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Yes, let's help the greedy people who helped get us into this mess. McCain's plan does not help the individual homeowner.
Clip:
...The plan would cause 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," Obama economic adviser Jason Furman said in a statement. "The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."
...Some mortgage officials, however, say the great majority of bad loans are owned by large pools of investors who would sell them only at prices much higher than their current worth.
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If McCain's plan would have the government pay all or most of the difference between a home loan's original value and its renegotiated lower value, as these officials understood it to do, it could prove costly.
McCain's proposal would devote nearly half the $700 billion from the recent financial rescue package to buying troubled mortgages directly, rather than indirectly aiding the nation's financial markets. The Associated Press: Obama rejects McCain's mortgage buyup plan
Yes, let's help the greedy people who helped get us into this mess. McCain's plan does not help the individual homeowner.
Clip:
...The plan would cause 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," Obama economic adviser Jason Furman said in a statement. "The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."
...Some mortgage officials, however, say the great majority of bad loans are owned by large pools of investors who would sell them only at prices much higher than their current worth.
...
If McCain's plan would have the government pay all or most of the difference between a home loan's original value and its renegotiated lower value, as these officials understood it to do, it could prove costly.
McCain's proposal would devote nearly half the $700 billion from the recent financial rescue package to buying troubled mortgages directly, rather than indirectly aiding the nation's financial markets. The Associated Press: Obama rejects McCain's mortgage buyup plan
You haven't seen Obama's spending plan. Obama cares about the middle class, he's going to give some of them an extra 15 dollars a week. Wow.
McCains housing scam is easily the most overtly socialistic proposal any candidate has put forth in this election. First estimates are out at $3 Million. I guess that number would be maybe a quarter of what this plan would really cost after people ran their own scams. How many homeowners wouldn't run out tomorrow to find a sketchy appraiser that would undervalue their homes worth so when they "re-adjust" at fair market value the taxpayers can pick up a huge tab. If that happens you can consider your homes to precipatiously bottom out as neighbor after neighbor "re-adjusts" and any home on the market has to follow through.
Then you have to consider the devaluation of the dollar that most experts are saying may occur over the next few years. Lets just go with through with McLandlords handing over the nations homes to the Fed and let all of us live in houses valued at $20k.
While they are at it maybe they could pay me the difference in the losses that I've taken in the market over the past month. Maybe I can readjust my portfolio to its peak and let them pick up the tab on it.
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