April 10th, 2008
09:15 AM ET
12 years ago

McCain to unveil 'HOME' plan

 McCain will unveil a new mortgage relief plan Thursday.

McCain will unveil a new mortgage relief plan Thursday.

John McCain will unveil what he is calling a "HOME" plan later Thursday to help Americans deal with the mortgage crisis.

Key excerpt from his speech:

"I believe a more robust, timely and targeted effort is my HOME plan. It offers every deserving American family or homeowner the opportunity to trade a burdensome mortgage for a manageable loan that reflects the market value of their home. This plan is focused on people. People decide if they need help, they apply for assistance and if approved the government under my HOME Program supports them in getting a new mortgage that they can afford. There will be qualifications which require the home to be a primary residence and the borrower able to afford a new mortgage. We will combine the power of government and the private sector to find immediate solutions for deserving American homeowners.

"My plan follows the sound economic principle that when markets decline dramatically, debts must be restructured. It is built on the reality that homeowners should have an equity capital stake in their home. Homeowners would end up with a 30-year mortgage and an equity stake in their home. The new lender would receive a federal guarantee of the mortgage. And the taxpayer gets a benefit if the sale value ever recovers."

Filed under: John McCain
soundoff (91 Responses)
  1. sebes-fl

    Home Plan! Oh! wait, I get it, it going to be called The Mcsame Home Plan ....and it's going to take a hundred years to do this!

    Obama 08

    April 10, 2008 10:55 am at 10:55 am |
  2. Ilona Proud Canadian

    People are so hyped up about this Rice McCain possible dream team.
    I wonder why Rice did not run for the republican nomination????
    Any thoughts anyone.

    On this other McCain mortgage crisis, of course this was written for him. He is obviously reading the speech that his advisors gave him. I just wonder if he is going to remember what it is all about when it comes time to implement it. He seems to be extremely forgetful. And boy his temper is something else.

    April 10, 2008 10:57 am at 10:57 am |
  3. Taxman, Texas

    Lets tax rich conseratives till their eyes bleed money.Paybacks are a fun and I love to watch them cry.

    April 10, 2008 10:58 am at 10:58 am |
  4. Belle

    To the Obama supporters of if Not Hillary then McCain.

    Please explain to me why a McCain/Rice ticket to Democrats for McCain is Racial?

    Don't you get it....we have watched Obama for MONTHS drag Clinton through the mud with his snide comments. We just don't believe he would make a good president, given his ties to Rezko, his copying Clinton at debates, his failure to investigate Rezko/Rezmar buildings in his OWN state senate district...receiving campaign contributions from Rezko WHEN Rezmar could NOT afford to have heat in the buildings IN Senator Obama's District...what did he do? NOTHING.
    He lied about his relationship with Rezko....what does he think we are Stupid...that no one would find out? 8 of 11 buildings in Obama's District were foreclosed on, yet Obama wrote a letter supporting Rezko in another building just outside of his district? Obama, in my opinion threw the Poor people under the bus.

    For almost two years he has talked about hope and change...but his plans are not covering everyone. He does not take a stand, and his ONLY claim is he did not vote for the war. Of course not, he couldn't.

    April 10, 2008 11:01 am at 11:01 am |
  5. Ryan Whitten

    I doesn't matter what McBush says he will be going "home" soon. I think America is sick and tired of Republicans pushing through an agenda that has harmed it's people time after time. I'm disgusted with the Republicans approach of "Well, Ive got mine" Now McCain should know better than to lay down with the crowd that he is with, Heck half of Republicans can't stand him, and the other half is waiting for him to stab them in the back again, which is night and day different than on the Dems side. I'll campaign for Obama as long as I can, But if Hilliary somehow gets the nomination, I'll support her! At least the dems aren't as disfuntional as dogs that McBush has surrounded himself with.

    Obama '08

    April 10, 2008 11:01 am at 11:01 am |
  6. Brown

    I must disagree with Cheryl and (If not Hillary, McCain). I f Hillary is the nominee, I will vote for McCain! And if you did not notice, there seems to be a black man behind Hillary at recent speeches. In contrast to Obama, who has had everyone represented at most of his speeches. Check old video footage. You might be surprized. I'm sure you'll find the tape next to the video labeled Bosnia.

    April 10, 2008 11:02 am at 11:02 am |
  7. Realtor

    It is time Washington makes banks and mortgage companies be held responsible for non owner occupied investor loans when the investor says he is going to live in the property and does not, that is fraud. People doing this need to be indicted.
    It is time Washington require would be homeowners to have money saved and to have good credit. That is the way it was when I became a Realtor 20 years ago.
    I believe in homeownership, but mortgage loan officers should have more government regulation. When interest rates dropped in the 90s, many people flooded the mortgage business and when someone could not qulaify witha 5.5 percent 30 year fixed rate mortgage, they were given a 1 or 3 year adjustable rate mortgage and told their income would go up by the time it adjusted. WRONG and we are seeing the results now.
    Nothing is free in life. The day of moving into a home with no money down, no money saved and bad credit should be over for ever. If not the cycle of irresponsibility will continue.

    April 10, 2008 11:07 am at 11:07 am |
  8. Terrence W from NC

    If Not Hillary, McCain – two words. THAT's STUPID!

    April 10, 2008 11:10 am at 11:10 am |
  9. fred

    Alex H, I am a democrat and have been all my life..58 years. Never voted for a Republican, but you can bet your happy a.. I will if Obama gets the nomination!!

    Obama isn't bright enough to turn on a light bulb!!

    Go Hillary!!

    April 10, 2008 11:13 am at 11:13 am |
  10. Obama will be President

    Is he talking about the RETIREMENT HOME he's moving into?

    April 10, 2008 11:14 am at 11:14 am |
  11. Black Republican, Philly PA

    I don't agree with helping people that bit off more than they can chew. There are people out there that got ARMs, and interest only loans for homes that were way too expensive for their pockets. These people should suffer the consequences of poor decision making with regards to personal finance. There are others that have excellent credit, and continue to pay their debts with the utmost responsibility, but never receive any government gifts.

    April 10, 2008 11:26 am at 11:26 am |
  12. Black Republican, Philly PA

    Nice respone Sha-vone!

    April 10, 2008 11:29 am at 11:29 am |
  13. Its True

    He makes it sound so easy. Listen, most of these people couldn't even qualify for a 30 yr loan in the first place, thats why they are losing their homes. He never mentions what the interest will be, and when you get a LOAN there is always interest. Will it be fixed interest? Who will qualify? The truth is in the small print people.

    Is McCain a Democrat? cause it sounds like what Obama has suggested all along, with more government regulations on the mortgage loan private sector.

    April 10, 2008 12:38 pm at 12:38 pm |
  14. Bruce, Harpers Ferry, WV

    Michael Torrance, I couldn't agree more.why should the taxpayers have to share the burden of speculators that knew what they werre doing? I say let them foreclose. Period.

    April 10, 2008 12:41 pm at 12:41 pm |
  15. Andrew from PA

    The retirement home plan?

    April 10, 2008 12:45 pm at 12:45 pm |
  16. WD


    HILLARY '08!!

    April 10, 2008 01:42 pm at 1:42 pm |
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