Just got this e-mail from the McCain campaign

MattyJoe

My Friends,

Millions of Americans on Main Street are feeling the effects of our current economic crisis largely brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street. Our next president must come into office with a plan to address the very root the failing housing market.

Last night, during my debate with Senator Obama, I announced my plan to fix the root of our problem and I'd like to share a little more with you today.

If elected president, I will direct my Treasury Secretary to implement an American Homeownership 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.

For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.

This 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 resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.

I am ready to lead our country out of this financial crisis and I am ready to work with anyone and everyone who will help. Together, I know we can work together to find solutions for these challenging times. Please do your part today and spread the word about my new plan by forwarding this email on to your neighbors, friends, family and coworkers. Thank you for your time and support.

Sincerely,

John McCain

P.S. Homeownership represents the very core of our American economic system. This is not the time for politics. We must move aggressively to provide relief and stability for all Americans.

Sounds good to me.

Gonzo1977

Can anyone say

FLIP FLOP


March 25: McCain Rejects Assistance For Homeowners Facing Foreclosure

In Speech John McCain Rejected Assistance For Housing Crisis.

"I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."

"Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't."
[McCain Housing Speech, 3/25/08, emphasis added]

McCain Said Homeowners Should Rely Lenders For Solutions. John McCain said, "We should also convene a meeting of the nation's top mortgage lenders. Working together, they should pledge to provide maximum support and help to their cash-strapped, but credit worthy customers. They should pledge to do everything possible to keep families in their homes and businesses growing."
[McCain Housing Speech, 3/25/08]

McCain Promised To Not "Play Election Year Politics" McCain declared that he would not change his position, boldly declaring:” I will not play election year politics with the housing crisis."
[McCain Housing Speech, 3/25/08]
http://www.youtube.com/watch?v=IcrjD5RuPmQ

MattyJoe

So what if he flip flopped? Big deal. Doesn't mean he's wrong. Obama himself talked about how flip flopping was no big deal because you can just "change your mind." So let's drop this whole flip flop BS and move on.

Speakers

MattyJoe wrote:

My Friends,

Millions of Americans on Main Street are feeling the effects of our current economic crisis largely brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street. Our next president must come into office with a plan to address the very root the failing housing market.

Last night, during my debate with Senator Obama, I announced my plan to fix the root of our problem and I'd like to share a little more with you today.

If elected president, I will direct my Treasury Secretary to implement an American Homeownership 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.

For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.

This 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 resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.

I am ready to lead our country out of this financial crisis and I am ready to work with anyone and everyone who will help. Together, I know we can work together to find solutions for these challenging times. Please do your part today and spread the word about my new plan by forwarding this email on to your neighbors, friends, family and coworkers. Thank you for your time and support.

Sincerely,

John McCain

P.S. Homeownership represents the very core of our American economic system. This is not the time for politics. We must move aggressively to provide relief and stability for all Americans.

Sounds good to me.

That won't work.

AllEncompassingTrip

Gonzo1977 wrote:

"I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."

"Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't."
[McCain Housing Speech, 3/25/08, emphasis added]

I liked his original stand on the issue... Might have actually voted for the poor old fool...

Gonzo1977

MattyJoe wrote:

So what if he flip flopped? Big deal. Doesn't mean he's wrong. Obama himself talked about how flip flopping was no big deal because you can just "change your mind." So let's drop this whole flip flop BS and move on.

Well
To me McCain's flip flopping just shows how he completley changes with the tides; whenever it suits him or his campaign.

This just shows how utterly undecisve he is.

anotherclone

I don't really see specifics, so I have four initial questions regarding the "plan":

1) where the money is going to come from to do this? I assume we would need more "bail out" type funds.

2) who is going to administer this plan?

3) what will be the expense with administering the plan?

4) (and this is more of a comment than a question) McCain also said last night that he is going to implement a spending freeze as a way to curb wasteful government spending. Wouldn't the government buying bad mortgage debt be the complete opposite of a government spending freeze?

Wobbie

sorry, but I was done at "My Friends."

norm

anotherclone wrote:

4) (and this is more of a comment than a question) McCain also said last night that he is going to implement a spending freeze as a way to curb wasteful government spending. Wouldn't the government buying bad mortgage debt be the complete opposite of a government spending freeze?

you expect logic from these gasbag politicians whose sole purpose is to get elected and con the electorate into voting for them by making outlandish promises like this?

anotherclone

cutback wrote:

you expect logic from these gasbag politicians whose sole purpose is to get elected and con the electorate into voting for them by making outlandish promises like this?

no, not really. Mostly I was attempting to point out the irony of the "plan" vs. his "spending freeze" line of bs.

I really liked his little "ps". Like that's an afterthought. "oh by the way...this isn't a political ploy". Derrrr.

beachdweller

sorry, but McCain is full of crap. Only 4% of mortgages failed, and that did not bring down our economic system. It was the deregulation of wall st that led to the problems. McCain and friends are front and center responsible for the deregulation. The trading of 60 trillion in shadow bonds with false insurance coverage is what brought this down. They would have recovered on their own if it was just 4% of mortgages failing.

RolandTD20Kdrummer

My friends,

some of you I want to drop bombs on.....the "others" should agree with me or else...

everything beyond that is wind..

aNiMaL

MattyJoe wrote:

So what if he flip flopped? Big deal. Doesn't mean he's wrong. Obama himself talked about how flip flopping was no big deal because you can just "change your mind." So let's drop this whole flip flop BS and move on.

I love how 4 years ago, to flip flop was a terrible bad thing, according to the GOP. I claimed then that it was healthy to reevaluate plans as times change and knowledge improves. Nope, the GOP was stuck on slandering Kerry for being a flip flopper.

Now, well, let's get passed this because it is now someone on the GOP side of the aisle doing it. It's all okay now. What; who said flip flopping was a bad thing?

I love how supporters of either side will use whatever suits their need and campaign at that moment.

aNiMaL

A) where is the money coming from to accomplish this?

And Why are we bailing out stupid people who took on a loan that was clearly more then they could handle?

"Gee, I know the lender told me this was a balloon loan and that my mortgage payments could triple - aw fuck it, I want that house!"

norm

aNiMaL wrote:

A) where is the money coming from to accomplish this?

supposedly the $700B

aNiMaL wrote:

And Why are we bailing out stupid people who took on a loan that was clearly more then they could handle?

"Gee, I know the lender told me this was a balloon loan and that my mortgage payments could triple - aw fuck it, I want that house!"

to get elected

PuckJam

They passed out a pair of flip flops to everyone at the '04 RNC to belittle Kerry, but now...

Anyway, I find nothing wrong with changing your mind as long as it's due to new evidence or information, not for political purposes though. Not saying this is an example of the latter, but the "fundamentals of our economy" switcheroo was pretty sad.

blackredyellow

MattyJoe wrote:

For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.

This 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.

So everyone who had a rate increase in their mortgage and is struggling to pay gets a new mortgage because the government will buy their old one up?

And the right blasts liberals for big government, but just shrugs this off.

norm

blackredyellow wrote:

So everyone who had a rate increase in their mortgage and is struggling to pay gets a new mortgage because the government will buy their old one up?

And the right blasts liberals for big government, but just shrugs this off.

neat, huh? boggles my mind that this is coming from a "republican"

pjfan020

like previously said, this was caused by wall street not being regulated and bogus insurance policies being purchased to make money...AIG just got another 35 Billion today..that's over $100 billion right there...that's where your fucking problem is!

NeilJam

I stopped reading at "My friends"

You (McCain) are not my friend.

CHANGEinWAVES

MattyJoe wrote:

My Friends,


Sincerely,

John McCain

NOT AGAIN!!! enough already!