can we dislike both?

Methinks ye can lad. Here is an interesting note on one of the economics professors who first pushed this idea:

Here’s how Feldstein pitched the idea in an Oct. 4 op-ed in the Wall Street Journal, titled “The Problem Is Still Falling House Prices.”

“The federal government would offer any homeowner with a mortgage an opportunity to replace 20% of the mortgage with a low-interest loan from the government, subject to a maximum of $80,000. This would be available to new buyers as well as those with mortgages. The interest on that loan would reflect the government’s cost of funds and could be as low as 2%. The loan would not be secured by the house but would be a loan with full recourse, allowing the government to take other property or income in the unlikely event that the individual does not pay. It would by law be senior to other unsecured debt and not eligible for relief in bankruptcy.

Nationalized housing?

It looks that way doesn't it.

So, if Mr. McCain has been working on this since April as Carly Fiorina suggested last night on Greta, why has he waited until now to put this plan out there? Where was it 2-3 weeks ago? 3 months ago?

Dunno. Maybe he was concerned about the perception among more conservative voters of its socialistic implications, but that is just me speculating.

Or the fact he really just signed onto it in theory as he knew he needed some sort of economic plan in order to stand out and pulled it out of his rump as he was walking on stage last night?

Nah, I doubt he would have been that unprepared. But I would buy into the possibility that it could have been a planned response in order to appear more electable, without it being his true mandate. Only time will tell, and then, only if he gets elected.

I shoulda bought a bigger house...

All this talk of helping delinquent borrowers is nice, but if there is no income coming into the household, how is paying a mortgage at 2% going to help?

And Obamas plan of allowing bankruptcy judges to modify terms of the mortgage is absolutely insane.

I think it is simple. If borrowers can show they were decieved and lied to, they should get some relief, from their current lender. Not me. Who is going to decide someones eligibility for this or any other rescue plan out there? If Joe Blow lost his job and cant afford the mortgage vs. Joe Dope that bought a house they couldn't afford to begin with, do they both get help? Does Mr. Dope get bailed out because they didn't realize they can't afford that house? This whole thing is so tiresome.

At least the approved plan of last week has the potential to recoup losses either by collecting interest income during the life of the good loans purchased int he bunches, or selling the securties down the raod at a premium.

This new 'plan' appears that the gov't simply eats the underwater portion of the loan, and then allows the homeowner to retain the 'lost' equity when the housing market rebounds several months from now???

Rewriting loan terms (ugh, I cringe) is one thing, asking the bank that underwrote the loan to take the loss is one thing, but for the feds to simply absorb the loss and spread it over those of us who have paid our mortgages faithfully, or will continue to do so even as we know our homes values have dropped, simply is not an acceptable solution.

JJ-
As much as I don't like the 700B bailout, as you note, I do agree that there is the potential to minimize taxpayer dollars, or at perhaps (gasp) earn a few bucks.

To your other comment, I would hope this (or any bailout)would help those delinquent, and not simply upside down in equity. As you know, housing is (or should be) a long term investment. If a borrower is current, regardless of their equity position, I would hope they would not get any assistance.

Just in my inbox - just doing my part like the good Senator told me to:

My Friends,

Millions of Americans on Main Street are feeling the effects of our current economic crisis largely brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street. Our next president must come into office with a plan to address the very root the failing housing market.

Last night, during my debate with Senator Obama, I announced my plan to fix the root of our problem and I'd like to share a little more with you today.

If elected president, I will direct my Treasury Secretary to implement an American Homeownership Resurgence Plan ( http://link.johnmccain.com/?95-6128-458155-64282 ) to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis.

America's families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage.

For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.

This 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 resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.

I am ready to lead our country out of this financial crisis and I am ready to work with anyone and everyone who will help. Together, I know we can work together to find solutions for these challenging times. Please do your part today and spread the word about my new plan by forwarding this email on to your neighbors, friends, family and coworkers. Thank you for your time and support.

Sincerely,

John McCain

P.S. Homeownership represents the very core of our American economic system. This is not the time for politics. We must move aggressively to provide relief and stability for all Americans.

fixed. conservatives must love the intellectual dishonesty with which they will be casting a vote for mccain with. thank though mopnb!

Who's angry and vindictive?

So by putting [/angry][/vindictive][/short-tempered] at the end of my post, you "fixed" it?

I seriously hope that you were not calling me those names. Or was it McCain?

Seeing how this is your first post in this thread and all you did was fix mine, tell me oh great-and-wise-poster how this make you look any less [/angry], [/vindictive], or [/short-tempered]?

MOPNB-our all knowing friend has decreed the following:

1) If one disagrees with a candidate and has the audacity to state that, one is being hipocritical if they vote for that candidate;
2) Unless you agree 100% with a candidate, you should not vote for him/her.

Several posters have expressed our disatisfaction with McCain (and Bush for that matter) but in the wonderous mind of Ron, we are pathetic for still voting for him.

Ron is...he is highly educated yet unemployable...guess I'd be angry and vindictive as well, especially since the bailout does nothing to relieve his high student loan debt and doesn't legalize mary jane!

the letter was from john mccain so i was "fixing" what he wrote in html format.

vote for a candidate that reflects your beliefs. your ilk need to find a "viable" 3rd party. otherwise, i don't want to hear the constant judas' advocacy of candidates that you voted for. fair enough?

fair enough.

McCain and his ilk reflect my beliefs.
Thank you for your advice.

not fair enough - no one wants to hear most of the unintelligible hogwash you post either, but you post away. So can anyone else

thanks mopnb and rainier.

wonder how one would fix an Obama email?