Posted on 09/04/2010 7:25:03 AM PDT by rabscuttle385
(snip)
Aid to the housing market should have been included with the plan to bail out the banks, McCain said. But several in Congress felt that once the banks were bailed out, the banks would turn around and offer loans and other help to the real estate market. That didn't happen, McCain said.
The real problem is Fannie Mae and Freddie Mac, he said. The federal government has dumped $45 billion into the two programs, the same outfits that caused the housing crisis by giving out loans to people who couldn't afford to pay them back, he said.
"I want everyone to own their own home, but there are some people who just can't. That's why we have a rental market," McCain said. He pledged to continue to help residents keep their homes.
McCain said that at the beginning of the housing crisis, he and now Secretary of State Hillary Clinton created a homeownership loan program that would have bought mortgages from people who were about to be foreclosed on, selling the home back to them using a loan. But some members of Congress decided it was better to bail out the banks, he said.
"The economy won't turn around until there is a stable housing market," McCain said.
(snip)
"We can't enact other legislation until we secure the border," he said. "We are a nation of immigrants. We love immigrants, but we want immigration to happen legally."
(snip)
(Excerpt) Read more at kingmandailyminer.com ...
"Other legislation"???
The real problem is Fannie Mae and Freddie Mac... the same outfits that caused the housing crisis by giving out loans to people who couldn't afford to pay them back...
Neither one of the GSEs originate mortgage loans, although they do purchase mortgage loans from originators, such as banks and credit unions, that meet certain criteria, and securitize and guarantee those loans.
But hey, McCain would know a lot about giving out loans to people who couldn't afford to pay them back. After all, he was busy taking "loans" from Charles Keating at the height of the S&L crisis in the 1980s!
FUJM!
McCain is an idiot.
At the height of the financial crisis, McCain was busy pushing his $300+ Billion Federal mortgage bailout proposal, and that was before he made war against conservatives and Republicans in Congress for opposing the Bush-Obama $750+ Billion Federal bailout of the Big Banks.
FUJM!
There McPain goes again!
Back to hs marxist lite ways.
Oh wait, he was for amnesty, against amnesty, and now re-elected, back to supporting amnesty?!
Someone needs to bend over all those who voted for the McCainIdiot and kick them square in their collective asses. =.=
The only thing that is going to save the housing and mortgage markets are if these entities are allowed to return to the free market non government subsidized principles that they once had and enjoyed.
By getting the government out of the way and allowing the housing markets and banks decide who are credit worthy risks and not the government, this would create a major boom in the housing, mortgage and banking industries.
McLame lied his way through the primary once again, Time now to go back to HIS true core values of DEM lite, or F-ing RINO turd.
BUMP!
And I echo the FUJM. Six more long years of this? Maybe enough conservative senators will be elected to drown out the RINOS.
The people made a stupid choice in the primary, hopefully they will be smart enough tovote for the democrat in November and put that brainwashed communist bastard out to pasture!
Mccain as much of a RINO as he surely is is still better than having ANY democrat!
Obama has ceded control of over 5 miles of Arizona to drug traffickers.
This is T R E A S O N
I M P E A C H Obama in November.
I’m a realtor who supported JD so thus didn’t attend the Kingman MLS gathering. I heard there were 25 there; not exactly “standing room only” crowd!!!!
NO damn way!!!!
He should be out there helping Sheriff Joe.
I fail to see how that is a more responsible policy than the one that already existed at Fannie Mae and Freddie Mac that resulted in massive defaults.
That's debatable.
Remember, when the voters get angry with RINO like McCain, Bush, et al., they punish ALL Republicans, including the conservative ones!
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