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Posted on 10/08/2008 6:52:54 PM PDT by flyfree
Received by email:
My Friends,
Millions of Americans on Main Street are feeling the effects of our current economic crisis largely brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street. Our next president must come into office with a plan to address the very root the failing housing market.
Last night, during my debate with Senator Obama, I announced my plan to fix the root of our problem and I'd like to share a little more with you today.
If elected president, I will direct my Treasury Secretary to implement an American Homeownership Resurgence Plan to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis.
America's families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage.
For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.
This Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes.
By purchasing the existing, failing mortgages the resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
I am ready to lead our country out of this financial crisis and I am ready to work with anyone and everyone who will help. Together, I know we can work together to find solutions for these challenging times. Please do your part today and spread the word about my new plan by forwarding this email on to your neighbors, friends, family and coworkers. Thank you for your time and support.
Sincerely,
John McCain
P.S. Homeownership represents the very core of our American economic system. This is not the time for politics. We must move aggressively to provide relief and stability for all Americans.
Um, I have kept up my house payments and my credit rating. What do I get? What’s that you say? Oh. I get to pay higher taxes.
That populist angle isn't working, John. Here's an idea -- tell the truth about the roots of the crisis in the Community Reinestment Act, and lib-Dem politicans (Frank, Dodd, the congressional black caucus, etc.) and Obama's fellow "community organizers" at ACORN blackmailing lenders/banks into making loans to borrowers with weak credit histories. Believe me, you'll be happy you did.
I paid off my house without any help from government. Looks like I get to pick up the tab for those who didn’t.
We have 4 houses. All payments current as they always are. Maybe we’ll get a government rebate.
you get to pay for this:
HUD: Five Million Fraudulent Mortgages Held by Illegals
http://kfyi.com/pages/local_news.html?feed=118695&article=4364653
So our choice is between a Marxist/Socialist or a Socialist/Marxist..............which to choose?
Deutsche Bank estimates that more than 80 percent of the $1.8 trillion in outstanding troubled loans — those made to "subprime" borrowers with weak credit and "Alt-A" borrowers who didn't document their incomes or provide large down payments — are tied up in mortgage-backed securities.
http://money.aol.com/news/articles/_a/bbdp/mccain-housing-proposal-easier-said-than/205633 The remaining 20 percent, about $318 billion according to Deutsche Bank, are "whole loans," easier to modify because they don't have multiple investors."
LLS
Another "surge"?
There was an article posted here today that said five million homes in default were purchased by illegal aliens.
So, when McSocialist gets in we can also buy their houses for them after we let them stay......
fdr could have written john’s plan.
“Homeownership represents the very core of our American economic system”
WRONG! The free market is, or ought to be, at the core of our economic system. What’s next, homeownership as a Constitutional right? Go home to Goldwaterland, study up, then come back and ask my forgiveness. Then, maybe I’ll vote for you.
“If elected president, I will direct my Treasury Secretary to implement an American Homeownership Resurgence Plan to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis.”
AAAAAAAAAAAAH!
I hate to say it, but this is moronic. McCain’s plan is almost EXACTLY the reason we got into trouble in the first place, without the racial overtones.
If all we had to do was reconfigure all the bad mortgages out there resulting from the shenanigans of the CRA, Fannie Mae, and Freddie Mac then there would be some ray of sunshine at the end of the tunnel.
The Masters of the Universe on Wall Street, however, leveraged a horrible calamity into a potential cataclysmic disaster via MBSs and CDSs.
Just because populists are wrong most of the time, doesn't mean their wrong all of the time.
It might not be a pleasant thought, but lately it seems to be closer to the truth.
“Homeowners in crisis need relief now”
They got themselves into the pit, let nature take it’s course.
Just stop making your payments and let your home slide towards foreclosure. The guv'mint will be happy to buy the mortgage, reduce your debt and lower the monthly nut.
I'm getting on McCain's case for completely ignoring the other perps. ....his buddies in gov't, ALL of them residing on the other side of the aisle.
You see, most Americans are inaccurately making direct connections between this financial crisis and "Bush's policies." They have no idea both Bush and the congressional Pubbies have been trying to reign in Fannie/Freddie for years now, only to be stymied by the congressional Dems every single time.
Understand that if the electorate doesn't get the facts of the matter, McCain's chances of winning are between slim and none.
*****
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