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Many have said that they don't like government interfering with us and our money. or controlling it. well isn't that exactly what Mccain Housin plan will do?

McCain- "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 -- at the diminished value of those homes and let people be able to make those -- be able to make those payments and stay in their homes."

or Am I missing something here?

 
Anonymous

Asked by Anonymous at 3:32 AM on Oct. 8, 2008 in Politics & Current Events

This question is closed.
Answers (13)
  • I'm curious about this plan - do the financial institutions who greenlighted these dodgy deals get paid the old value of the homes and not take a hit?
    autodidact

    Answer by autodidact at 4:47 AM on Oct. 8, 2008

  • Sadly, it is the responsabilty of the goverment to bail us out from this one seeing how it was the governments fault under the Clinton administration: NYTimes back in 1999]
    If you are wondering how this financial crisis could have come about, what caused it, and whether or not anyone saw it coming, take a look at this New York Times article from September 30, 1999. This mess was foreseen nine years ago – BYTHE NY TIMES – when the borrowing rules were changed under President Clinton.
    Lending money to people who can't afford to pay it back is never a good idea. Fannie Mae and Freddie Mac, both quasi-governmental companies, that have their origins in FDR's New Deal from 1938, will buy mortgages from lending institutions and mortgage brokers within 30 days from the time the mortgage note is signed. Once they buy them, the mortgage company is off the hook, and no longer accountable for the quality of the loan.
    Anonymous

    Answer by Anonymous at 3:42 AM on Oct. 8, 2008

  • What OP? It sounded like you had something to say?
    Anonymous

    Answer by Anonymous at 3:54 AM on Oct. 8, 2008

  • Yes. It is exactly the type of "socialist" plan Republicans have claimed to fight against....Also autodidact.....that is exactly what I was wondering.
    FlyMom07

    Answer by FlyMom07 at 8:11 AM on Oct. 8, 2008

  • 1999? Wasn't the Republicans the majority?
    Anonymous

    Answer by Anonymous at 8:11 AM on Oct. 8, 2008

  • The only only only way to get out of the socialist business that both parties seem to want these days is to vote Constitutionalist (Chuck Baldwin) or Libertarian (Bob Barr). Personally I'm sick of Socialism and Socialism lite running the political stage these days. I dont care who was in the majority when all of this junk was set in motion. Both sides are equally to blame for letting it happen and now both sides are equally to blame for bailing us all out with money we dont have.
    duckigrrl

    Answer by duckigrrl at 8:36 AM on Oct. 8, 2008

  • Did you hear what happend to several BILLION dollars of that bailout money? One of the 'responsible parties took a 22 million dollar severance package. Several others used a million or so of it to go on vacation. It was on NPR last night. It sickens me that this is what is being allowed to happen with the money that would have been better off given to all US citizens, ro pay their mortgages, and other bills. The government should NEVER have allowed this.
    Everone thinks it is going to make a difference who is in the Whitehouse, congress will stop anthing THEY don't like, but will allow this kind of bunk to occur! Laws governing congress are the ones that need to be revamped! Want change?? Chane who is sitting in the House, and the Senate!
    Anonymous

    Answer by Anonymous at 8:53 AM on Oct. 8, 2008

  • I don't trust Mccain. He constantly talks about his "record" for doing good but the fact is he has had a 90 percent in line with the Bush admin voting record. It is a fact. Independent analysts have agreed. He caused this mess and now claims to be outraged and want to fix this.
    molly1984

    Answer by molly1984 at 9:16 AM on Oct. 8, 2008

  • Well I don't like either plan. They both want too much governmental control. I don't see why we should buy up all those houses that are being forclosed on. No one did that for me 18 mos ago when my house was foreclosed on because I was living above my means. We are okay, not homeless and in a better situation now than before. People will survive and it might wake up the lenders and the buyers to stop lending money to people who can't pay. YOu play you pay is a good concept, but no ones willing to go there because of the repercussions of it. I don't think we should have bailed out anyone, but again....I would have had to reap some of the consequences for it. The economy affects those of us who have done everything right after lesson learning. Too many mixed emotions.
    momofsaee

    Answer by momofsaee at 9:42 AM on Oct. 8, 2008

  • molly1984 is right I also don't trust McCain it just seems like he is trying to cover his ass too much !
    baby1love

    Answer by baby1love at 10:12 AM on Oct. 8, 2008