How to fix the mortgage industry -- McCain's plan

atprm

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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.

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atprm

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to my dh: share everything sans your sinus infection, your flu or your cold -- no need to regift.

tngirl

And this my friends, is a bunch of BS. We are already paying out $700 billion dollars PLUS all the money on the PORK that was attached to the bailout bill. Why the hell should we pay out MORE money to help these stupid people? Oh yeah, lets pay off their over priced mortgages and let them refinance for its present value. So, if Joe Bloe has a 2.5 million dollar mortgage, but his property is only now valued at 1 million, who is paying the other 1.5 million? You got it!! The American tax payer.

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atprm

I agree with you...


McCain sounded just like Biden when he said we must take past due mortgages and adjust them down to what the houses are now actually worth! No way. That's not right. It's not fair to the rest of us who paid our mortgages while sacrificing in other areas. This means if you bought a house for $300,000 that you could not afford and it's value has now dropped to $150,000, your mortgage principal will be adjusted down to $150,000. Bull crap! This is once again rewarding those who didn't pay their bills. No one is going to adjust my principal down because I actually pay my mortgage on time each month. Those of us who are responsible will not have our mortgages adjusted down.

Hearing this from the "Republican" on stage made me want to puke. I am convinced that we will be a mostly socialist country in the next year. McCain is calling for the nationalization of mortgages. This means the government will hold and adjust mortgages as it sees fit.

In the end I am forced with "the lesser of two evils" and SOCIALISM, COMMUNISM, MARXISM is NOT in my vocabulary as a way of life -- been there, seen that... don't want that at all.

So despite me agreeing with tn_girl on this solitary issue (there are probably more), I will still vote republican because Obama is not the answer or the messiah.

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to my dh: share everything sans your sinus infection, your flu or your cold -- no need to regift.

jeanea33

I can see where they should be given 2 to 3 months to stay.. As long as they are looking for a place. The down side is the ones who didnt pay their rent period will abuse this and think they deserve the same rights. I am all for this. Just some rules have to apply, so it doesnt get abused.

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tngirl

No, no, no, you have it wrong Lorrie. The mortgages will not be ADJUSTED, the government will BUY the inflated mortgage AS IS and then renegotiate the refinancing at the present market value. So, the government would be BUYING out a loan, lets say at $200,000 but the value of the home is only $100,000. The government will then basically refinance the loan at the lower value. Meaning that the government and the tax payers are out $100,000. The mortgage isn't just going to be adjusted.

And this is NOT all failing mortgages, only the ones where the buyers were stupid enough to finance with the variable interest rates. So, if John Doe made a reasonable investment in his home at a fixed interest rate and then he gets laid off or due to some economic hardship cannot pay his mortgage at no fault of his own....TO FREAKING BAD!! But, Joe Bloe that took that mortgage that was 2/3 of his income and with a variable interest rate can't pay his mortgage due to his own stupidity...THE GOVERNMENT IS GOING TO BAIL HIM OUT.

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atprm

either way... I don't like it.

but considering that is one of the few points that I don't like with mccain...there is nothing about Obama that I like at all.

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gmyers

Did anybody see on the news where people are buying houses a whole lot cheaper now. One couple got a four bedroom house for $90,000 it was valued at $275,000.. The couple that bought it said it was twice the house they had before and a lot cheaper and it had lots of nice stuff in it.. I guess the only ones getting anything out of this mess is the buyers definitely not the sellers.

atprm

in either Arizona or Nevada, people are raffling off their homes!

Our news featured one couple that is selling raffle tickets at $100 each...they are hoping that 40,000 people will buy a raffle ticket. (house supposed value at $400K).

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to my dh: share everything sans your sinus infection, your flu or your cold -- no need to regift.

speedygirl

My next door neighbor just turned his house over to the bank. He paid $399,000 for it and it's worth $259,000 now supposedly. They were in way over their heads. The monthly payment was $2800. Crazy!

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"A wise man makes his own decisions, an ignorant man follows the public opinion."

atprm

I am thankful our mortgage is only $423 a month.

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to my dh: share everything sans your sinus infection, your flu or your cold -- no need to regift.