McCain $300 Billion bailout for fat cats
by
wobblies
10/09/2008, 3:08 PM #
Damn John. You've put out more plans recently than Whoopi changes her clothes during the Oscars: at least she looked nice. Your plan for buying up mortgages is just plain embarrassing.
You want to buy out mortgages at their face value rather than the current market price. <link> <link> It is the lenders that make out in that plan, not distressed home owners who already may benefit from the EESA (if we can figure out how to implement that language <link>). For virtually all mortgages in distress(along with the rest of the housing market), their value has gone down in recent years. If you paid the current market value of those homes (even being flexible about 'mark to market'), your wealthy jet setters would have to take a loss on their loans.
Are you going to underwrite the devalued housing prices for all Americans who's only real asset is their devalued home? I don't think so.
It would have been much easier, if you were really concerned about home owners, if you just helped push the Democratic plan to help grant reduced interest rate packages to home buyers who are struggling with high interest rates. That would have meant taking on your GOP and fat cat buddies, but you didn't want to put on your maverick costume for that. Maybe you'll try that on October 31, Halloween, when you're really desperate.
God Speed,
David
