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Just got this e-mail from the McCain campaign
MattyJoe
Posts: 1,424
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.
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.
I pledge to you a government that will not only work well, but wisely, its ability to act tempered by prudence, and its willingness to do good, balanced by the knowledge that government is never more dangerous than when our desire to have it help us blinds us to its great power to harm us.
-Reagan
-Reagan
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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
-Reagan
That won't work.
I liked his original stand on the issue... Might have actually voted for the poor old fool...
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.
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?
Vegas 93, Vegas 98, Vegas 00 (10 year show), Vegas 03, Vegas 06
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EV LA1 08
Seattle1 09, Seattle2 09, Salt Lake 09, LA4 09
Columbus 10
EV LA 11
Vancouver 11
Missoula 12
Portland 13, Spokane 13
St. Paul 14, Denver 14
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.
I really liked his little "ps". Like that's an afterthought. "oh by the way...this isn't a political ploy". Derrrr.
Stop by:
http://www.facebook.com/group.php?gid=14678777351&ref=mf
some of you I want to drop bombs on.....the "others" should agree with me or else...
everything beyond that is wind..
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
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.
And
"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!"
supposedly the $700B
to get elected
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.
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.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
neat, huh? boggles my mind that this is coming from a "republican"
You (McCain) are not my friend.
Sen. John McCain (R-Ariz.) made an overnight change in the homeowner bailout he proposed at Tuesday’s presidential debate, making it more generous to financial institutions and more costly for taxpayers.
McCain's staff says it was always meant that way.
When McCain sprung his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property.
The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its first full paragraph: “Lenders in these cases must recognize the loss that they’ve already suffered.”
So the government would buy the mortgages at a discounted rate, reflecting the declining value of the mortgage paper.
But when McCain reissued the document on Wednesday, that sentence was missing, to the dismay of many conservatives.
That would mean the U.S. would pay face value for the troubled documents, which was the main reason Sen. Barack Obama (D-Ill.) gave for opposing the plan.
A McCain campaign official explained the change: “That language was mistakenly included in the initial draft and it’s been corrected. It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.”
Obama Campaign Economic Policy Director Jason Furman said in the campaign statement opposing McCain's plan: "John McCain wants the government to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover. The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."
The McCain campaign estimates in both documents that the plan would cost about $300 billion.
http://www.myspace.com/thelastreel http://www.facebook.com/group.php?gid=19604327965
That 4% represents the portion of all mortgages outstanding. Whoever gave you that statistic was trying to mislead you.
In terms of percentage of mortgages created within the last 5 years, the percentage is much, much higher.
Please keep in mind that in the secondary mortgage market, which is measured in terms of mortgage backed securities, there were failure rates of up to 50%.
That is why foreign investors stopped purchasing mortgage backed securities from US investment banks.
Foreclosures flooded the market with homes at wholesale prices, which brought housing values down by 40% in a one year span.
So, in essence, the subprime mess was big enough to bring down Lehman Brothers. And because peoples' homes are now worth half of what they were worth one year ago, there is a major possibility that people will start walking away from their houses as they risk more by holding onto them than by defaulting and getting bad credit for 7 years. So, foreclosures could get even worse than they are now.
It was AIG that was brought down by the "shadow" market because it had held substantial credit default swap obligations in Lehman Brothers --obligations that it could not pay.
You're right that the "shadow market" problem is much, much bigger than the subprime mess. But, the thing to keep in mind is that the subprime mess is what TRIGGERS the "shadow market" chain reaction. I can expand on that further if you like.
http://forums.pearljam.com/showthread.php?t=272825
Just my two cents....not worth much.
From: http://www.barackobama.com/issues/economy/#home-ownership
Protect Homeownership and Crack Down on Mortgage Fraud
Obama and Biden will crack down on fraudulent brokers and lenders. They will also make sure homebuyers have honest and complete information about their mortgage options, and they will give a tax credit to all middle-class homeowners.
Create a Universal Mortgage Credit: Obama and Biden will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.
Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.
Mandate Accurate Loan Disclosure: Obama and Biden will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.
Close Bankruptcy Loophole for Mortgage Companies: Obama and Biden will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. They believe that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.
Lots more here: http://www.barackobama.com/issues/
http://www.myspace.com/thelastreel http://www.facebook.com/group.php?gid=19604327965
This point of view is a pet peeve of mine... As far as specifics, both candidates are about the same overall, offering some specific points, but being vague about everything else. We heard it with Kerry in '04, and now with Obama and it's usually from people on the right who won't bother to actually look up anything.
Kerry (who I had problems with as a candidate) would speak all day about plans on a specific topic and that same night all the republican talking heads would slam him for not having a plan. It's easy to repeat over and over that someone has no plan on anything if you don't bother reading or listening to what they have to say.
As this thread illustrates, there is also a double standard with changing positions... McCain does it and it's no big deal... Obama changes one word in a speech about something, and all of a sudden he is a flip flopper.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
McSocialist...?
Interesting...
I like the he adds a "P.S."....how cute...
I'm not against helping out the average joe during this crisis, definitely prefer to help them out instead of the institutions who really screwed us over. The only problem I see with this is that the mortgage crisis is but a small portion of the problem. The real problem, as I understand it, is the mortgage backed securities and the damage from them has already been done. Now had McCain floated this idea prior to us spending $700 billion dollars I would have been aboard 100%. Now on top of that $700 billion he wants to spend another $300 billion, and trust me I would be saying the same thing if this was Obama's plan. Where are we going to get all this money from. We are already $11 trillion dollars in debt sooner or later our dollar is going to tank if we continue this and then guess what we will be in the same hole. Our elected officials have to try to find a way to fix this problem not just throw more money at it.
It now projected that between now and December that there will be close to $700,000 job lost in this country.
It's horrific.