Obama's Housing Bailout Draws Comparisons to McCain's Plan

Fox News ^ | 2009-02-19

[rabscuttle385]

President Obama's $275 billion housing bailout plan, aimed at halting mortgage foreclosures, is drawing comparisons to a proposal championed last year by John McCain.

President Obama, in rejecting GOP alternatives to his massive economic stimulus plan, cited his electoral victory over John McCain in November as proof that Americans wanted change.

But Obama's $275 billion housing bailout plan, aimed at halting mortgage foreclosures, is drawing comparisons to a proposal championed last year by John McCain.

"I hope they took the best ideas wherever they found them. And, certainly, Senator McCain campaigned for a long time on this proposal," said Douglas Holtz Eakin, former economic adviser to McCain and author of McCain's plan.

Obama's $275 billion program offers $75 billion in incentives to lenders to lower payments by at-risk homeowners to 31 percent of their income. The other $200 billion would be drawn from money approved by last year's Congress to bolster efforts by federal lenders Fannie Mae and Freddie Mac to offer affordable mortgages and bring stability to the housing market.

Holtz Eakin says Obama has recognized the need to stop foreclosures before they happen. It's an idea he says McCain introduced at his second presidential debate with Obama.

"I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes," McCain said.

[rabscuttle385]

[2banana]

Both are socialist fools...

[rabscuttle385]

McCain had the chance to be Horatio at the bridge. Instead he was the troll under the bridge.
—hinckley buzzard, 2009-02-07

The Juan McCain Truth File. "I have great respect for Al Gore." —John McCain, October 2, 2008 FR Keywords: mccaintruthfile, mcqueeg, mcbama Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. To join the ping list: FReepmail rabscuttle385 with the subject line add  mccaintruthfile. (Stop getting pings by sending the subject line drop mccaintruthfile.) Republican Commissar’s Warning: By joining this ping list, you may be subjected to the delusional rants and ramblings of McCainiacs, of "moderate" Republicans, of pragmatic conservatives resigned to voting for the lesser of two Democrats, and of countless GOP shills who simply want to meet a new overlord.

[dr_who]

Great sticker!

[Names Ash Housewares]

OH, I guess that makes it ok. LOL!!!!!

[bergmeid]

Let me ask a stupid question. Yesterday it was $75 billion for mortgage bailout, now its $275 billion?

Did something happen today that I missed???

[rabscuttle385]

I wonder if Fox News reads Free Republic... ;-)

[Lady GOP]

[FlingWingFlyer]

President Obama's $275 billion housing bailout plan, aimed at halting mortgage foreclosures, is drawing comparisons to a proposal championed last year by John McCain.

Is this supposed to be good? McCain lost the damn election so I don't think that the voters were too impressed with his plan either.

[silentreignofheroes]

Palin/? 2012

Hard working don’t screw with us American/? 2012

[TADSLOS]

LOL!

[Lady GOP]

LOL.....bingo

[tobyhill]

That's why McCain was just the lesser of two evils.

[sazerac]

I wonder if Fox News reads Free Republic... ;-)

It's somebody's job over at Fox to read us every day. I've noticed it often. It is a good way to find out what the right is interested in and talking about.

[ronnie raygun]

So doing the right thing all the years, paying your mortgage was the wrong thing! This set up by ACORN and obama was set in motion many years ago. It’s all about putting people in a position of dependency.

[sickoflibs]

I saw that tonight on FNC at gym and thought of mountainbunny. I had thought of it before but mountainbunny reminded me McCains was much more expensive. As soon as McCain came out with this, I saw it on FNC in September and I saw Coulter hitting him for, I remember thinking ‘McCain is dead’, You cant out Santa Claus democrats and the fact that he would try showed it was over.

[rabscuttle385]

So doing the right thing all the years, paying your mortgage was the wrong thing!

No.

However, the Government distorted the marketplace, creating incentives to act irresponsibly and penalties for acting responsibly.

[Kimberly GG]

I learned earlier today that stimulus money won't just be going for mortgages (for illegals?), but also for renters (illegals?) of homes in foreclosure AND any renters (illegals?) of any residence who cannot pay their rent and are facing homelessness. I highly doubt there is anything in the stimulus that says this money will go to Americans only. Of course, even if it did, I've also learned that the new OBL catch phrase is "Americans", as opposed to, specifically, "U.S. citizen". IMO, the next shoe to drop will be introduction of the Amero to save the economy.

[Kimberly GG]

“However, the Government distorted the marketplace, creating incentives to act irresponsibly and penalties for acting responsibly. “

I heard Glenn Beck tonight questioning whether or not this was intentional. He said it’s beginning to look like it was all intentional. I know he’s had segments on the North American Union. Shouldn’t be too hard to connect the dots.

[rabscuttle385]

IMO, the next shoe to drop will be introduction of the Amero to save the economy.

Let them try.

It will fail just like the current dollar.

It will fail like every other fiat currency in human history.