Posted on 10/07/2008 9:04:34 PM PDT by jddqr
I can’t underscore enough what a rotten idea John McCain’s ACORN-like government mortgage buy-up is. I said it during my liveblog. And I’ll say it again: “HE WANTS TO EXPAND THE BAILOUT. He wants to do what ACORN wants to do. We’re Screwed ‘08.”
This was his supposed “game-changer.” This was the very first thing out of his mouth during the debate tonight — his big pitch right off the bat. The McCain campaign immediately sent out this fact sheet on the proposal, which will cost at least $300 billion. The proposal involves directing the Treasury Secretary to “purchase mortgages directly from homeowners and mortgage servicers.” That’s on top of the trillion-dollar crap sandwich, the $85 billion to AIG, the $25 billion to automakers, the $200 billion in capital and credit lines to Fannie and Freddie, and who knows what else we’ll be forking over to California, Massachusetts, etc., etc., etc.
He spent the entire debate assailing massive government spending — while his featured proposal of the night was to heap on more massive government spending to pursue home ownership/retention at all costs. If Obama had proposed this, the Right would be screaming bloody murder about this socialist grab.
(Excerpt) Read more at michellemalkin.com ...
Go away, Bushbot. I’ve been on FR far longer than you.
Because first, the government isn't in the real estate business. Owning that much real estate makes it a major player in the market.
Secondly, the market is not likely to go back up- this is a major adjustment, and all real estate is likely to take a major hit, especially in troubled over-priced areas where the majority of the mortgages reside (California, as an instance).
WHO IS GONNA CLEAN UP ALL THIS RINO POO?
The owner of this website decides who gets banned - you do not but maybe you don’t know that since you are very, very, new to this forum.
There is no conservative running for president, so I won’t be voting in that race. Democrat liberal McCain is going to lose. I also totally own my home because I made the payments for years even though I was a widow with no one helping me. Guess I did that all wrong - should have asked the govn. to buy it for me.
From the sound of this thread, that'll be Oboma. He'll just outlaw the GOP and institute sharia law.
Nope. No one is going to vote for a guy named Barrack Hussein Oboma after 9/11. It's politically correct to say you will, cause otherwise you're a racist, but once inside that voting booth.....well.....the left can't intimidate anyone behind that curtain.
OOOOOH! *shivers* Scary! Boogeyman! BOO!
EVEN if that were possible, there is always Plan B... Something you RINO pretenders don't have the stones for.
Armed revolt isn’t going to happen and your know it.
If 0bama instituted Sharia law? YOU BET it would! and the Christians would be leading the way!
I thought that's why so many got subprime mortgages -- they would not qualify for a normal loan. I guess it depends what "creditworthiness" means.
McCain didn't say that..he said it was a responsibility. Obama said healthcare is a right.
Why today, when the electrician came to cut off our power due to my wife's negligence to send a check, I realize I cannot depend on her to do the finances anymore. It had been a sticking point in the past, but with us standing in the garage, the electric company truck pulling into our driveway, man getting out, seeing us and ignoring us, heading straight to the meter - I felt robbed of my humanity, like vermin on my own property.
I went over to him, and in a gruff but friendly tone, loudly asked, "Can I help you?" He explained the situation and showed me the bill. I went into the house - wife would not come out to meet the gentleman (was in her bathroom crying), so I wrote the check, came back out to the garage, gave it to the man along with a profuse apology, and sent him on his way.
The kicker: we don't struggle to pay our bills (6-figure income). There's plenty of money for that. Rather, it was my mistake in delegating that task to her (She is trained as an accountant, but overweight and inactive otherwise known as "lazy", and overwhelmed by three children). I'm quite honestly afraid to pull my own credit report until I can get the ship back up to 33,000 ft. and 550 knots - THEN, maybe I'll take a look, and find myself in that small but elite group of privileged few who can get "normal" mortgages whose rates don't change over time. That, really, is what keeps me up at night, and is my dream. My inhibition is the "perfection complex" - I'm not perfect and never will be. I missed two payments over the last four years, but caught them up immediately the next month. However, those two missed payments will (apparently! perhaps I'm hopefully, hopefully wrong on this) haunt me the rest of my life, with no possibility of forgivess. So I am trapped, stuck, and even my very will to live, garnering as much of my self worth from honor as anything else, has been deeply compromised. All because I stupidly delegated an important family function to someone who would rather placate a screaming kid than mail a bill.
The problem is, him keeping NOBAMA out is looking like a long shot right now. What he says right now matters, and this will not help.
No one here “idolize”s McCain. We tolerate him because he is the best of the two choices on the ballot.
“Idolize” is more appropro for Hussein and his cultists.
There is no comparison of McCain to Obama. Obama is as dangerous as Hitler ever was. McCain is not. Vote McCain/Palin or watch our country become Germany xs 100.
Yeah, yeah I know. I just hate the idea of voting for McCain, but if ever there was a clear choice, this is it.
McCain wants to cover up the 5 million illegal alien loans out there.
actually this is going to happen one way or the other.
folks all those bad morgages are going to end up in the taxpayer’s balance sheets. These are all the derivatives that locked up the credit market.
The credit lock up is because BILLIONS of these mortgage papers are no longer circulating in the finance markets.
a 300,000 new mortgage note was worth 900,000. a bank could sell that note for 450,000 and pocket the 150,000. The buyer THOUGHT they had a another 450,000 in revenue over time.
Now bundle these in groups of 100 suddenly you had a “secured” asset note.
The problem is the house was a side not to creating the resellable mortgage.
THOSE are the 700 billion dollar bailouts we are going to buy ANYWAYS.
“So vote for Sara Palin.”
Hard to argue against that. But it does not make McCain supporters correct. He is a socialist. So are way too many FReepers.
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