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. goofy

    The democrats are hilarious...keep thinking that they will get tax breaks AND universal healthcare, and big government.

    Repubs are just as funny talking about small government...HA!

    Two parties are jokes.

    October 8, 2008 02:29 pm at 2:29 pm |
  2. Susan in Colorado

    Another fine example for "swoosing" the voters. Lies, lies, lies, and more lies. McCain needs to leave the building.

    October 8, 2008 02:29 pm at 2:29 pm |
  3. Stephanie, TX

    I wish someone would play a tape of the John McCain when he first started his bid for the presidency and the John McCain today. You said we don't know Obama, but the truth is, we don't know you. Who are you, John?

    Obama/Biden 08

    October 8, 2008 02:29 pm at 2:29 pm |
  4. S.B. Stein E.B. NJ

    Why couldn't we have done what Gordon Brown and Britian are doing... They are buying preferred stock in 8 large British banks to infuse some money into the market and possible make the money back. I would have preferred to have the bankrupcy judges to have some ablitiy to rewrite the mortgages so that people can stay in their houses and the banks will still get their money.

    October 8, 2008 02:29 pm at 2:29 pm |
  5. Sue

    Yeah, sounds like a plan, John. Remember, Cindy says you are running a clean campaign...wonder how the 4 of you sleep at night after lying all day long?

    October 8, 2008 02:29 pm at 2:29 pm |
  6. Jim

    I'm puzzled! Someone please explain why an airline pilot meet mandatory retirement age upon reaching 60. But we have an old man that's 72 – and running for election to the highest office in the land, president of the United States of America. I do not get it. This concept is out of touch with all americans.

    October 8, 2008 02:30 pm at 2:30 pm |
  7. Paul

    Another fine example of poor judgment.

    October 8, 2008 02:30 pm at 2:30 pm |
  8. Tired of Laughing

    I am a registered Republician voter and I am tired of laughing. I am tired of the jokes. Tired of the districtions. Tired of the foolish behavior. If the GOP can't get it together, so be it. I will vote with my purse come November. I don't care if Obama is Black, Red, Green or Purple. John McCain has proven to me that he is not worthy of my vote.

    October 8, 2008 02:31 pm at 2:31 pm |
  9. Matt

    I have enough trouble paying for my mortgage!!
    If McCain does get elected ( which he will not) he will be dead within the first year of his term cuz he is how old? 70 something. He needs to just stop trying to win an election he knows he doesn't have a chance @.

    October 8, 2008 02:31 pm at 2:31 pm |
  10. Alan Machtey Sugar land texas

    John looked old and tired at the debate. The real TRUTH about McCain Health Plan is to get every American off Corporate Health Plans and let every HardworkinAmerican fend for himself. Again showing how American Corporation enchanced their bottom line.

    October 8, 2008 02:31 pm at 2:31 pm |
  11. fed up

    Let's just erase all debt and call it even and start over–fresh.
    No Democrats or Republicans.

    October 8, 2008 02:31 pm at 2:31 pm |
  12. Allison

    I'm voting for "that one" with one house.

    October 8, 2008 02:31 pm at 2:31 pm |
  13. Chad, OK

    A lot of my friends say they are secretly voting for Obama. They talk tough around their friends and pretend they're voting for McCain, but they really think he's an idiot, and his running mate is just a babe, but there's nothing upstairs.

    October 8, 2008 02:31 pm at 2:31 pm |
  14. bisi

    Really,John, after your disgusting performance, I don't believe anything you have to say. To think I wanted to vote for you! You and your illiterate, ignorant, redneck Palin have sunk so low, calling Obama a terrorist and actually inciting violence. You are nothing but a bitter sore-loser who needs to take up a hobby and retire in disgrace. I wouldn't vote for you if you were the last candidate left and i were the only citizen in the USA. Shame on you!!!!

    October 8, 2008 02:31 pm at 2:31 pm |
  15. Brian in upstate N.Y.

    The word "change" in politics is defined as "same old,same old. Try to remember that when and if you vote.

    October 8, 2008 02:32 pm at 2:32 pm |
  16. tatanka

    To AWARE
    At least the dems know how to get money to spend the repuks just spend until they have to borrow. Then what happens is the markets collapse. You have to have money coming in before you can spend. If that is tax and spend it's ok with me. At least we can pay for it.

    October 8, 2008 02:32 pm at 2:32 pm |
  17. Matt

    You idiots that want to just spew your hate without thinking first need to reconsider McCains mortgage buyout plan.
    Primary residence only.
    If the government buys the bad mortgages, they get the interest paid on the mortgages as well. The mortgages get paid off plus interest.

    That's making money !!!!!

    Obama=ACORN=Barney Frank=Pelosi=Reid=Fannie & Freddie=voter fraud=socialism=partisan.

    Too many connections to the problems we face today !!!!

    McCain/Palin "True reform and bipartisanship"

    October 8, 2008 02:32 pm at 2:32 pm |
  18. Sweetgreen

    "That One" has my vote! McCain, I just really hate seeing you sell yourself out like this. I have admired you in the past, but you have no dignity left.

    October 8, 2008 02:33 pm at 2:33 pm |
  19. Regal, MT

    And who is the Republican candidate? I'm getting confused. John must really want this bad –he's turning into Dukakis.

    October 8, 2008 02:33 pm at 2:33 pm |
  20. Dana, NYC

    "...he will order the treasury secretary...." Oh, is that how it goes under the McPalin administration? You don't ask permission to use the taxpayers' money, you just order the use of them? How about this, you brainless old men – rally up all your supporters and make them pay these mortgages... How is that fair to the other 95% of the people who are paying their mortgages and might also be upside-down on them due to this mortgage crisis? Did you stop to think that deep? Oh, sorry, that would require a brain, you arrogant cluelles old man.


    October 8, 2008 02:33 pm at 2:33 pm |
  21. Cory Harrison

    I think what he is trying to do is a good idea just at the wrong time as of now we have a much bigger crisis than our mortgage problem

    October 8, 2008 02:34 pm at 2:34 pm |
  22. John

    Jesus, how much money do you want us to be on the hook for, McFailin?

    October 8, 2008 02:34 pm at 2:34 pm |
  23. Pam

    Beverly, NYC October 8th, 2008 12:45 pm ET

    Thanks but no thanks for the new plan McCain. I have no interest in bailing out one of your rich cronies or some idiot who makes $50,000 and thought they could afford a $500,000 house. Was this bright idea on a starbucks cup?

    I think it was on a Snapple lid.

    October 8, 2008 02:34 pm at 2:34 pm |
  24. aware

    I'll take McCain and his plans any day over the tax and spend guy! 😦

    Also, the obfuscating Obama has memorized his script but when he is asked a question like, "Who would be your secretary of the treasury?" he follows McCain's lead! 🙂

    October 8, 2008 02:34 pm at 2:34 pm |
  25. ANGIE

    Mccain is going to leave us HOMELESS!!!

    October 8, 2008 02:34 pm at 2:34 pm |
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