01:57 pm at 1:57 pm |
  22. simp

    I can't imagine palin/mcain in the white. do you all know what this would do to our country? He is angry and a war fanatic and she is is air head moron. Wow can you imagine the state of our country?


    October 8, 2008 01:57 pm at 1:57 pm |
  23. Kate

    whoever is advising John McCain should be sent to jail. My theory is they were planted by democrats.

    that one 08!

    October 8, 2008 01:57 pm at 1:57 pm |
  24. sh

    Voters cannot be fooled this time. The old dog and pony trick will not work this time. People are hyrting and onlt thing this Alaska cessationist Palin can do is attack others character. She is the one who has fathered 5 kids with domestic terrorist Dude and she has the gal to call other candidate these lies.

    October 8, 2008 01:57 pm at 1:57 pm |
  25. arlene, CA

    Obama won the debate & Obama will win in Nov.08. We got our mail in ballots yesterday, and I & 3 family members mailed them in this a.m. & also 5 friends I know of also mailed theirs in this a.m. all for Obama. McCain has nothing left to do except attack, attack, attack. I am sick of his lies, his negative, hateful, unhonorable campaign. No McCain, No Palin, No Way, No How.

    October 8, 2008 01:58 pm at 1:58 pm |
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