From The Road
March 25, 2008 3:26 PM

McCain Receives Reagan Endorsement, Offers Economic Plan

By
Andante Higgins
Topics
John McCain
(CBS)

From CBS News' Andante Higgins


Nancy Reagan will endorse John McCain today at her home in southern California. The former first lady of the late Ronald Reagan has been close to McCain for many years, and Reagan is still a prominent presence in Republican politics.

"John McCain has been a good friend for over thirty years," Reagan said in a statement. "My husband and I first came to know him as a returning Vietnam War POW, and were impressed by the courage he had shown through his terrible ordeal. I believe John's record and experience have prepared him well to be our next president."

McCain was on the campaign trail in California today, unveiling his plan to help alleviate the mortgage crisis and stimulate the economy. The Republican presidential hopeful said he wants to help those who have been victimized by sub-prime lenders but does not want to reward speculators. "Assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes," he said. "Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't."

He acknowledged that millions of Americans are working hard to make payments on their homes that they can't afford, and vowed to examine all proposals to solve the crisis based on the simple principle that you shouldn't borrow more than you can pay back.

"I will not play election year politics with the housing crisis," he told the meeting of Hispanic Small Businesses. "Homeowners should be able to understand easily the terms and obligations of a mortgage. In return they have the obligation to provide truthful financial information and should be subject to penalty if they do not," he said.

McCain supported the recent economic stimulus package passed by Congress, but called giving money to consumers a "psychological" solution. Today he listed his conditions for providing assistance. "Government assistance to the banking system should be based solely on preventing systematic risk that would endanger the entire financial system and the economy," he said.

Add a Comment
by forthepeopl1 March 26, 2008 2:53 PM EDT

week


AND BUSH AND PAULSON AND FEDS SAY DONT WORRIE, THE UNDERLINE IS STRONG..AMERICANS BETTER START TAKING ALL THEY HAVE OUT OF MARKETS,AND BANKS BEFORE ITS TO LATE. The lender is counting on the offering to keep its lenders at bay following a regulatory filing last week in which Thornburg said it may seek bankruptcy protection if it can''''''''t raise $948 million by this week. The company must meet that condition in order for its lenders to honor their agreement not to issue additional margin calls for a year.

Unlike home lenders catering to credit-challenged specializes in making large loans to people with good credit. But like many nonbank lenders dependent on short-term borrowings, Thornburg has also been caught up in the credit-market storm since last summer as the credit crunch has severely restricted its access to capital.

Thornburg''''''''s latest problems began last month when there was a sharp drop in the values of mortgage securities it held as collateral to secure its borrowings. That, in turn, drove its lenders to demand more collateral or immediate repayment, known as margin calls.

now the truth comes out or i should say the start of the truth is comming out..

this mortgage company was doing buisness with triple a credit so whats happen?? see it has nothing to do with sub-prime, its has all to do with house''''''''s being worth at leases 50% less than what they lie to investors of its worth..now thats the truth..
Reply to this comment
by forthepeopl1 March 25, 2008 10:45 PM EDT

AND BUSH AND PAULSON AND FEDS SAY DONT WORRIE, THE UNDERLINE IS STRONG..AMERICANS BETTER START TAKING ALL THEY HAVE OUT OF MARKETS,AND BANKS BEFORE ITS TO LATE. The lender is counting on the offering to keep its lenders at bay following a regulatory filing last week in which Thornburg said it may seek bankruptcy protection if it can''''''''t raise $948 million by this week. The company must meet that condition in order for its lenders to honor their agreement not to issue additional margin calls for a year.

Unlike home lenders catering to credit-challenged specializes in making large loans to people with good credit. But like many nonbank lenders dependent on short-term borrowings, Thornburg has also been caught up in the credit-market storm since last summer as the credit crunch has severely restricted its access to capital.

Thornburg''''''''s latest problems began last month when there was a sharp drop in the values of mortgage securities it held as collateral to secure its borrowings. That, in turn, drove its lenders to demand more collateral or immediate repayment, known as margin calls.

now the truth comes out or i should say the start of the truth is comming out..

this mortgage company was doing buisness with triple a credit so whats happen?? see it has nothing to do with sub-prime, its has all to do with house''''''''s being worth at leases 50% less than what they lie to investors of its worth..now thats the truth..
Reply to this comment
by deq54 March 25, 2008 8:54 PM EDT
Boy, do I feel better that Nancy Reagan is endorsing John McCain. I remember well that she always consulted her astrologer for Ronnie. I guess we can all forget the dem convention--it''s written in the stars...McCain is going to win.
Reply to this comment
by mattcat25 March 25, 2008 7:21 PM EDT
Its three o%u2019clock in the afternoon, will John McCain be able to wake up to answer the phone?
Reply to this comment
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