McCain's $300 billion bailout
Sen. John McCain proposed another bailout last night:
The US government would snap up 300 billion dollars of bad home loans, Republican John McCain vowed Tuesday unveiling a new plan to help struggling homeowners if he is elected president.McCain's proposal would bring the total cost of the bailout to $2.1 trillion. The proposed budget for FY 2009 was $3.1 trillion."People are no longer able to afford their mortgage payments," said McCain as he laid out what he billed as an original proposal for addressing the grassroots impact of the Wall Street credit crisis.
"As president of the United States, 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 value of those homes," he said.
[...]
"Is it expensive? Yes," he said. "But we all know, my friends, that until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy.
Comments
Translation:
"some people stupidly and ignorantly bought houses they couldn't afford,so I will immediately have the SOT send Don,Larry,Terv,Mary,Jason,Doc and all the other taxpaying citizens a notice of debt for the difference in the amount the debtor could pay and the amount the debtor should pay.
I know they are not living in that debtor's house but they aren't behind on their mortgage.....Yet"
I read my contract when I purchased my house and I knew what I was paying and how long I would have to pay it so why didn't all the foreclosure "victims"? Did they buy a house with out reading the contract?
I do have to agree with McCain on one point. He is a maverick when it comes to realizing that house's have a diminished value today......Wow I bet he won't get one vote from the appraisers in Henry County. Why? According to the deputy appraiser in Henry County most of the 1400 house sells in Henry County in 2007 had increased in value from the previous year. Where she has been is beyond me. Only thing I can figure is the appraisers must have been on a year or two sabbatical with the AIG folks or selling used cars at We Tote Your Note.
I wish I could have them appraise a couple of cars I would like to sell.
I know what their worth and what I paid for them but I also know what people will pay for them.
I would like to have just one of those "a willing and able buyer that would pay a fair market price for some of our real estate. Seems they all want to pay what it is worth to them........how ridiculous they should pay what I tell them it is worth.
Don Henderson
Posted by: don | October 8, 2008 12:28 PM
I'm over-leveraging on my home in the hopes that Obama or McCain do this. I should net 20-30k on this deal.
Posted by: Chris Farris | October 8, 2008 01:03 PM
I'm sure Hannity will be all over this today on his radio show...
Posted by: Butler T. Reynolds | October 8, 2008 01:12 PM
He votes for an unpopular bailout and his numbers continue to decline. So what does this idiot do? He proposes another bailout?
Does he really believe he can out-do the Democrats with the government giveaways? He can't. They have dragged him down to their level and will beat him with experience.
Posted by: Dutch | October 8, 2008 01:24 PM
I am a white female Henry County (Locust Grove) resident, and McCain/Palin totally scare me!
What was McCain talking about last night? I thought the $700 billion bailout last week included buyout of these bad mortgages
Posted by: georgianative | October 8, 2008 01:34 PM
McCain, at heart, is a bigger socialist than Obama.
Posted by: Decaturguy | October 8, 2008 05:01 PM