October 9th, 2008
12:50 PM ET
7 years ago

New Obama ad targets McCain's mortgage plan

A new Obama ad takes aim at McCain's mortgage plan.
A new Obama ad takes aim at McCain's mortgage plan.

(CNN) - Barack Obama's campaign is launching a new television ad that takes aim at John McCain's recently announced proposal to have the treasury buy Americans' bad mortgages.

"McCain would shift the burden from lenders to taxpayers, guaranteeing a loss of taxpayer money," the ad's narrator says.

"Who wins? The same lenders that caused the crisis in the first place."

Putting bad actors ahead of taxpayers? We can’t afford more of the same," the narrator also says.

McCain's original plan called for lenders to write down the value of the bad mortgages and take those losses. But the Republican presidential candidate unveiled a new $300 billion plan in response to the first question of Tuesday's presidential 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."

The government would convert failing mortgages into low-interest, FHA-insured loans.

CNNMoney.com breaks down McCain's new plan

Filed under: Candidate Barack Obama • John McCain
soundoff (926 Responses)
  1. Phil Newton in Murphy, Oregon

    No banker left behind!

    BS Express keeps rolling

    October 9, 2008 12:25 pm at 12:25 pm |
  2. John in UPST NY

    Sen. Barack Obama did not initially react to McCain's bold stroke, but today, his campaign rejected the idea out of hand on the helping people keep thier homes on forecloser.
    The trouble for Obama, however, is that he was advocating much the same idea just two weeks ago.

    October 9, 2008 12:26 pm at 12:26 pm |
  3. Pablo

    ok I was going to vote Rep. but all I see now from the Rep campaign are cheap shots to Obama. they are trying to get us to hate Obama instead us talking about the biggest problem this wonderful country is facing. Come on Mccain!! what happen to you... Oh and your plan of buying all the bad mortgages is not your plan, nor bush's plan, nor Obama's!! it was Sen. Clinton...she said a month ago when she was being interviewed on CNN....Mccain you lost me when you picked that girl from alaka...

    October 9, 2008 12:26 pm at 12:26 pm |
  4. OMG

    Did you guys see how he walking in the debate, he need a walking stick or The COSMOS and McCain ROCKS!!! will become his walking stick, you old bigots, your time is up, stop fear politics its not gonna work this time. we had enough.

    October 9, 2008 12:26 pm at 12:26 pm |
  5. Linda Schatzer

    You know the people that really amaze me...is Ohio...they have voted republican in the last two elections...and look at their economy. And these people would vote for them again...sorry but I dont feel sorry for the people of Ohio, You reap what you sow. If you vote for the repubs again...you will stay in your depressed conditon if not get worse. Wake up Ohioans. McCain is bush all over again and Palin is worse. When do you learn????

    October 9, 2008 12:26 pm at 12:26 pm |
  6. Michael, Chapel Hill

    I feel sorry for the Liberals... they are not even ready to wait for the details of the plan. First of all even Obama does not know what to do.
    Details of every plan has to be worked out by some commette. It is just Maccain bashing. Here goes another liberal negative...

    October 9, 2008 12:26 pm at 12:26 pm |
  7. Obama did what???

    obama never goes onto details about his so-called progams. why?


    October 9, 2008 12:26 pm at 12:26 pm |
  8. Stacy from Loudoun County VA

    What concerns me about Senator McCain's plan is that it is it seems kind of, well, not well thought out. It does not jive with his message of spending freezes. He plans on buying this much bad mortgage paper, which I thought was the purpose of this accursed bailout in the first place, while giving more huge tax breaks to big businesses and while subsidizing the Iraq war at over 10 billion dollars a month.

    We are going to have to sell off Alaska to the Russians and Hawaii to the Japanese to pay off this mountain of debt. We may have to even throw a bit of California to the Chinese as well. This man is dangerous folks. Who is John McCain?

    October 9, 2008 12:26 pm at 12:26 pm |
  9. Chris

    I hate to say this but McCain is a liar and it behooves me why folks even believe him. But here is the real question I have for the McCain supporters and those who for what ever reason can't seem to make up their minds. Have the last seven years of the Bush administration been some sort of dream you guys wasn't apart of? Have you really forgot the lies that were shoved down your throats? Let's not for get McCain represents the GOP and no matter how much he says he is this Maverick, he stand on that platform and that platform has not been for Middle America since they been running the White House for the last seven years!!! So, now we have McCain who has yet to present anything that will help Middle America during this campaign. The man still wants to keep in place all the Bush tax and deregulation polices that have got this Country into the mess we have today!!! I have yet to see from McCain anything that will help me in this time of crisis. I think the only reason they can't see this is because they see Obama color first!!! The only thing I've seen and heard from him is more lies and games he uses to win at any cost. My Friends Country First is the last thing McCain is thinking about in this Presidential Race and it seems his supporters are the same way!!

    October 9, 2008 12:26 pm at 12:26 pm |
  10. ChrisB

    Like with his health care plan, McAin't wants to giveth with one hand, and taketh with the other. Oh, and he asks, Who is Barack Obama? If he doesn't know by now, that's one of many reasons why he deserves to lose this election.

    That One has my vote this year. Like there's any other choice...

    October 9, 2008 12:26 pm at 12:26 pm |

    You're top story shouldn't be "McCain continues to attack Obama." It should be "CNN continues to give McCain conspiracy theories legs". Shame on you CNN. Just like McCain's campaign has become 100% negative, CNN has also covered 100% negative. John McCain couldn't have done it with out you. He owes you guys big time. "Cindy McCain goes on attack"? Who gives a crap?!

    October 9, 2008 12:27 pm at 12:27 pm |

    The republicans picked a couple of patsys to fall on Bush's sword.3 more weeks untill their 15 minutes are up.Thank God.

    October 9, 2008 12:28 pm at 12:28 pm |
  13. Ex-Republican for Obama

    Fact Check: Does McCain's tax plan give tax cuts to CEOs?
    Verdict: True

    Nuff Said!! The geezer once again taking from the poor and giving to the rich! This man is so anti-american it hurts!

    Obama is for the people, not the rich!

    McCain is a sell out! He did it in vietnam when he committed treason, he did it to his wife and family upon return, he did it to his fellow veterans voting against all their benefits as a senator, he did it to workers by sending their jobs over seas, he did it to the economy in deregulating wall street, and he will continue to do it to the whole country and world if he is elected. He's the biggest threat to america we currently know of.

    October 9, 2008 12:29 pm at 12:29 pm |
  14. Pamela

    Why should I, a responsible home owner who bought a house I knew i could afford, bear the burden for those greedy folks who wanted to live in homes that they knew were way out of line for their income?
    I say, let them foreclose!
    If I lost my job and could not make my payments, no one is going to bail me out!

    October 9, 2008 12:30 pm at 12:30 pm |
  15. John McCain HAS LOST ALL HONOR

    John McCain – Can you HONESTLY look yourself in the mirror and still call yourself a Maverick?

    October 9, 2008 12:30 pm at 12:30 pm |
  16. TJ

    I look at the comments on this forum, and I am pleasantly surprised. Even after all of the comments by conservative organizations blasting Obama's alleged "ties to domestic terroritst', the people still believe in him. I am shocked. As for McBush, we the taxpayers already gave the financial sector $700 billion, and now, you want to give them more? I think not. Buying up bad debts at taxpayer expense is a great fleeing of America. This is noting more than lining the pockets of poor managers and bad businessmen-the very people who got us into this mess in the first place- with federal dollars. That is nothing more than another way for more greedy businessmen and women to get their grimy paws on the federal treasury.

    Not here. Not now. Not ever. Obama/Biden '08.

    October 9, 2008 12:30 pm at 12:30 pm |
  17. Jim from Pittsburgh

    This is why the McCain camp is in trouble.

    • 1st – he wanted to suspend the gas tax (This would have lost millions of American jobs on top of putting American roads a total disrepair)
    • 2nd – his choice for VP (His wife would have been a better choice)
    • 3rd – This mortgage bail scheme (Must have been cooked up by someone with a Journalism Degree Idaho State Community College)

    The list goes on and on!!!!

    Anyone with common sense could see that he is not more qualified then Obama. Palin would even be qualified to be in anyone cabinet

    Who is his advisor? And would his administration be run like this?

    October 9, 2008 12:30 pm at 12:30 pm |
  18. A dog barks in berkley round

    John please turn in your resignation now to runfor office now .

    October 9, 2008 12:30 pm at 12:30 pm |
  19. John in UPST NY

    OH ,,,and ACORN has been raided by Officals in Ohio, Nevada and i think Conn. .....on VOTER FRAUD ...and ACORN admitted it. ....CNN did post voter Fraud this morning but they didnt say who the Agency was that was raided...They may have now stated it ....BUT ANYWHO...Accorn is tied into the DEMS and Obama and wil be losing 10,000 of thousands of Votes.

    October 9, 2008 12:30 pm at 12:30 pm |
  20. Bob

    I'm wondering why alot of news stations aren't saying anything about McCain and Palin allowing people to yell "Kill Him" and so on in their rallies. Are we in the 40's, 50's, 60's I mean what is going on in America? There are so many people of minority serving in the military and to allow so much hate to go on when they are defending this country just like everyone makes you wonder what will happen when people of minority say enough is enough and America is left with less to defend it? A lot of people want change and taking us back and not pushing us forward is why America is on the down fall now. Americans need to stand up and fight agaisnt this hate that the McCain and Palin campaign seems to keep tolerating at their rallies!

    October 9, 2008 12:31 pm at 12:31 pm |
  21. ran

    AIG executives spend $443,000 on 1 week spa resort a week after bailout from us. People we can't let this abuse continue with our money. I still don't know why the gov don't give us the money and we will stimulate the economy. It would cost less then 700billion because there are only 300million of us according to the last census and that includes children. If they gave every adult over 18 it would cost about 200 million far less then 700 billion.

    October 9, 2008 12:32 pm at 12:32 pm |
  22. KBC

    Senator McCain is making a tactical error, and is severly limiting his recruitment efforts in my opinion.

    His current message seems to be inspiring persons that feel strongly about race to the point of hatred. But I believe the number of Americans who feel this strongly about race has been steadily diminishing.

    Most Americans (not just Democrats) try to distance themselves from these groups. It would seem to me that Senator McCain would not want these groups to organize in support of his canidacy.

    The above comments made by David Duke, and Dorothy from West Palm beach, support my viewpoint.

    October 9, 2008 12:32 pm at 12:32 pm |
  23. Lamps

    Why don't you report about McCain's Ayers ad?

    October 9, 2008 12:32 pm at 12:32 pm |
  24. lori

    Folks, any idea what we can do about fradulent acorn. ? I would like to see obama win this election legimately , not stolen because of voting fraud.

    October 9, 2008 12:33 pm at 12:33 pm |
  25. mitch

    McCain should take a little flack over this because it doesn't punish the loan companies in any way for doing this to us. There is not enough accountability but this is still a great plan. All he needs to do is tweak it a little.

    If the original loan was for $300k subtract what the home owner has paid from the loan. Say one year's worth of payments at $1500 month. So that would be 300000 – (1500*12) = 282000. The 282000 is what the government would buy the loan from the company for and then they could refinance it at this rate through the FHA. The company that gave the bad loan would loose the interest money they acrued during the life of the loan and the government and the tax payers would make a profit over the life of the loan.

    October 9, 2008 12:33 pm at 12:33 pm |
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