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. GG, Dallas, TX

    What I find amusing is the apparent lack of education the democratic people have writing in the blogs. These blogs are full of the most ridiculously worded sentences, incorrect spelling, punctuation, etc. You little thumbsuckers had better worry about that and go back to school.

    April 10, 2008 10:33 am at 10:33 am |
  2. Mary - Independent

    Let's hope that McCain is sincere in his "home plan". If he is able to appoint C. Rice as his VP, that would give him more stability.
    Nobody is happy over the war in Iraq, but this country has to concentrate on this country's issues.
    If Obama receives the nomination for the Democratic party, I will vote
    for McCain. Obama needs more experience to be President.

    April 10, 2008 10:33 am at 10:33 am |
  3. Dem

    McCentury has a domestic plan?

    April 10, 2008 10:34 am at 10:34 am |
  4. Allen, Lubbock, TX

    All you Hillary supporters talking about voting for Mccain-go right ahead and when you are complaining that your pocketbooks are empty and jobs keep leaving and gas prices keep rising and we keep fighting wars...I don't want to hear a peep from you.

    You decided loyalty to a person was more important than loyalty to the party–both have the same ideas and plans with few differences...Obama had the best organization and out campaigned Hillary. its not his fault that he did what he was supposed to do!

    Support McCain and live with the consequences like the traitors to your own conditions that you are. The funny thing is that you all will be the main ones complaining all four years and blaming Obama for losing when it would be your fault for not voting for him!


    April 10, 2008 10:34 am at 10:34 am |
  5. Patrick

    I like McCain but am not sure about this plan. I want to help people out but part of me just wants to let the free market work this out. Hopefully McCain like he always does can find a happy medium between the liberal and conservative plans for the economy. Help us McCain the moderates in this country are getting squeezed out by both parties!

    April 10, 2008 10:35 am at 10:35 am |
  6. CB

    I guess he was reading a book on the economy faster then he walks.

    Is this the same guy who said no help for irresponsible people?

    April 10, 2008 10:38 am at 10:38 am |
  7. Alex H

    If Not Hillary, McCain – Don't lie, you already are a Republican. Get over yourself.

    April 10, 2008 10:40 am at 10:40 am |
  8. Liberals Will Be The Death Of The U.S.

    You guys just want the government to whip housing debt clear? Reward stupidity right?

    April 10, 2008 10:40 am at 10:40 am |
  9. Donald, SC

    Uncle Sam,

    Greenspan did not endorse McShame. He said he is a republican and will vote as such.

    April 10, 2008 10:41 am at 10:41 am |
  10. mep

    Now he has a plan? Other than 'hang them out to dry' because they dared aspire to buying a home they couldn't afford?...This is a major flip for McCain...How seriously are we supposed to take this since he's already told us he doesn't know much about the economy?

    April 10, 2008 10:42 am at 10:42 am |
  11. Doug R.

    This is not a McCain plan or idea. FYI- it has been floated before. It makes no sense. Do you have any independent thoughts McCain??

    April 10, 2008 10:43 am at 10:43 am |
  12. James Nelson

    From the party that brought you such great planning innovations as the Iraq War, banking deregulation, energy deregulation, $4 a gallon gasoline, and the Katrina Disaster Response, now comes HOME... which I'm sure will work out just as well as past plans.

    April 10, 2008 10:43 am at 10:43 am |
  13. Selina

    Condi is a fake black person that can't even get a good relaxer. Not to be trusted.

    April 10, 2008 10:44 am at 10:44 am |
  14. Mike

    ...So sick of people bashing people like Cheryl, Cheryl, I agree with you still!

    We are not racist, we just don't like Obama, it's the true racist that make us out to be racist simply because we don't like his politics.

    NObama basically popped up from pretty much "no where" and poof, he thinks he's president, arrogant and pompous!

    April 10, 2008 10:45 am at 10:45 am |
  15. Uncle Sam

    It appears that both liberals and conservatives have reason to criticize Sen. John McCain. Personally, I prefer the candidate who is independent-minded and has the courage of his convictions, who has a proven record of change by repeatedly crossing the partisan divide to help enact legislation for all Americans, and who has consistently demonstrated throughout his life personal and political sacrifice in service to a greater cause – the welfare of our country.

    Americans for McCain '08

    April 10, 2008 10:46 am at 10:46 am |
  16. stag

    No more government plans. If you cannot afford your home, sell it. If you were too stupid to understand the loan agreement, then you deserve what ever you get...like evicted.

    The expansion of the welfare state has got to stop, and now would be a good time.

    Bad news is that JM, BHO, and HRC will destroy the country to get elected.

    April 10, 2008 10:47 am at 10:47 am |
  17. Jeff

    I'm glad my tax dollars can be used to bail out banks and hedge funds when they make risky investments, and then candidates can propose giving free money in this form to people who mis-managed their mortgages. Since my tax money is being used to pay for their mistakes, can I have the things they bought with their Home Equity Loans? Some of those LCD tv's?

    I am preparing to buy my first home, and the more I see prices decline, and homes forclose, the happier I am that I am not one of the people who took unnecessary risks. Prices are dropping, and I stand to benefit, because I didn't make poor decisions with my finances.

    April 10, 2008 10:48 am at 10:48 am |
  18. Eric

    Good to see Cherryl is back. Just when we needed some deep thinking about the campaign. God, does she have her finger glued to the exclamation mark?

    Yeah, the racist thing is certainly something that will stick to Obama. It makes a lot of sense, considering the guy has grown up in a white family.

    About Mccain's plan, I could trust the guy if he could lift his eyes from the tele prompters and still can utter a three words sentence about economy that would make sense. I have not watch that yet.

    April 10, 2008 10:48 am at 10:48 am |
  19. CB

    I better start drinking so more of my KOOK AID, because we are in real trouble now. Come on Hillary supporters join me. You'll like it !

    Obama 08"

    April 10, 2008 10:48 am at 10:48 am |
  20. Alonzo Demetrius

    I hope McCain's HOME takes into account legal responsibilities relating to binding contractual relationships. Is the US government going to arbitrarily cancel contracts that homeowners agreed? All of us, when we are seeking to buy a house, are offered the up-front easy payments of the adjustable loan, but only the foolish accepted such an offer.

    April 10, 2008 10:48 am at 10:48 am |
  21. CB

    I better start drinking so more of my KOOL AID, because we are in real trouble now. Come on Hillary supporters join me. You'll like it !

    Obama 08"

    April 10, 2008 10:49 am at 10:49 am |
  22. wwf

    For those who are so set on voting for McCain then DO IT!! Vote for more American Soldiers losing their lives and spending more money on a war that cannot ever be won. Just shut up and DO IT! Oh, be sure to brag to everyone you know that you let your racism get in the way of common sense. If you are for the war, then enlist. I am also a typical white person. I find no offense. Maybe you are offend because you feel guilty.

    April 10, 2008 10:52 am at 10:52 am |
  23. Kel

    Hmm. Sounds good until you think about it. Obama's still our man. Go "O"!

    Obama 08!

    April 10, 2008 10:52 am at 10:52 am |
  24. debra

    Now if only they could do something for defaulted student loans. Even people who owe taxes can negotiate down what they owe but not defaulted student loans. You can not even take them on a bankrupcy. The defaulted student loans from the 80's and 90's are charging over 9%. I rack up about 500.00 to 600.00 per month in interest alone. My original 35,000.00 loan is now 120,000.00 because I can't afford to pay 40,000.00 down and 2100.00 per month, even though I pay 15% of my income on a monthly basis. .

    April 10, 2008 10:53 am at 10:53 am |
  25. Ryan

    Why not just promise a pony for every little girl and a racecar for every little boy? I mean, who cares how they're paid for, right?

    This plan of McCain's will cost money. Banks aren't going to forgive debt out of the goodness of their hearts. The federal government will end up footing the bill. And with McCain actually wanting to cut more taxes, all he's going to do is increase the annual deficit and overall national debt. Why are Republicans considered the fiscally responsible party? For the past 20 years, it's the Democrats balancing the budget and providing economic prosperity and Republicans spending this country into oblivion.

    One of the lamest campaign promises ever.

    April 10, 2008 10:53 am at 10:53 am |
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