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