Another desperation move by McCain.
During the second Presidential debate, McCain said he would instruct the Treasury (when he becomes president) to immediately buy up mortgages of people in foreclosure.
The Treasury Department would then issue a new mortgage to the home owner in foreclosure BUT base it on the new, greatly depressed market value of the home.
Let’s look at this closely. Taxpayers would pay off the mortgage of a home owner in foreclosure; let’s say $300,000 that he owes the bank. The taxpayers would then turn around and give the same home owner another mortgage at a low interest rate for let’s say $100,000; the current value of the home.
The guy that sold him the original sub-prime mortgage makes out like a bandit and so does the homeowner who bought a $300,000 home that he will pay $100,000 for and re-sell it at $300,000 when the home market picks up again.
All of us who pay our mortgages on time and would never have gotten into a sub-prime mortgage situation because we have a few brain cells; we are the taxpayers who would bail out these twits who through greed and/or stupidity got themselves into the untenable situation.
Does this in any way make fiscal sense or is this a desperate cry for votes without giving the matter any serious thought.
McCain is unstable, his handlers are unstable and even Palin is probably wondering what the hell did she get herself into.
During the second Presidential debate, McCain said he would instruct the Treasury (when he becomes president) to immediately buy up mortgages of people in foreclosure.
The Treasury Department would then issue a new mortgage to the home owner in foreclosure BUT base it on the new, greatly depressed market value of the home.
Let’s look at this closely. Taxpayers would pay off the mortgage of a home owner in foreclosure; let’s say $300,000 that he owes the bank. The taxpayers would then turn around and give the same home owner another mortgage at a low interest rate for let’s say $100,000; the current value of the home.
The guy that sold him the original sub-prime mortgage makes out like a bandit and so does the homeowner who bought a $300,000 home that he will pay $100,000 for and re-sell it at $300,000 when the home market picks up again.
All of us who pay our mortgages on time and would never have gotten into a sub-prime mortgage situation because we have a few brain cells; we are the taxpayers who would bail out these twits who through greed and/or stupidity got themselves into the untenable situation.
Does this in any way make fiscal sense or is this a desperate cry for votes without giving the matter any serious thought.
McCain is unstable, his handlers are unstable and even Palin is probably wondering what the hell did she get herself into.
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