Comments on: McCain Would Buy Bad Mortgages

Announces During Debate Intention To Spend $300 Billion To Help Allow Struggling Homeowners To Keep Homes

[briannorwood]

"McCain Would Buy Bad Mortgages"

Why not? He already has 13 houses. What''s a few more? LOL

[merlgrey]

ron paul would rightfully not approve.

would a real conservative please step up and would john mccain please move over to the socialist ticket.

this is friggin ridiculous, absolutely wrong. punishmnent for those who live withing thier means... reward for greed and bad personal choices. unbelievable.

[longtree-2009]

Buying out bad mortgages doesn''t seem right. People bought more house than they could afford, didn''t live within their means, didn''t save, spent money on credit, and now taxpayers have to bail them out? So those who did the right things have to pay for those who were greedy, and stupid. Don''t agree with McCain at all. Bad enough taxpayers have to bail out Wall Street executives, corporations, and et al. Perhaps homeowners can contact their lender and work out a deal on how much they can pay for the time being. Something. It should not all automatically go on taxpayer''s back and especially those that did the right thing from the start. Time for another revolution like the one that started this country. Somebody find a George Washington!

[craigh9]

My wife and I worked hard to save money and buy a home we could afford. I''m happy to say it will be paid for in 5 years. Now McCain thinks I should support all the STUPID home buyers that overspent for their home and financed it in a ridiculous manner.
I am all for reducing their interest rates and/or lengthening the years for repayment if it allows them to stay in the home and meet the financial committment. I DO NOT FAVOR any type of "BAILOUT" regarding the value of the home. My family did the right thing and now nearly own a home outright worth about $200,000. Mr. McCain wants to REWARD the STUPID home buyer that over extended themselves to get a house they can''t afford by lowering the value on their loan. This may well result in the STUPID home buyer paying about the same amount of money I paid overall - but owning a house nearly double the worth of mine.
NOT A SINGLE RED CENT should be deducted from what the STUPID home buyer owes - reduce his interest rate, increase his years to pay - FINE, but DO NOT reduce what he owes. STUPID is what STUPID does - let''s not compound it!

[goforitin08]

MCCAINS GENIUS, PHIL GRAMM, IS THE ONE WHO PUT THE CREDIT DEFAULT SWAPS INTO A LARGE BILL. THIS IS WHAT IS CRASHING THESE LENDERS. IT ALLOWED WALL STREET TO TURN INTO LAS VEGAS EAST ,WITH NO REGULATION AND UNFORTUNATELY NO RESERVE . WE COULD HAVE ABSORBED THE 6% RISKY MORTGAGES BUT THESE SWAPS ARE SATURATED INTO THE MARKET AT THE TUNE OF 60 TRILLION(NOT A MISPRINT).
WALL STREET WAS BETTING LIKE WILD FRAT BOYS AND NOBODY KNEW TILL IT WAS TOO LATE, BECAUSE MCCAINS BOY
WONDER, FORCLOSURE PHIL HAD ONLY HIS FAT CAT FRIENDS IN MIND.THE WHOLE PRACTICE DEFIED BASIC ECONOMIC RESPONSIBILTY AND WE HAVENT SEEN NOTHING YET. FORCLOSURE PHIL WILL BE KNOWN AS POINT X AND THIS IS
WHO MCCAIN CAME TO FOR ECONOMIC EXPERTISE, GREAT JUDGEMENT.

[gce65]

Maybe John McSame and Cindy Lou Who should use their OWN $100 Million beer fortune to buy bad mortgages!

[bikerb54]

HEY MCCAIN____ I don''t want my hard earned money used to pay someone else''s debts. I work two jobs to pay for my home and my debts. If I asked the government to pay my bills, I''d get laughed out of DC because I don''t make enough money and my name isn''t linked with big business. It''s a *** shame when the middle to lower class citizen is penalized because some dumba.. on Wall Street or in some banking business does underhanded deeds and rakes in multi million dollar perks that makes the stock market and his business to fail.

[tejasdemo]

Hey McAhole----USE YOUR OWN DA MN MONEY DO THIS !!!!!!!!!!!!!!!!

[martel_v]

Some people seem to have the incorrect notion that home values were somehow ''artificially inflated'' before those values dropped. False. The value of a house is defined by what people will pay for it. Home values DO go DOWN as well as up. This has always been true, even if some Americans aren''t familiar with this basic concept.

Among other factors, when there are many more houses for sale than buyers willing to buy them, home values go down...and vice versa.

A house may be your home, but that doesn''t change the fact that it''s also just a commodity when you choose to sell it.

[antoniof123]

McCain Would Buy Bad Mortgages
Announces During Debate Intention To Spend $300 Billion To Help Allow Struggling Homeowners To Keep Homes

With all your tax cuts that you want were are you going to get the money John. Borrow and spend Republicans nothing that has to do with fiscal responsibiltiy.

Enough is enough we do need change and you John are not capable of bringing it around. Same old tired conservative agrument never works just keep doing the same thing and hope it comes out differently.

[VegasResident]

hungry said "The value of the homes were artificially inflated, which caused the meltdown in the first place.
Resetting the prices, would only be correcting an error".

While correct in concept, they would only reset the price for those that got into trouble with ARMS, etc. They will NOT reset the prices for those that had to pay for the artificial prices and got a 30 yr fixed and can afford their payments. These owners will be left upside down and receive no help.

If they reset prices for the idiots that got ARMS, etc they should offer that to every homeowner in America. The value of my home has dropped 50% and I pay my mortgage. I put 20% down. And it will be years before I can sell my house without having to pay to sell it. Offer a reset for some, they should then offer it to all.

[incog-nito]

"It''s my proposal," McCain said. "It''s not Sen. Obama''s proposal. It''s not President Bush''s proposal."

"During the congressional debate over the rescue package, liberal Democrats failed in an effort to give judges the power to modify mortgage terms for people who have filed for bankruptcy."

In other words, it''s not McCain''s plan.

[VegasResident]

McCain said "I would order the secretary of the 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 be able to make those payments and stay in their homes," he said.

Great, so all of us who make our payments and are not the idiots who got into foreclosure status will continue to hold upside down houses while our neighbor that went out and got an ARM ends up with a new mortgage and a new house value. This way he can one day sell his house and we will be stuck paying to sell of having to wait 15 years.

Where is the help for the good mortgage payer who is stuck upside down due to these people they are trying to help keep their homes????

[newscomment-2009]

My understanding is that the banks are doing that anyway - - writing down the value of your home - - by unilaterally adjusting the equity value in your home.

I agree that a lot of home values were artificially set to begin with. But the current trend is for the banks to repossess, and sell the home for the written down, current market value, while requiring you to pay the mortgage debt at the original home value.

So effectively the home values in your neighborhood will go down anyway, as the banks continue to repossess and sell homes at current, lower market values. At least with some negotiation, home-owners can protect their neighborhoods by keeping families in their homes, and together, with time, can rebuild the value of their collective real estate.

[bobbyduck1]

Interestingly, the Democrats in Congress tried to do something similar to this as part of this $700 Billion measure that just passed. But the House GOP wouldn''t vote for it unless it was removed from the package.....and their approach was to leave the government funding out, just allow bankruptcy judges to do this with no need for the government to purchase anything at all.

GOP hollered like stuck pigs!

[watching_you]

Dear John6Pack:

{}{}{}{}

You diehard free market conservatards just don%u2019t get it. Without government regulation and infrastructure, you%u2019d have no highways, no border patrol, no FCC (to prevent greedy telecoms from charging you $1200/m for your phone) -------- and, no military.

Go ahead though: Privatize EVERYTHING. How%u2019s that been working the past 8 years? Do you like having that gas nozzle shoved up your nether regions? I know you do.

Moron.

[watching_you]

The article also clearly states:

%u201CDemocratic nominee Barack Obama last month sounded a similar theme, proposing that the government consider taking such a step.%u201D

This only proves one thing: The old phony maverick McCain isn%u2019t content to just co-opt Obama%u2019s change mantra, he steals Obama%u2019s ideas too.

How CAN you conservatards be sooooo moronic?

McCain is completely devoid of integrity ------- and, based upon the current Rolling Stone article ------ courage, as well

[mrmazerati]

As a homeowner, I would strongly disagree with anything that "resets" the value of a home. This would effectively dictate the values in my area and make it very difficult for me to sell at a profit in the future. I would rather they work with banks, and keep the mortgage amounts the same for individual homeowners.

[misha128-2009]

Under the bill congress passed, the answer is no. The new law proposes buying the secondary paper from the financial houses.

McCain is proposing using $300B of that money go to distressed homeowners.

Posted by pmsnbc2 at 09:23 AM

Sounded to me like McCain wanted to lard up the bailout with another 300 Billion maybe attached to a stimulus bill as an earmark to get it to a full trillion for the financial/housing bailout alone. Boy when he decides to ask for an earmark it''s a whopper.

Funny how Senator McCain had no comment about the wasteful spending by AIG a company that is now 80 % owned by the US Government. More lack of oversight just like the inept Congressional practices by the Republican Majority for the first 6 years of the Bush Administration as well as the inept administration for entirety of President Bush''s disservice to the country.

[DCropp]

McCain...

$850 billion bailout
$300 billion mortgage bailout
$120 billion per year in Iraq
$300 billion to big business ($0 to small business)

However, he''ll save $20 billion in earmarks.

That means McCain''s plan is to spend $1.550 trillion. We''re not talking billion, we''re talking trillion. McCain''s budget deficit is three times worse than Bush.