October 8th, 2008
12:00 PM ET
6 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. ready for change

    with mccain palin, we will not only have to open up our multi shelters for our storm and disaster victims, they will become our permanant homes.

    October 8, 2008 01:58 pm at 1:58 pm |
  2. bill

    I can pay my own mortgage once we get free health care and utilities.

    Obama 08

    October 8, 2008 01:59 pm at 1:59 pm |
  3. Gia in Los Angeles, CA

    McCain threw the idea out there out of nowhere and didn't even bother to tell the people how it would be paid for or how much it would cost!! Up to now, his campaign ideas have been from the Bush administration or stolen from Obama!! This time, he prefaced his plan by saying that it wasn't Bush's plan and it wasn't Obama's plan! I'm glad he's taking full credit for it, because no one will back him on it!!

    October 8, 2008 01:59 pm at 1:59 pm |
  4. THAT ONE!!!!

    Vote for That One!! The One with One House!!

    October 8, 2008 01:59 pm at 1:59 pm |
  5. Fred

    Bush all over again ! No – No fiscal responsibility. And he is on some other planet – We just approved a package to help home owners. How can anyone respect or want to vote for that man ?

    October 8, 2008 02:00 pm at 2:00 pm |
  6. jay

    so all homeoweners who are not paying their mortgages will get a free ride while people who have worked hard andf payed their mortgages will have to shoulder this too....................

    October 8, 2008 02:00 pm at 2:00 pm |
  7. aware

    The radical left-wing media, money and cronies choose a president!

    Journalism and democracy are dead!

    Obamanomics — the Coming Tax-and-Spend Nightmare!

    Pelosi, Reid and Obama – the new nightmare team! :(

    October 8, 2008 02:01 pm at 2:01 pm |
  8. I'm here are you Johnny?

    Ted in the Netherlands,
    Thank you for your comment. We need to hear everyone around the world is saying. The USA needs CHANGE. As for Gov. Palin stick to Moose hunting. I hear McCain is about to retire...take him with you.

    Barack " That One" Obama for president.

    October 8, 2008 02:02 pm at 2:02 pm |
  9. King Obama

    I see that my loyal subjects are all on the same page with chants of "That One."

    It's good to be the king. :-)

    October 8, 2008 02:02 pm at 2:02 pm |
  10. Matt

    I have lost ALL respect for John McCain. He has launched a horrible campaign full of lies and hatred. This type of behaviour is totally unacceptable!!

    October 8, 2008 02:02 pm at 2:02 pm |
  11. AirDiva for OBAMA

    "I can take four more weeks of John McCain’s attacks, but America can’t take four more years of John McCain’s George Bush policies."
    - Barack Obama 10/8/08

    October 8, 2008 02:03 pm at 2:03 pm |
  12. Shane

    John McCains true colors are showing. He is a man full of hate and desperation. He has become dangerous.

    October 8, 2008 02:03 pm at 2:03 pm |
  13. Anne

    Can you imagine a "hot head" like McCain in the oval office??. DANGEROUS!!

    October 8, 2008 02:04 pm at 2:04 pm |
  14. Vincent, Great Lakes, Illinois

    Actually Liz,

    It is THAT ONE, not the one.

    P.S. CNN used three Republicans and three Democrates last night. I think you might have missed the memo on that.

    October 8, 2008 02:06 pm at 2:06 pm |
  15. EMIL

    SOME ONE BETTER CHECK THERE FACTS 300 BILLION FOR MORTGAGES IS NOT IN THE RESCUE PLAN

    GO MC CANE

    October 8, 2008 02:06 pm at 2:06 pm |
  16. Becky

    This is a great idea for Barack to do when he is elected!

    October 8, 2008 02:06 pm at 2:06 pm |
  17. sh

    I thought MCCAIN professes to be fiscal conservative maybe he and his wife can donate 100 million of their own money to help out because voters are not going to pay for the stupid decisions. BUSH and his SIDEKICK MCCAIN and his granddaughter Palin will loot whatever tax payers money may be left.

    October 8, 2008 02:07 pm at 2:07 pm |
  18. Darla

    McCain shows absolutley no respect for anyone. He'll step on everybody and anyone in his way, no matter what the costs are. He's been a spoiled little rich kid all his life.

    October 8, 2008 02:07 pm at 2:07 pm |
  19. Kate

    I know, I will not pay my mortgate for a couple of months so I can qualify to be on McCain's list. I love this idea!!!

    October 8, 2008 02:08 pm at 2:08 pm |
  20. MEP

    If he had read the Bailout Bill at all himself , he would know that one of the authorized actions for tthose administering the bill was paying off just such mortgages. Then he adds $ 300 B more. Does he read anything? ( Can he read?). What a maverick!

    October 8, 2008 02:08 pm at 2:08 pm |
  21. Beth

    This guy has lost all sense of good judgment. Starting with the pick of Palin as his running mate, McCain has gone down hill from there, and there is nothing left of the guy I used to respect. He is doing whatever it can to get elected, and gave up big time to the right wing. This guy McCain is scary, and Palin is even worse.

    I hope the country goes blue in November. That is the only hope for turning our economy around. The republicans this time truly scare me.

    October 8, 2008 02:09 pm at 2:09 pm |
  22. GEORGE

    HOTHEAD MC CANE????????????????

    WHO WAS FUNNELING MONEY TO TEACH KIDS TO BE RADICALS

    HALLO IT WAS OBAMA AND AIRES

    October 8, 2008 02:09 pm at 2:09 pm |
  23. MS in Engineering

    Nobama at 1:45 pm:

    How can someone who doesn't pay taxes receive anything from a tax decrease? THEY DON'T. If you don't pay taxes, then neither Obama's NOR McCain's tax plans affect you. Obama's plan isn't a handout – it's reducing the amount of taxes you have to pay.

    Talk about a math wizard!

    October 8, 2008 02:09 pm at 2:09 pm |
  24. Janine

    If McCain knew how to fix everything then why didn't he tell Bush.

    Nobama- when did Obama say he was going to hand out money? I need a time and place so we can all be there.

    Maybe I was watching a different debate.

    October 8, 2008 02:10 pm at 2:10 pm |
  25. Maria - South Carolina

    John McCain NOW is the Time. Your service to this country has been most honorable. But now is the time to step aside. Time to hand over the wheel to a new, fresh, willing and able leader............Barack Obama.

    October 8, 2008 02:11 pm at 2:11 pm |
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