52% Favor McCain’s Mortgage Bailout Plan (Rasmussen Reports..)

http://www.rasmussenreports.com/public_content/business/general_business/52_favor_mccain_s_mortgage_ ^ | Friday Oct.10, 2008 | Faux Pas~

[Faux_Pas]

A majority of voters (52%) favor John McCain’s plan for the federal government to buy up distressed mortgages and refinance them so homeowners can stay in their homes, according to a new Rasmussen Reports national telephone survey. Thirty-five percent (35%) oppose the plan.

Democrats like McCain’s plan more than Republicans, even though Barack Obama opposes it. Fifty-nine percent (59%) of Democratic voters think it’s a good idea, compared to 47% of Republicans – and 49% of unaffiliated voters.

Seventy percent (70%) of African-American voters favor McCain’s plan, as do 50% of white voters.

P.S....I'm not a frequent poster.. so pardon any posting "faux pas" *S*

[CA Conservative]

Of course.....everyone with an upside down mortgage get in line....all taxpayers will bail you out.

I don't think McCain's plan will help everyone with an upside down mortgage, or even everyone who has a high-interest adjustable mortgage - that would take too much money. I think it will only help those who have all of the following:

- a high-interest adjustable mortgage;
- an upside-down mortgage;
- insufficient income to pay the mortgage as it is;
- and are already late on their mortgage or in foreclosure.

So, if you have lost 50% of the value of your home, and are stuck in a high-interest ARM, but you can still afford to make your payments - you are out of luck. Of course, if you were silly enough to only buy what you could afford and get a fixed rate mortgage at a good rate, you just get to help bail out the others...

[cripplecreek]

I have a neighbor who wants to sell his house. Instead of demanding that we all help raise his property value, he took it off the market till he can get what he wants.

[concerned about politics]

HELLO!

I heard something VERY important on FOX last night.

The polls are not only based on polling respondents - they also include the number of new registrations into account.

That means the polls include all the bogus ACORN ballots (and other small, left wing groups doing the same).
If you remove the thousands of fraudulent registrations from the equation, the poll numbers change dramatically.
I often wondered by Osama Hussein Obomas numbers were so high when he appears to be nothing but a body without a soul.

[ScottinVA]

“Yeah.. Sarah is the one I’m actually rooting for these days! We just need to get her foot in the door! Just imagine what she can learn in 4 years!”

Exactly! My interest is as much in the future of the conservative movement as it is in this upcoming election. As I’ve mentioned in other threads, we really do have many rising stars in the movement — Sarah, Jindal, Pence, Hensarling, even Pawlenty, for that matter. If we do go down to defeat, they will pull together and form a conservative vision for the country.

So, I’m not quite as fearful if Zero wins. Remember the first two years of Clinton with a Dem congress. They over-reached and got their arms bitten off in the ‘94 elections. It will happen again, because they can’t resist going too far. Will they inflict pain along the way? Most likely, but that will give more impetus to a resurgence of our movement.

[ScottinVA]

Imagine Sarah and Bobby Jindal in 2012 with four more years of executive experience under their belts.

If Zero wins, granted it’s going to suck for a couple years, but we WILL be back!

[Reagan Man]

As long as the Feds can buy ink and printing presses, the Treasury Dept will be able to supply all the money the country needs.

[mysterio]

Am I the only one who has read the bailout bill? THIS IS ALREADY THE LAW OF THE LAND. IT IS SECTION 109. Neither McCain or Obama has read the bill. Section 109 gives the government the power to do exactly what McCain is proposing.

Seriously, I can't believe no one has picked up on this.

[concerned about politics]

So, I’m not quite as fearful if Zero wins. Remember the first two years of Clinton with a Dem congress.....

See post #23. It ain't over until Hillary sings. Things are much different than they appear.

[AngelesCrestHighway]

“if you were silly enough to only buy what you could afford and get a fixed rate mortgage at a good rate, you just get to help bail out the others...”

Thank you.....

[ScottinVA]

Yeah, it’s encouraging, but who’s the source of the info?

[mysterio]

Section 109. Foreclosure Mitigation Efforts. For mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs. Allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. Requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer.

SEC. 109. FORECLOSURE MITIGATION EFFORTS.

(a) Residential Mortgage Loan Servicing Standards- To the extent that the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.

(b) Coordination- The Secretary shall coordinate with the Corporation, the Board (with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, as provided in section 110(a)(1)(C)), the Federal Housing Finance Agency, the Secretary of Housing and Urban Development, and other Federal Government entities that hold troubled assets to attempt to identify opportunities for the acquisition of classes of troubled assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and, where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease. In the case of a mortgage on a residential rental property, the plan required under this section shall include protecting Federal, State, and local rental subsidies and protections, and ensuring any modification takes into account the need for operating funds to maintain decent and safe conditions at the property.

(c) Consent to Reasonable Loan Modification Requests- Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.

Does everyone see now? It's already the law.

Does it make anyone else nervous that the two candidates didn't read the bill? That the media hasn't read the bill? That apparently none of us has read the bill?

[CA Conservative]

Am I the only one who has read the bailout bill? THIS IS ALREADY THE LAW OF THE LAND. IT IS SECTION 109. Neither McCain or Obama has read the bill. Section 109 gives the government the power to do exactly what McCain is proposing.

The bailout bill provides the authority - McCain is the first one to say he would actually USE that authority in that way.

[mysterio]

No, the candidates are arguing over it as if it isn’t already a done deal.

[Cyclone59]

Responsible buyers are opposed.

Not necessarily, even though I played by the rules and am pissed off at those who didn’t. But, since the govt got into this problem and then the bailout I would rather them refinance the mortgages of the homeowners than give the money to people who will go on $440,000 spa junkets....

Assumptions:
only Principle and interest

$100,000 30 year loan at 14% = $1185 per month
same loan at 8% = $734 per month

If the loan is simply refinance there is not cost to the govt. Granted there is probably a devaluation of the home so assume 20% loss. so the $80,000 loan at 8% is $588 - the govt does incur a $20,000 cost of the reduction.

many more homeowners get to stay in their home and admittedly the govt is making money on the interest over the term of the loan. At least the govt would be making people whole while using some common sense.

[cripplecreek]

Sorry but your little formulas don’t mean anything to me. The simple fact is that responsible people are being forced to pay for irresponsible people.

Yay socialism.

[Cyclone59]

I don’t want socialism at all, but considering the pile of BS that we are in my “little formulas” are the respective monthly payments made by the homeowners. Now either the govt needs to refinance these loans or buy the home - you choose. I know it is the lesser of two evils, but if I have to choose, I go with the refinance way.

[concerned about politics]

Yeah, it’s encouraging, but who’s the source of the info?

I remember believing it without a doubt because the person being interviewed doesn't work any political side of the debates and is not currently employed by any party.
I know FOX always has a left and a right side, but this time it was just a discussion of them both. I THINK it was that guy who always asks the so called "independent voters" questions after every debate. You know, the guy who says "Who won the debate, raise your hand if you think _______ won the debate."
Do you know who I'm talking about? I can't remember his name.

It was like "The pollsters not only use the results of telephone polling, but they also incorporate the number of new registered voters into the equation, so the election is currently running neck and neck."
Thoughts of all those fake new democrat voters being turned in by ACORN and others popped into my head, because most of those voters aren't going to vote anyway. Many don't even exist. Many are multi-bodied amoebas! Some are family pets.

[EarlyBird]

The polls are not only based on polling respondents - they also include the number of new registrations into account.

This is what I've been saying for a long time. This is all part of the Obama/MSM/Gallup/ACORN Kenyan 2-step campaign strategy. This is how it works:

Obama knows he's going to lose. So he gets ACORN to drum up a bunch of fraudulent Dem voter registrations. It doesn't matter that these fake voters will never vote because the pollsters then say, Wow, look at all these new Dem registrations. We better re-weight our polling samples. The re-weighted polls then naturally show Obama ahead.

Carville et al then start saying that if Obama loses the election while the polls show him winning, there's gonna be riots. Meanwhile, Obama plants fake agitators at McCain rallys to shout violent, anti-Obama soundbites. The media reports that McCain supporters are calling for violence against Obama.

Obama decries the violent nature of McCain supporters and tells his followers to "get in their faces". Obama loses the election... Viola! Obama supporters riot.

Will there be as much murder and mayhem here as there was in Kenya when Obinga lost? Remains to be seen.

[cripplecreek]

My house is paid off because I paid it off. I didn’t ask to gamble my tax dollars on someone elses failure but apparently I don’t have any choice in the new socialist America.

[Cyclone59]

The simple fact is that responsible people are being forced to pay for irresponsible people.

unfortunately we have been doing it for years. I have never had credit card debt that I “negotiated gone” for pennies on the dollar ( like some of these ads that are still out there ). I paid them off over time while my neighbor racked up over 50 grand then negotiated his way to 25 and then my rates on my card go up - the good guys get raped.