***McCain changes homeowner plan

http://www.politico.com/news/stories/1008/14414.html


Sen. John McCain (R-Ariz.) made an overnight change in the homeowner bailout he proposed at Tuesday’s presidential debate, making it more generous to financial institutions and more costly for taxpayers.

McCain's staff says it was always meant that way.

When McCain sprung his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property.

The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its first full paragraph: “Lenders in these cases must recognize the loss that they’ve already suffered.”

So the government would buy the mortgages at a discounted rate, reflecting the declining value of the mortgage paper.

But when McCain reissued the document on Wednesday, that sentence was missing, to the dismay of many conservatives.

That would mean the U.S. would pay face value for the troubled documents, which was the main reason Sen. Barack Obama (D-Ill.) gave for opposing the plan.

A McCain campaign official explained the change: “That language was mistakenly included in the initial draft and it’s been corrected. It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.”

Obama Campaign Economic Policy Director Jason Furman said in the campaign statement opposing McCain's plan: "John McCain wants the government to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover. The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."

The McCain campaign estimates in both documents that the plan would cost about $300 billion

God I am so tired of people panicking and throwing out these lame ass rumors!

:eyes:

think their is anything else out there.

:rofl:

The banks don't even get a penalty for their noxious lending practices/ Just straight money delivered to the banks with no deliverable for the tax payer. That's just fucking great. Obama's gonna have a field day on this one.

It's like he WANTS to be seen as the "erratic" candidate.

Is this guy trying to lose?

This guy is nuts...he ought to give it up and just try to finish the last few weeks. He's making up shit as he goes. He's getting all mavericky on us!

..."too predictable." Yup, that's not who we want in the White House--we want a nutty kook jumping all over the place.

"It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.”


aka, give us one more chance, we'll get it right next time! How did that work out with the Katie Couric interview, eh guys?

http://www.talkingpointsmemo.com/

You'll remember that new plan to refinance people's mortgages that John McCain sprung on everyone in last night's debate in a typically mavericky fashion. Well, after about twenty hours of thinking it over, it seems McCain wants to make the plan completely different.

8^)

That'll go over like a lead balloon. More gravy for the banks at the expense of the US taxpayer.

Good plan, McCain!

:rofl:

"The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."



They really think we're stupid! He's still trying to help his friends on his way out of the campaign. Asshole!

Is he serious? Is he trying to out-left the left now? Jesus fucking CHRIST! It's like he stuck his finger in the wind and figured what most people were clamoring for aid directly to the middle class so he said "Aw what the hell, let's buy us up some bad mortgages!" Is he really hoping to change the minds of independents and undecideds with this? What about his own fucking party??

mavericky on ya.

:rofl:

How unusual. :sarcasm:

The dude just does not inspire confidence in a severe economic crisis.

a day in his life....everything has been handed to him. He doesn't give a shit about this country.

It doesn't assure consumers they will stay in their homes or get a new loan deal.

He's pretty consistently off-base. McCain wants us to buy high and sell low, basically forking over billions to irresponsible banks.

Operation Desperate Storm rolls on....

Some powerful capacity for cognitive dissonance on him.