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anyone about to foreclose in nc?
Published Oct. 11, 2008
North Carolina Issue Alert- McCain Resurgence Plan
John McCain has proposed a bold new plan, the American Homeownership Resurgence Plan, to attack the roots of the financial crisis and keep families in their homes, avoid foreclosures, save failing neighborhoods and stabilize the housing market.
Senator Obama's campaign has run misleading advertisements that blatantly distort the truth about John McCain's plan. Here is a breakdown of what the initiative actually does:
John McCain's Homeownership Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes. By purchasing the existing, failing mortgages the McCain Resurgence Plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
The new mortgage would be an FHA-guaranteed fixed-rate mortgage at terms manageable for the homeowner.
The McCain Resurgence Plan would ONLY be available to mortgage holders that:
- Live in the home (primary residence only)
- Can prove their creditworthiness at the time of the original loan (no falsifications and provided they made a down payment)
There are Two Very Important Things to Remember About the McCain Resurgence Plan:
The plan does not call for new spending. The plan wo uld use some of the $700 billion authorized for the Emergency Economic Stabilization Act and would also tap other accounts. The direct cost of this plan would be roughly $300 billion because the purchase of mortgages would relieve homeowners of "negative equity" in some homes. Funds already provided by Congress in recent financial market stabilization bill will be used for this purpose.
This initiative is designed to save money and focus on the root of this problem. By attacking the root of the financial crisis -- mortgages that are "under water" because of falling house prices, unmanageable payments, and rising defaults -- the government won't be forced to buy so many distressed assets from big banks, so the total cost to taxpayers in the long run will be lowered.
America's families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. John McCain recognizes how important it is that t hose families who have worked hard enough to finance homeownership not have that dream crushed under the weight of a tough economy and the wrong mortgage.
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Saps! Suckers! A little mess, some gloom and doom from above...that's all it takes to get the suckers into the slaughter house.
The housing market has NOTHING to do with this...side issue only.
GOLO member since July 5, 2007
October 11, 2008 11:36 p.m.
No, I suggest you read the thing!
"The new mortgage would be an FHA-guaranteed fixed-rate mortgage at terms manageable for the homeowner."
I see no details there!
How do you make a $500,000 mortgage more affordable? Chances are , they can't afford the house EVEN AT ZERO INTEREST.
Why should some creep, who lied and defrauded to get this house, get their interest rate reduced, when I an honnest person, and all the other honest people, do not? Is this not rewarding crimminals? IT IS IMMORAL.
Elected officials, beware...support this plan, or any like, at your peril. Remember who pays the bills, and who keeps you in office! This plan is immoral!
GOLO member since July 5, 2007
October 11, 2008 11:34 p.m.
If you read the thing you will know that is being converted to a FHA loan as opposed to giving the money to the mortgage companies something the other politicians wants to do. Unfortunately because congress didn't listen to McCain and a few other republicans in 2006 about the troubles facing FM and FM were heading our way the problem in turn got too big to be helped out then. The only way it could unfreeze the markets and stop a a shut down of all banks and businesses and head off a depression (they hope) was to bail out this mess. IOW they tried to save your job as well so you won't be loosing the place that you live in.
GOLO member since July 7, 2007
October 11, 2008 4:15 p.m.
GOLO member since July 5, 2007
October 11, 2008 4:04 p.m.
GOLO member since July 13, 2007
October 11, 2008 3:12 p.m.
GOLO member since July 2, 2007
October 11, 2008 2:32 p.m.
I agree Lolly. It seems this this is the closest and quickest way for homeowners to hang on to their money and they won't have to deal with the mortgage companies directly. It also is cheaper than the other plans out there from what I'm reading. It's like cutting out the middle man. These loans will auto swith to FHA loans when processed. I'm leaving it up. I'm sure some will bicker but someone may can check into this. Everyone have a good day.
GOLO member since July 7, 2007
October 11, 2008 2:31 p.m.
GOLO member since July 2, 2007
October 11, 2008 2:28 p.m.
From the wall street journal. I hope he has the power to do this.
GOLO member since July 7, 2007
October 11, 2008 2:26 p.m.
GOLO member since July 2, 2007
October 11, 2008 2:24 p.m.
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