Posted on 10/10/2008 12:03:49 PM PDT by Chet 99
Majority backs McCain’s $300B mortgage plan
Phoenix Business Journal - by Mike Sunnucks
A majority of U.S. voters back a mortgage bailout plan forwarded by U.S. Sen. John McCain, R-Ariz., that would have the federal government buy distressed and upside down mortgages and refinance them so homeowners can avoid foreclosures and keep their homes.
A new poll by Rasmussen Reports shows 52 percent of those surveyed support McCain’s $300 billion plan, while 35 percent oppose it. Presidential rival U.S. Sen. Barack Obama, D-Ill., also opposes McCain’s mortgage plan.
Support for the plan crosses party lines with more Democrats backing McCain’s idea than Republicans, according to the Rasmussen poll. McCain unveiled the plan Tuesday at the second presidential debate in Nashville, Tenn.
Rasmussen polling also shows consumer and investor confidence down in the wake of the credit crunch and down financial markets.
An average of recent polls by Real Clear Politics gives Obama a 50 percent to 43 percent lead over McCain, although there are number of key electoral college states in which the races is very tight, including Ohio and Nevada.
Lol. Now we trust polls?
“Support for the plan crosses party lines with more Democrats backing McCain’s idea than Republicans,”
There’s a shock < / sarcasm>
Trouble is, Sen. McCain, the Dims will vote for Obama anyway, counting on him coming through with an even more generous bailout than you’re offering - to be financed by the Republican taxpayers who are supporting your campaign. Sigh.
I’ll have to read more about it before forming an opinion.
I do think that something that will allow homeowners to stay in their homes at a fixed rate is a good thing. Better than having a bunch of houses sitting empty that will attract crackheads and vagrants.
I think Obama doesn’t like the plan because he wants to just GIVE these empty houses to his voters. This is the beginning of “reparations.”
it comes out of the bailout. mccain will still cut taxes and balance the budget because he wants to reform a lot of other programs.
That doesn’t mean I endorse this plan, however.
You know I’m a free marketer and believe in the capaitlist system but this to me is not such a bad idea. it could be done like the other programs for low income people who build through FHA(my late father was a contractor that built many of these homes), where the house is worth X but if you sell it for Y then the differnce between X & Y has to be paid back to the government. What do all of you think or am I on my own here?
Throw in free lunch and free beer for all and he wins in a landslide.
well that’s the selling feature of this plan: that we need to do something because these homes can depress the values of all of the other homes in the neighborhood.
I have thought of this problem as well. Many of these homes are in terrible condition and overrun with rats or bobcats, depending on where they are in the US.
Turning a large number of “bad loans” (ARMs) into “good loans” (low interest, fixed rate) could be a positive for the economy, for the real estate industry, and for homeowners.
Why can’t the SEC just do away with ARMs? Just give fixed loans?
Gimme free stuff. Gimme gimme gimme. The Rich will pay for it all. How should I have known I couldn’t really afford a mortgage for 120% of my house value with no money down and an ARM with no upper limit? Not my fault, uh, uh. I blame Bush. And where’s my government cheese?
One upside to the drop in housing prices is that those who were priced out of home ownership will now be able to get in.
Then the majority is dumber than a bag of hammers.
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