Brewster was right.
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 ...
by the reset of the principle is a bankruptcy principle.
The concept is that a lender is estopped from lending ridiculous amounts to an attached collateral because they assume the risk of the debtor being held to the value of the collateral.
IOW lender assumes risk of devaluation of collateral. (or risk of overvaluing the collateral)
The question is whether mccain is looking to put this in the bankruptcy code the way it was for decades.
part of the reason for the credit logjam is the “bundles of overvalued collateral mortgages” are no longer desireable and nobody is buying them.
The two terms are not interchangeable like they used to be.
"Republican" used to mean Conservative.
Yeah, now it's just the weak right arm of the DNC.
I also note that this site is an "independent Conservative forum", not an RNC run or GOP-sanctioned forum. Just some key points to keep in mind here.
Not anymore. It's been hijacked by McCain campaign hacks screaming in full Obama fearmonger mode.
God Bless Sarah Palin anyways......
Ditto. She's being hoodwinked and played by a liberal republican socialist.
How can anyone call John Sidney a conservative? His "reaching out across the aisle" is nothing more than him being on the same page with liberal Democrats.
Yes, and have American taxpayers pay their mortgage while he's at it!
Brewster was right.
“Carla Fiorina is on Fox right now supporting this Socialism and is proud of the idea that Gov’t should be doing this.”
These corporatist Republicans - anti-Constitution, open borders, anti-gun and pro-abortion all - are a bunch of national socialists.
Everyone in the office today (R’s all) is ridiculing McAmnesty.
In his first post-debate appearance, John McCain promoted his new plan to have the federal government directly buy mortgages and refinance them at lower interest rates to help beleaguered homeowners. His plan comes with a $300 billion price tag which is on top of:
The passage of a $700 billion bailout plan to buy up distressed securities;
A doubling and redoubling of emergency loan facilities at the Fed to $900 billion on Monday; and
The Fed’s unprecedented decision on Tuesday to start buying up short-term commercial debt for businesses of all types.
Further today, the Federal Reserve reduced its benchmark rate to 1.5 percent in a coordinated move to further shaft retired individuals, living off fixed income portfolios, and assure an Obuma presidential win.
When asked for comment, George Soros said he was proud of his adopted son, John McSoros. When asked if it was true that he and his cartel had engineered the stock market collapse, Mr. Soros said he needed to take another phone call and then was heard laughing when he hung-up the phone.
# # # # # #
George Soros and his Klan are laughing all the way to their respective foreign depository bank over the financial meltdown they engineered. - FlA
So you'd rather let your deadbeat neighbors stay in their houses (at your expense if you pay taxes), even though they can't afford to pay for them or maintain them? I think you're taking a very near-sighted look at the situation.
The only proper way to correct the federal government's mistake of guaranteeing/subsidizing home loans to bad credit risks is to let the current mortage holders (i.e. lenders) salvage whatever they can from their property by (1) foreclosure and resale or rent or (2) negotiation with the current residents. If the government steps into the shoes of the mortage holders (no doubt after overpaying for the mortgages), the government will bungle the salvage process and probably end up letting deadbeats live rent free or heavily subsidized by taxpayers, and wealth will be syphoned off further by deadbeats, bureaucrats, and political insiders.
Rather than subsidizing deadbeats, the government should be taking steps to accelerate and simplify the foreclosure/eviction process, because in the meantime the deadbeats are beating up the properties they occupy and thereby draining wealth from the economy.
Zer0bama is right about one thing....McCain just doesn’t get it. How can this guy be so tone deaf? And why hasn’t immigration been mentioned during this campaign?
That should be up to the prudence of the lender. If the government buys the loans, prudence will have nothing to do with their decisions on whether to foreclose/evict or negotiate.
NOBODY/08
No one was "caught" in anything. They were willing participants in risky behavior. They could have rented or otherwised lived within their means, but they didn't and I don't feel like bailing them out. If you do, you're free to go up and down your street passing out more money to subsidize their risky behavior.
If I wanted a loan to purchase Dodger Stadium with a 30k income would they loan it to me?
Fact is a lot of people were *approved* for loans they could not afford. The majority of those people had NO say if their loans were approved. The lenders lots all sight of common sense lending standards and ethics.
You can't participate if your not qualified to.
If I wanted a loan to purchase Dodger Stadium with a 30k income would they loan it to me?
Fact is a lot of people were *approved* for loans they could not afford. The majority of those people had NO say if their loans were approved. The lenders lost all sight of common sense lending standards and ethics.
Another fact is, if your going to willy nilly throw around easy money, ya better expect real long lines.
It's totally 100 percent up to the lending institutions to determine if those applying for loans are qualified.
But you can when the government is backing you. That's what caused the problems.
Fact is a lot of people were *approved* for loans they could not afford. The majority of those people had NO say if their loans were approved.
They had a huge say in their approval, both by applying for the loans and by voting for the politicians who promised and gave them subsidized housing. I agree with you that the lenders are morally culpable, but they were just doing what the government encouraged (or even compelled) them to do.
Another fact is, if your going to willy nilly throw around easy money, ya better expect real long lines.
I agree. Look at how the govenment bailout proposals keep piling up.
It's totally 100 percent up to the lending institutions to determine if those applying for loans are qualified.
That should be the case, but it has not been the practice, and McCain's proposal (which is really Hillary's proposal) would put the goverment in charge of re-negotiating the loans.
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