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."
From CNN Politics
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
| Advertising practices | Advertise with us | About us | Work for us | Help
So what the H3LL is PMI (private mortgage insurance) for???
I didn't get an ARM or mortgage to 120% and I pay PMI. SO I get no help, my PMI is not covering these defaults AND I'll pay higher taxes to let people readjust their mortgages so they have less debt.
MOST of America is in MY position...NOT those freeloaders that this kind of bailout will "help".
Lunacy.
KG...be specific...what in gods name are you talking about? what illegal tactics is Obama using? You sound like Palin with your lack of specifics.
Sam
John McCain is a flop flopper and will say or do anything to win. I don't trust him at all...
Obama and Biden 2008
Thanks, Senator McCain, for adopting Barack Obama's idea for using the bailout money to directly to help homeowners stay in their homes.
Are you sure you should be running against him, or supporting him? How 'bout it, John, why not be bi-partisan and cooperate with the Obama Administration on saving troubled homeowners?
McCain has become an angry man full of hate and unfortunatly, will stop at nothing to get his way.
PEOPLE ARE THINKING OBAMA IS HAVING SOME SOLUTIONS,BUT THEY ARE GOING TO SUFFER AFTER MAKING HIM AS PRESIDENT.
An angry man full of hate that is stopping at nothing to get his way.
He's now offically dangerous.
Where else would the money come from?
If my vote decides if I will have a job to go to every day. A home to go to every night. A chance to afford to send my son to college. Then I will cast my vote for change. I will be voting for the person who has the best chance of improving my life. I had been holding out on my vote and had remained undecided until I considered the issues that really matter to me most..........My Family. Forget party. My family comes first. If this Obama guy is the one then so be it. I will stand behind him to help make life for me and my family better.
KG –
besides saying Obama has used all these illegal tactics, why don't you give examples? I'm waiting...................................................
(Bye the way, there is some investigation going on regarding Pallin, even though she won't participate or acknowledge it, it's still going on)
Oh yah, still waiting for your examples. And you were never a democrat, nice try
To Emil,
That figure( $300B) is not mentioned specifically on the bailout bill, but the authority to use the funds to pay off mortgages IS in the bail out plan's description of authorized actions. Check it out. One of the consumer protections. Or did you miss Keith Olbermann's post debate discussion last night on this very point?
everything McCain says is a lie
I hope everyone is listening to John McCain right now in PA. He's an absolute joke. The very things he blames Obama for doing, he's doing himself!
"Obama sure does look in the past for blame..." The next words out of McCain's mouth are "Obama is at fault for this or that and everything else."
When you grow up McCain maybe people will start listening to you.
I was just watching Mcbush's rally in pennslyvania,i heard abunch of liars ,& saw a bunch of loser's.
An angry, smart, used up WOLF in sheep's clothing. Give it up McSame to "that one". And your little girl, McMooseBushMeatKiller, too.
OBAMA/BIDEN 08
YES WE CAN!!!
My vote goes to "That One"
Florida Voter – Yup. That is exactly what he said last night. I have a house I cannot sell due to the lousy real estate market. We've owned it for nearly 20 years, it's now 25K below appraisal, it's still not selling. Do ya think this will help me? Nah... just the folks who took on more than they could manage. And tho they make promises that no "liars" will get the $, look what happened with AIG and their bailout – $400K in spas, holidays, rooms, travel, food ...
Better look to Obama for some ethics and "straight talk".
Neither of these candidates have ANY fiscal responsibility.
They feel the government has to help us. They need more money do provide this help. I don't want the government to "help" me find a doctor, or to "help" me invest my money, or to "help" me by taking my mortgage, or to "help" me drive an ethanol burning vehicle, or to help me with carbon credits.
These two parties have destroyed this country. You Democrats and Republicans can point fingers at each other all day long...and you know what?? YOU'RE BOTH CORRECT!!! You two have messed everything up...maybe in varying degrees, but you are BOTH RESPONSIBLE.
It's time people wake up and stop falling for the lies that both parties are feeding you. If you vote for McBama this fall, we will all have bigger problems.
Well Obama doesn't have a plan and I don't see where us as taxpayers will be bailing this out either. The mortgage crisis is going to get worse if we they sit back and twiddle their fingers rather than at least trying something. The problem stems to Fanny lending to all these people over their means. This is Barney Frank and all who approved this. At least McCain has a solution and it might just stimulate home sales down the road again. Something is better than nothing. Obama and McCAin should have nixed the 700bill bailout, its not stimulating investors because they don't want to be taxed to death on capital gains so they are waiting to see who is elected. If Obama gets the Presidency, we may have a bad wallstreet for a long time with his tax proposal.
Obama just doesn't get that even though a small business owner may make less than 250. in paycheck, his/her business revenue can be over 250., which would mean higher payroll taxes, and if your a inc. higher corporate taxes. Small business's employ alot of local towns people especially if you are an hour or more from a big city.
Part of the problem of this current bailout plan ( I refuse to call it a "rescue". please.) is the fact that the Treasury Dept wants to continue to keep prices inflated. How long do they think they can keep this propped up? There is going to be a big burst of the bubble, folks. They are gearing up for it.
McCain and Palin are running on fumes.....and sticking the whole way.
THAT ONE '08 ALL THE WAY BABY!!!!
I thought the bail-out was buying peoples morgages,H'mm sounds like MCbush is trying to hood-wink the American people. as for MCmoose just ignore her.
published reports looking at list of contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.
VERDICT: Misleading. No donations actually came from the companies. One method of measuring employee contributions does put Obama second overall, but another, for the current election cycle, shows McCain receiving significantly more.
ENOUGH IS ENOUGH... COME ON THIS IS A LIE!
Trust and respect just went out the window. He's not the John McCain I thought he was. My vote is going to OBAMA.