[jddqr]

I'm so incredibly angry about this that I can't see straight.

[TADSLOS]

McCain just threw down a desperation bribe to the “undecided” American electorate at the American taxpayer’s expense.

[dfwgator]

That’s it!!! I am officially voting for “None of the Above”.

[longtermmemmory]

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.

[flattorney]

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

[adorno]

The proposal involves directing the Treasury Secretary to “purchase mortgages directly from homeowners and mortgage servicers.”

I actually agree with Michele.

I also agree with McCain.

Michele is more correct.

But, McCain is proposing something that can help. And we should consider it.

Many people were caught in the mortgage mess. Some were greedy, hoping to score big on the re-sale of their homes, some were just hopeful of getting an asset with tremendously increasing value. Some were just caught with high-mortgage rates after they had bought their homes with lower rates. Whatever the cause, many people found themselves not able to pay for their homes. Some defaulted and lost to foreclosure or are about to. There were also a lot of homes that were extremely overpriced.

In that whole mess, there are still people willing to stay and live in their homes and who don't want to lose their "investments" to foreclosure. It is those people willing to pay on their homes that should be "rescued". Those people should be allowed to re-work their mortgages to longer mortgages, or to lower mortgage rates, or to the current lower market values of their homes. If a bank gets back a home through foreclosure, they certainly won't be able to sell them at the old higher and overpriced value. And the bank for sure won't be able to sell that home at the higher rate that the original home owner had. So, why not let those homes stay with the current owner and the losses won't be as drastic?

[clintonh8r]

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?

[life is not fair]

Sounds like all standards are now going overboard.