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By Gene Quinn |
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Tonight during the Town Hall Presidential Debate between John McCain and Barack Obama was exciting, interesting and all around a great night for John McCain. Not only did John McCain have Barack Obama on the defensive throughout the night, but McCain also announced a new plan that would help all those struggling under the weight of over priced mortgages.
Lets face facts. A great many were lent money they could never hope to repay. They then took this money and ran out into the market and overbid for houses. This drove up the cost of houses for everyone and lead to a frenzy where the value of homes rose year after year at staggering rates. Those of us who then entered the market and bought homes at over inflated prices are now suffering. Those who recklessly took loans for more than they could repay, and those who put nothing down for homes can simply walk away and not meet their financial obligations. This has thrown our economy into a tailspin and so many of us are now holding mortgages worth 200% of the value of our homes. So it is about time that a plan be put in place to support those of us who are really getting screwed!
Here is what McCain said:
We’ve got to have a package of reforms and it has got to lead to reform prosperity and peace in the world. And I think that this problem has become so severe, as you know, that we’re going to have to do something about home values.
You know that home values of retirees continues to decline and people are no longer able to afford their mortgage payments. As president of the United States, Alan, 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.
Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy. And we’ve got to give some trust and confidence back to America.
So much time has been spent over the last several weeks talking about the bailout of Wall Street, and now today we even learn that AIG executives threw a million dollar party one week after receiving $85 billion in federal funds. Public opinion of government actions to bailout failing businesses and potentially rewarding unscrupulous executives was understandably negative. But now John McCain has come to the table with a plan that will help those of us who were responsible and took on debt that we could afford, only to have the assets we purchased drop precipitously and through no fault of our own.
By putting forth a bold new mortgage rescue plan McCain may well have just turned the tide of the election. Only time will tell, but in the meantime I am keeping my hopes up.
Tags: John McCain, mccain mortgage plan
Posted in Election 2008 | Comments (0)
