Comments on: McCain Would Buy Bad Mortgages

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

[julez41]

The bailout for homeowners is something Obama suggested months ago. So now McCain is pulling it out like it''s his "new" idea. He hasn''t had a new idea for the entire campaign, unless you count hiring the racist Sarah Palin as VP.

[julez41]

The bailout for homeowners is something Obama suggested months ago. So now McCain is pulling it out like it''s his "new" idea. He hasn''t had a new idea for the entire campaign, unless you count hiring the racist Sarah Palin as VP.

[julez41]

The bailout for homeowners is something Obama suggested months ago. So now McCain is pulling it out like it''s his "new" idea. He hasn''t had a new idea for the entire campaign, unless you count hiring the racist Sarah Palin as VP.

[newscomment-2009]

I don''t understand why McCain advocates out of one side of his mouth that Govt needs to be LESS interventionist, yet makes these off-the-cuff (ill thought-out) proposals to the contrary just to buy himself some popularity in the polls.

Isn''t the answer to work with the banks to get THEM to negotiate fairer deals with homeowners? The banks created the current economic crisis and have made a lot of money while doing do. They have the power to write down some of the loans and make the same adjustment that John McCain is proposing the Govt make directly. I''m sure the banks will find a way to make their money back in time.

From what I can tell, it sure would be better for the economy, and communities as a whole, if families can live in their homes and keep life as normal as possible in such trying times.

[julez41]

The bailout for homeowners is something Obama suggested months ago. So now McCain is pulling it out like it''s his "new" idea. He hasn''t had a new idea for the entire campaign, unless you count hiring the racist Sarah Palin as VP.

[john6pack]

I was leaning McCain until his last bomb shell exploded: ''the treasury should buy all the bad mortgages and give a house to all real estate gamblers''.
John that is the most socialist approach uttered by any politician in the last decade!
If USA chooses the socialist path, than we better hand it to Obama since he will not make a joke of the conservative principles.
Sorry John, I''m voting with the libertarian Barr.

[sleepyric]

He acts like it''s his big new idea. It was part of the $7B "rescue" bill he voted for. Duh...it''s not his idea, it''s already law. Catch up on current events McCain.

[ioweign]

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

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The above socialism is OK but a universal health care program is not...

[nolalou]

The other thing the media didn''t pick up on, is McCain said he knew how to find Osama Ben Laden, and when I become president, I''''ll get him. Well why has he kept this a secret? why hasn''t he told our generals or our President. I am afraid McCain is now desperate, erratic and out of control

Posted by bagley12

I agree! On the one hand McCain said he''ll find Bin Ladin, and "I''ll get him", but on the other hand when Obama said IF we find Bin Ladin in Pakistan, and the Pakistani government is unable or unwilling to get him, we will, McCain accused Obama of wanting to invade Pakistan! What a moron! So is McCain saying if he found Bin Ladin in Pakistan, he woudn''t do anything unless we got permission from Pakistan?

[delfmast]

editorialstaff net notes: Our earlier comments to the Paulson plan suggested that weapons of mass financial destruction, identified by Buffet, be purchased with taxpayer''s money, but at prices as close to zero as possible, then held to maturity, or unwound, retraced, done over as it were, to insure that no more of the 1.5 billion/15 billion, minor mis-pricing of Wachovia is perpetrated at taxpayer expense, by clueless regulators catering to Wall St, as usual. We also suggested that if the mortgages in foreclosure can be in any way identified, as part of the securities owned by the taxpayer, that the owners in those homes be allowed to purchase their mortgages, or their homes, at some multiple of the taxpayer''s cost predicated on their home''s actual value, their incomes, and their past and future mortgage payment performance. The concept is to insure that any profits ensuing from this catastrophe end up in the taxpayer''s pockets, and that any windfalls accruing to private persons, accrue with a fair profit to the taxpayers, to the actual homeowner, residing in a home, and savaged by the fraud and stupidity of the lenders, regulators, et. al. McCain''s approach, if adjusted in this manner, could actually reach the home ownership goals, for those who will work and pay reasonable mortgages, that the Democrats touted as their reason for destroying the system they forced into making liar''s loans, and worse.

[arlt1627]

HILARIOUS when LIBS don''''''''t read the articles and go straight to the LIES!
Posted by pmsnbc2 at 09:20 AM : Oct 08, 2008

LISTEN, oh moron-type person. The 700 Billion Bailout
has been legislated for providing liquidity (uh duh, what''''s that???) to the markets ... John McCain will have no ability to allocate -ANY- of these funds.


Posted by cbs3200


Thanks! That was my point without going into details. He hasn''t thought this through. So we''ll get another package of $300 billion.

[pensacola98]

Buying a sour mortgage isn''t new. The Resolution Trust Corporation of the late ''80''s & ''90''s did buy them after they were defaulted. Leaving a mortgage holder in the property ASSUMES the mortgage holder is the resident of that very same property.

We have more defaulted mortgages where the mortgage holder has multiple properties and doesn''t live in any of them. Does keeping a lease active with negative cash flow qualify for John McCain''s proposal?

There is also the big question about properties with multiple mortgages and deciding which mortgage is considered the primary absorber of the equity loss and which is the secondary.

One big misnomer is the PMI - insurance. Under which scenario does the defaulted or distressed property actually produce a claim and pay out benefit? and to whom? This is a huge opening for a Title Insurance NIGHTMARE where property ownership can be slowed down upon transferal of ownership such as a sale, making it difficult to move in a market.

[tbuckl]

No the 700 billon went to Corp. America and it''s banking system CEOs to buy more planes, ships, cars, vacations, and housing for the rich. Off they go laughing at us middle class and poor class of Americans. Took us to the cleaners they did. Our children can go hungry, and our old people can sit in the dark with the heat off this winter for all they care. The rich has told us other classes, "let them eat cake" just like before. History will now need to repeat itself. No mercy for those CEOs and bankers. Arrest them all.

[arlt1627]

sn''''t covering these bad mortgages part of the 700 billion?

Posted by armydog2

Nope. Why don''t you tack on another $300 billion!! Wow! More socialist plans than Obama. There goes that Republican argument, huh.

Comrade McCain spent far too much time in Vietnam.

[bobbyd4999]

Talk about wasteful spending. John McCain would be pissed if he heard about that proposal. I think it''s probably necessary for the economy, but I''m sure at John McCain''s next rally, he''s going to kick the snot out of John McCain for asking for more big government deficit spending.

Have you all seen this?
http://en.wikipedia.org/wiki/Image:Us_unemployment_rates_1950_2005.png
It''s pretty interesting about how unemployment rate goes down in the blue sections and up in the red sections.

[formrusmcsgt]

It also said it could require Congress to raise the government''s borrowing limit.
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More Repub defecit spending.

[cbshoveit]

Say and promise anything to get elected and then forget it! How about all the good hard working Americans people that keep their mortage payments up to date in tact and current? If his poll numbers go down anymore, could John Mccain buy me a new house in a good neighborhood and a 2009 Chevrolet Corvette tax free? I''d vote for him then. If he put it in writing. He''s flip floped on more issues than John Kerry. Lets see how many votes the Republicans can buy!

[armydog2]

Isn''t covering these bad mortgages part of the 700 billion?

[misha128-2009]

McCain sells out the right on the unqualified buyer argument.