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. larry

    you can vote for who ever you want but to call Barack a racist is just stupid

    April 10, 2008 10:21 am at 10:21 am |
  2. Mwananchi

    Hi, "If Not Hillary, McCain" I hear you.
    STOP YOUR BIGOTRY. I am sure no matter what you were not going to vote for Obama. Stop making excuses to cover your bigotry.

    April 10, 2008 10:21 am at 10:21 am |
  3. Tom

    I'm with "If Not Hillary, McCain" for the same reasons and then some. You can tell who the obama supporters are because they're always the ones slamming the person and not thinking through the plan being presented. They don't have a thought process, just beat up anyone in their way – this from the supporters of the guy who's supposed to be the next great uniter? I think not. McCain/Rice is feasible and this plan may just work. At any rate it's better than the meaningless shell of words from obama.

    April 10, 2008 10:22 am at 10:22 am |
  4. Sha-vone

    If Not Hillary, McCain said: If Obama gets the nomination, I'm voting for McCain. I'm a typical white person who is so disgusted by Barack's racism that I will vote Republican in November – and it will be the first time I ever do so.

    You were never going to vote for Obama anyway. You would be really hard pressed to find anything about Obama that would show that he is racist (hello, he is black AND white). Apparently, you are harping on the "typical white people" comment and even a lot of white people have said that they understood exactly what he was saying. If you harp on Rev. Wright, then you are now calling Obama racist based upon someone else's beliefs. Even Hillary's current pastor has praised Rev. Wright and said that people have taken those sound bites out of context. He stated that he has known Rev. Wright for years and admires him. Apparently you haven't read about Hillary's former pastor, huh? The one that was just convicted for child molestation?? Does this means that Hillary supports child molestors? Sounds ridiculous, huh? Your vote really should go to McCain, if you can't articulate a good reason to vote for or against any of these candidates, then I am sure that Obama really doesn't want your vote. It's so unfortunate that you let fear and untruths dictate who you will support.

    April 10, 2008 10:22 am at 10:22 am |
  5. Wise Dem.

    home plan? So one who admitted he knows nothing about the economy.

    This is laughable.

    Dem 08

    April 10, 2008 10:22 am at 10:22 am |
  6. Kevin


    Being an adviser doesn't make Rice a GOOD adviser. Being an adviser is not a qualifying accomplishment. Being an effective adviser is, and where has Rice's most important advising positions led us? She's part and party to the mess we're in now, so yeah, let's tout her vast experience of mess-making. Thanks for your help!

    April 10, 2008 10:23 am at 10:23 am |
  7. fred

    The Obama bashers are sure out in full force.

    Great Idea John. If Hillary isn't the nominee...then you will be the man!!!

    I feel the very same way you do IF NOT HILLARY, McCain!!

    April 10, 2008 10:26 am at 10:26 am |
  8. Get real

    Johnny! You belong in a home buddy! Let's get some real ideas working for the U.S., let's vote Obama in 08! Go "O!!"

    April 10, 2008 10:27 am at 10:27 am |
  9. Kevin Leo (Jonesboro, GA)

    I would be moreinclined to listen to McCain's plan if he did not profess such a "let them eat cake" attitude when Barack and Hillary were dicussing their respective plans to aid homeowners. First he was saying it was there fault and now he wants to pander to them. No thanks, don't need your kind of help!!!

    April 10, 2008 10:27 am at 10:27 am |
  10. Really?

    I applaud Senator McCain for moving to the center, and proposing a progressive plan that might actually help working people. A few questions though: what happened in the last couple of weeks that changed his Straight Talkin' Express mind when he told struggling homeowners to pound sand? And how is this not the very "bailout" and "moral hazard" that he and others on the right deplored (except for Bear Sterns)? Because it's limited to owners of primary residences and those that can "afford" the new payments? Please . . . no one proposed helping people who couldn't afford to pay under a new rate or amount of prinicpal. All that happened was McCain that saw his prior strident position was a disaster.

    April 10, 2008 10:27 am at 10:27 am |
  11. Hicks, Fort Myers

    He's starting to morph into a Democrat!

    What about all the people who've chosen to get a 2nd job and pull themselves out of this mess–without government help–just personal responsibility, accountability.

    April 10, 2008 10:27 am at 10:27 am |
  12. Jon

    I love this plan. Not only does it help the people who need the governments help, it prevents people who got in over their heads and investment/secondary property owners from getting a free government handout. This plan is much better than a blank 10 or 30 billion dollar check to save all. People who do not need/qualify for the help or the Clinton and Obama supporters will scream bloody murder but when it come to my tax dollars I say only help those who deserve it.

    April 10, 2008 10:27 am at 10:27 am |
  13. Sean

    Hey CHERYL. I've been wondering who you're going to vote for?

    April 10, 2008 10:27 am at 10:27 am |
  14. ***AMERICAN***

    So my question is what has the house or senate done to help the housing problem? Why are we waiting for some one in the future to fix the problem. Why aren't clinton, obama & mccain doing something about the housing issue today in the senate. Isn't that what their current job are. I am not impress by the lot of them. Once again it will be a vote for the lesser of the two evils.

    April 10, 2008 10:28 am at 10:28 am |
  15. John

    Why do we feel the need to help out homeowners who, most of them, knew they were taking on more then they can afford? The government is not here to reward the bad decisions of the people. Why are my tax dollars going to help these bad decisions? Did I want a bigger house? Sure! I did not get one because I could not AFFORD it!

    Grow up America!

    April 10, 2008 10:28 am at 10:28 am |
  16. Allen, Lubbock, TX

    All you obama haters talking about how he lacks expereince...seems one of the best foreign policy leaders NOW think he would be a good president...sounds like my type of president– Obama '08

    Retired Gen. COLIN POWELL tells Diane Sawyer on this morning's ABC's "Good Morning America": "I'm looking at all three candidates. … I know them all very, very well. I consider myself a friend of each and every one of them. And I have not decided who I will vote for yet." He goes on to praise Senator Obama, per ABC.

    April 10, 2008 10:29 am at 10:29 am |
  17. Svetlana

    I thought he didn't want the government to get involved in the mortgage crisis? Looks like McCain is quick to change his tune when he's off key.

    April 10, 2008 10:29 am at 10:29 am |
  18. Marine

    Gee I thought all the MUD SLINGING and hateful rhetoric was suppose be between the candidates. Seems like this disease has spread to the uninformed populace who spew trash out of their mouths without thinking.

    April 10, 2008 10:29 am at 10:29 am |
  19. JB Cali

    McCentury is nuts.

    April 10, 2008 10:29 am at 10:29 am |
  20. Conservatives Against McCain

    If I wanted this type of plan, I'd vote for Clinton or Obama. I expect the republican nominee to have a plan more to the likes of: "my friends, I understand your mortgage payments are too high. Its time to take responsibility for your actions and get a second job on the nights or weekends until you can sort this out."

    April 10, 2008 10:30 am at 10:30 am |
  21. Chief lagosboy, NJ

    Sir, it’s a little too late! Wake up old man you are 15 months behind. “Home Plan”? more like “Home Retirement Plan” for you. A vote for Grandpa McCain = Bush 3rd term, America can not afford 4 more years of Bush. McCain is a “Warmonger” Sir, you are clueless about the economy.

    Our President Obama 08’ & 12’

    April 10, 2008 10:30 am at 10:30 am |
  22. Yeah Vote!!

    Responding to:
    "If Not Hillary, McCain"
    Go for it and vote for McCain.
    Do not worry many Republicans will be voting for Obama so it will be a trade off now wont it!!!

    April 10, 2008 10:32 am at 10:32 am |
  23. trellskig

    "If you are approved"? I wonder how many people will be approved? I guess that is why they are in the dilemma their in already?!?!

    April 10, 2008 10:32 am at 10:32 am |
  24. Jeremy

    I love it. I know its hard for the democrats to understand people actually bailing themselves out with some support, but seriously why even post if its the same ol' generic argument. He talks about housing and we get "warmonger" etc. Panicky, are we democrats?

    Keep up the bashing of each other, seems to be working out nicely for the people not bogged down by ignorance.

    McCain '08

    April 10, 2008 10:32 am at 10:32 am |
  25. Scott, Wichita

    He hasn't even announced exactly what it is yet. How can people already be raving lunatics about how bad it is?


    April 10, 2008 10:33 am at 10:33 am |
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