rssMcCain’s Not-So-New Mortgage Proposal
Wednesday, October 08, 2008 at 10:16 am
- 3 Comments
MarketWatch takes a hard look at Republican nominee John McCain’s surprise proposal in last night’s debate to have the government buy up bad mortgages and renegotiate them.
If that idea sounded a little familiar, MarketWatch pointed out, that’s because the $700-billion rescue package already includes authority for the Treasury Dept. to do just that, if it chooses.
From MarketWatch:
“I know how to do that, my friends,” McCain said. “And it’s my proposal, it’s not Sen. Obama’s proposal, it’s not President Bush’s proposal.”The problem, of course, is that it is President Bush’s proposal. At least, it’s Treasury Sec. Henry Paulson’s proposal. It’s the heart of the $700 billion plan.According to Section 110 of the law, the government is going to buy up “troubled assets,” including residential mortgages, and then do everything it can to “minimize foreclosures” by modifying the terms of the loans by reducing interest rates, reducing the principal or “other similar modifications.”
3 Comments
Comment posted October 8, 2008 @ 2:34 pm
McCain, Please ask Sarah Palin what the mortgage plan should actually become for the down trotted folks that have or about to lose their homes. Or, better yet, ask Cindy your wife to assist you in discovering a new processed plan. Oh Wait! they don't know either… Oh – Golly – Geeezzz! I guess were hosed.
Comment posted October 9, 2008 @ 9:17 pm
This is the smartest thing I've heard yet. There is NO easy way out of this mess. Everyone is going to find one thing or another to whine about. That's not fair! Why should we? Blah-blah-blah. It comes down to, fair or not, we need help and the sooner the better.
Personally I hope Mccain gets the vote so he can “Actually” do something. As it stands now, the best we can hope for is “Maybe” the government would reduce interest rates and principals. More than likely they will opt for “other similar modifications.”
Which will amount to squat.
Comment posted October 10, 2008 @ 4:17 am
This is the smartest thing I've heard yet. There is NO easy way out of this mess. Everyone is going to find one thing or another to whine about. That's not fair! Why should we? Blah-blah-blah. It comes down to, fair or not, we need help and the sooner the better.
Personally I hope Mccain gets the vote so he can “Actually” do something. As it stands now, the best we can hope for is “Maybe” the government would reduce interest rates and principals. More than likely they will opt for “other similar modifications.”
Which will amount to squat.
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