i must've missed it, what the hell did mccain propose in regards to buying mortgages?

gtc08 · Oct 7, 2008

the guy im listening to on am 1500 here in plymouth is one of the most conservative guys and he says it's the stupidest thing he's ever heard from mccain. that he can't believe he brought that up. just now he attacked a mccain guy who couldnt get off his talking points and the guy got off the phone.

i must've missed it. it was something regarding mortgages and the government buying them up to that extent.

Uno · Oct 7, 2008

the problem is he said it right after talking about cutting spending. the early numbers i have read is that it would be about a 300B initiative.

GasMan · Oct 7, 2008

He was making reference to the bailout.

3peet · Oct 7, 2008

He said that he wants the government to freeze and buy up all bad remaining mortgages to keep people in their homes and to rework the valuations of the lost equity.

Its an aggressive proposition. I kinda like it myself. However how would they do it?

Uno · Oct 8, 2008

Gas Man said:
He was making reference to the bailout.

incorrect. no one is putting these two together on fox or cnn.

DENIRO · Oct 8, 2008

johnnys deparate. he needs votes. its a new plan for the govt to buy all the distressed homes that are being foreclosed upon now if he is elected. he keeps on stating he is going to cut spending but this plan will cost 300 billion lol. he doesnt care if its totally against every republican, he needs votes.

ive lost respect for this poor loser.

we need more candidates.

djmatt · Oct 8, 2008

he may need the votes but if you look at his target demographic it isn't going to be the recent college grad renting an apt or living at home... its the retiring, middle class, blue-collar, and whoever else just gives up and goes for him.
Anyone with an outstanding mortgage basically would be rescued by the government by revaluing the mortgage and equity for both the banks and joe citizen.

He isn't the first person to present this and it isn't out of desperation. Its a better idea then handing out money in tax breaks to financial institutions who have been ignoring warning signs for years