McCain proposal to buy mortgages

@bobmnu (8160)
United States
October 7, 2008 10:08pm CST
This proposal is not new. During the depression at least one Life Insurance Company held many farm mortgages and bought up others, then set up a plan to basically legally repossess the farms and then to have the family farmers buy back the farm. How much did it cost the company. $0, because the Insurance Company got their money back and the farmer bought his farm back. It worked. This plan by Senator McCain could save many families if it is used for those who are in trouble(job loss or medical issues) and not those that gambled and lost. Many of the sub prime mortgages are being paid by the people who have a bad credit rating or history and are not behind but it is still a risky loan.
1 person likes this
5 responses
• United States
8 Oct 08
McCain proposed a plan that is already covered in the bailout! For goodness sakes, wasn't anybody listening? I know McCain has problems with his memory, but does everyone else? That was part of the bailout package. McCain has no NEW plan! He's just forgotten what he just voted on; or he didn't read it. Whatever.
1 person likes this
@spalladino (17927)
• United States
8 Oct 08
It would be a great plan...if he could get it through the House and Senate...without a ton of pork attached. I would like to know where the money would come from because the price tag for an effort like that is going to be astronomical.
@bobmnu (8160)
• United States
8 Oct 08
According to Gov Romney the money is part of the bail out package. It sounds like a good plan and as Senator McCain said not all the mortgages are bad just risky but the people are making payments.
@KrauseHome (34153)
• United States
8 Oct 08
For me, I am not sure how Good of a thing this is, and what is the timeline factor of this as well. McCain to me has never seemed to be the one who can get us out of this Financial imparity even if he tried, and can America choose to differ on this any other way. Some way with the others on Both sides. Who wants to sit and argue politics every day until then. No me, that's for sure.
• United States
8 Oct 08
Don't forget the part about renegotiating all mortgages at the current market value of the home. That, if I recall correctly, was one of the biggest sticking points that kept the conservative House Republicans from even discussing the first modification of the $700 billion bill that was voted down in the House. Now, don't get me wrong - I think there are ways to work it so that the people who are trying to save their homes get help and those who used the subprime blowup as a way to get rich flipping houses don't - and I like it. I'm just holding judgment on it until I hear what McCain has to say about it tomorrow. He's been about as reliable as the New England weather in this campaign.
8 Oct 08
I missed the debate so I will have to catch it in rerun but, from what I have read it sounds like a great plan. Imagine spending money to help people keep their homes. What a novel idea. Using taxes to actually help Americans who work for a living. Wow. There is hope after all. I love the idea. :) Now if ti doesn't wind up costing the taxpayer anything then McCain is a genius. Or whoever thought this plan up.