You Want Ketchup With Your Crap Sandwich????
Directly from the John McCain website….
Homeownership Resurgence Plan
John McCain will direct his Treasury Secretary to implement an American Homeownership Resurgence Plan (McCain Resurgence Plan) to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis. America’s families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage. The existing debts are too large compared to the value of housing. For those that cannot make payments, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages. Lenders in these cases must recognize the loss that they’ve already suffered.
The McCain Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes. By purchasing the existing, failing mortgages the McCain resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
The McCain resurgence plan would be available to mortgage holders that:
- Live in the home (primary residence only)
- Can prove their creditworthiness at the time of the original loan (no falsifications and provided a down payment).
The new mortgage would be an FHA-guaranteed fixed-rate mortgage at terms manageable for the homeowner. The direct cost of this plan would be roughly $300 billion because the purchase of mortgages would relieve homeowners of “negative equity” in some homes. Funds provided by Congress in recent financial market stabilization bill can be used for this purpose; indeed by stabilizing mortgages it will likely be possible to avoid some purposes previously assumed needed in that bill.
The plan could be implemented quickly as a result of the authorities provided in the stabilization bill, the recent housing bill, and the U.S. government’s conservatorship of Fannie Mae and Freddie Mac. It may be necessary for Congress to raise the overall borrowing limit.
How much crap are we willing to give away. I’ve got a huge mortgage for the amount of money that I make and I make my payments and nobody is offering to pay my debts…… BTW, I’m not asking. I’m responsible for my decisions, not the government..
Why would I want to become a landlord without being guaranteed income from my tenants? This is exactly what McCain is purposing. I’m tired of bailing dead beat losers.
Let’s get some balls here people. If you bought a $300,000 on a $25,000 income, you better start looking for an apartment and a 73 Chevy Impala. I’m tired of paying for your s**t……
I’m still supporting McCain only because it’s better than socialism…. Well, socialism on a greater scale than McCain’s ideas.
Read more on this at Michelle Malkin.
roscopico said,
October 9, 2008 @ 10:16 pm
Great… eat a crap sandwich or end up with an embroidered “C” on my clothes when the brownshirt libbies take over…
The proposed “main street” McCain bailout sucks, but for Omama to break bad (after Gaffy Joe from the Home Depot says we should adjust both payment AND principal) says Omama just doesn’t like much of anything.
May I just vote “present”?
I like your stuff, however. Keep up the good work, you are a great American!
-Just passing through…
By the way, was that James T. on CNN speaking to Johnny Mac at the Waukesha rally? I sure love that guy (JT)!
-roscopico
Oshkosh