McCain Urges Bush To Buy Up Mortgages
ABC News’ Bret Hovell reports: John McCain called on the Bush administration to immediately start buying up bad mortgages from borrowers who can no longer afford to make their payments.
Calling these homeowners, "the working people who were devastated by the excesses of Wall Street and Washington," McCain seemed flummoxed that Treasury Secretary Henry Paulson hadn’t pushed the Bush administration on his proposal.
"I call on the administration to act now and buy up these home loan mortgages and keep people in their homes," McCain said. "And why isn’t the Secretary of the Treasury ordering them to do that?"
While McCain has touted his plan to have the government refinance mortgages at new, presumably lower value of people’s homes for two weeks, his Ormond Beach, Florida speech marked his most aggressive and direct call for the Bush administration to act yet.
His urging came at the first stop of a trans-Floridian bus tour his campaign embarked on Thursday—which will stop in swing counties across the central part of the state – the all important I-4 corridor – including the Daytona Beach area, Orlando and Sarasota.
McCain hopes to make gains in this key battleground by portraying his opponent as an insincere calculating politician. In Ormond Beach, he repeated a new line of attack he debuted yesterday, that Obama will "say anything to get elected."
His charge is based on the Obama campaign’s decision to tweak their tax plan in the wake of accusations that it amounted to welfare as ABC News’ Teddy Davis reported. Obama economic advisor, Austan Goolsbee told Davis that shortly after debuting the tax plan, they added a work requirement to Obama’s plan, which would give refundable tax credits to people who don’t pay income taxes.
McCain has also been hammering Obama’s runningmate on comments he made predicting that a young President Obama would be "tested" by America’s enemies.
"I will not be a president that needs to be tested," McCain has said "I have been tested, Senator Obama has not been tested."
Today, however, he added a funny line about his loquacious friend and colleague on the opposite ticket.
"Yesterday, Senator Obama tried to explain away [Biden's] warning, by saying that his running mate sometimes engages in rhetorical flourishes. Really?" McCain said with a comically exaggerated inflection, as if he’d never heard of such a thing. "Really?"
"That’s another way of saying that he accidentally delivered some straight talk to America," McCain said.
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SOCIALIST SOCIALIST!
Mccain I belive thats Socialism, And Mccain as I recall you have never been President when were you tested my friend in Senate and How?
Posted by: ANGIE | October 23, 2008, 12:45 pm 12:45 pm
Here is a very powerful video, a must see.
http://www.huffingtonpost.com/eric-hirshberg/republicans-voting-for-ob_b_136997.html
Posted by: becky | October 23, 2008, 12:46 pm 12:46 pm
McPoopy Pants was tested twice in this campaign. First, he chose Witless from Wasilla to be a heartbeat from the presidency. Second, he “suspended” his campaign to perform the greatest hummingbird imitation of our time. HE FAILED TWICE.
P.S. Norm Coleman called and asked why you could spend $150,000 on Witlesses’ wardrobe but had no money to help his campaign?
Posted by: B. Bear | October 23, 2008, 12:49 pm 12:49 pm
I thought we already went through this spin of his. Wasn’t it proven this would not work? Wouldn’t we be losing a ton of money doing this, because we would be paying full price for a home that is at a lose right now? We would never regain our money back??
Posted by: becky | October 23, 2008, 12:49 pm 12:49 pm
erratic last minute lurching
sounds like socialism and spreading the wealth to me
Posted by: republican | October 23, 2008, 12:52 pm 12:52 pm
John McCain wouldn’t know straight talk if it jumped up & bit him. His pathetic rhetoric is getting SOOO old it isn’t funny anymore. Talk about how you plan to give the SAME tax breaks to the RICH just as George Bush has,and not to “Joe the Plumber”. Everyone knows he is just a JOKE!! Palin certainly doesn’t help his case either. Caribou Barbie is More of a JOKE than he is!!
Posted by: J W | October 23, 2008, 12:53 pm 12:53 pm
Comrade McCain you SOCIALIST!!!!!!
Posted by: JoeShmoe | October 23, 2008, 12:54 pm 12:54 pm
SOCIALIST JOHN McCAIN!
Posted by: Oh the irony! | October 23, 2008, 1:00 pm 1:00 pm
Angie, I agree – smacks of socialism to me.
Posted by: Already Voted | October 23, 2008, 1:01 pm 1:01 pm
We should not even think of buying up mortages.If the compnay screwed the buyer different story BUT if the buyer bought a house, a new car all new furnature and all the toys living on a pay check that was beyond his means ,NO WAY no one helped us,we bought and paid for our own.I am sick of hearing we should bail them out .A bit of advice you have NO payment more then a one weeks pay check,so if you need to pay it out all at one time you got the money.If you tried to stay up with the Jones ,got pg, and didn’t plan all I have to say it TS>>>>>>>You know what thats life……Crap happens so learn from it and move on.
Posted by: NH voter | October 23, 2008, 1:01 pm 1:01 pm
Taking Tax Payers Money to buy up Bad loans that Banks Made is Not HELPING HOME OWNERS, Thats helping the Banks that made the Bad loans recover their Money back. Oh that Mccain always looking out for those Ceos of the Bank! wake up People Mccain could care less if you lose your home but he cares about those golden parachutes YOU BETCHA WINK WINK!
Posted by: Angie | October 23, 2008, 1:01 pm 1:01 pm
Quote from the “maverick”:
“I cannot in good conscience support a tax cut in which so many of the benefits go to the most fortunate among us, at the expense of middle class Americans who most need tax relief.”
I GUESS HE JUST IGNORES HIS CONSCIENCE NOW?
Posted by: Oh the irony! | October 23, 2008, 1:02 pm 1:02 pm
Angie
You are soooo right. It’s the Socialism that we’ve been warned about!!
As to his claim to have been tested, he was on alert on the USS Enterprise during the Cuban Missile Crises awaiting flight orders.
How a navy flier sitting on deck awaiting orders is considered passing the test, I don’t know. By that logic, any service man or woman serving and on alert on 9/11 has passed the same test.
I am not disparaging anyone’s service, but the test is actually on the person who has to MAKE the decision. Not the ones who carry it out, no matter how noble a duty that is. It is their job to carry out the orders of the Commander In Chief and they do it admirably.
Perhaps if he had been an advisor to JFK, that would pass the sniff test on this one. Otherwise, the only way to pass the test as President, is to be the President.
Posted by: This is SO Old | October 23, 2008, 1:03 pm 1:03 pm
I will not sit back and watch while this SOCIALIST tries to take our country from us!!!!!
Posted by: Dave in VA - REAL VA! | October 23, 2008, 1:04 pm 1:04 pm
Dave
Are you sure that you don’t live in Communist VA where all the fake Virginians live? LOL
I love VA, beautiful place.
Posted by: This is SO Old | October 23, 2008, 1:07 pm 1:07 pm
He wants the fed to buy up the bad mortgages to stop the bleeding.He alson wants the feds to negotiate with the banks so both will be taken the loss.His plan includes to force the banks that recieve bailout money to revaluate the loans at current home prices.
Posted by: reddog0216 | October 23, 2008, 1:08 pm 1:08 pm
WHAT?
Johnny waving-my-”real”America-flag McCain is now promoting SOCIALISM?
But he just told us yesterday that was a bad idea?
I can’t believe that people are still listening to this guy!
Posted by: Say it ain't so "Maverick" | October 23, 2008, 1:10 pm 1:10 pm
DAVE IN VA
Are you sure your in real VA Real Pro-America hahahahahahah JUST KIDDING!!
Posted by: Angie | October 23, 2008, 1:12 pm 1:12 pm
REDDOG
What you Just descibed is SOCIALISIM AT ITS BEST! AND MCCAIN IS A REAL SOCIALISIT!
Posted by: Angie | October 23, 2008, 1:14 pm 1:14 pm
I guess buying up bad mortages is good business not welfare.
Posted by: Gareth | October 23, 2008, 1:14 pm 1:14 pm
Are you sure that you don’t live in Communist VA where all the fake Virginians live?
—————
Actually I do live in the heart of “communist country”. Hahaha
Right next to the Arlington National Cemetary. The place where we lay our fallen soldiers. The place where President Kennedy is buried.
Gee, someday I hope to be a “real” American like Ms Palin. Guess I’ll have to leave “fake” Virginia to do it.
Posted by: Dave in VA - REAL VA! | October 23, 2008, 1:18 pm 1:18 pm
When was McSame “tested”?
Is he going on about being shot down and imprisoned again? Do you think he means he was “tested” by that prison guard scratching in the dirt?
Frankly, I think McSame was “tested” in how he’s running his campaign and he’s failing?
Posted by: JR | October 23, 2008, 1:18 pm 1:18 pm
Plenty of people have been scratching their heads over Joe Biden’s warning to voters that electing Barack Obama would precipitate an international crisis to “test his mettle”. Investors Business Daily agrees with Biden, and notes that this wasn’t an off-the-cuff gaffe; Biden repeated the warning in two different venues. IBD points to an early Obama campaign video, in which Obama pledges unilateral disarmament on several fronts, as evidence supporting Biden’s hypothesis.
But there’s another angle to this, based on what Biden the senator knows — that Obama’s defense policies, once it’s obvious how they’ll undermine us, are likely to be very, very unpopular. In this case, Biden may be calling on his party’s hard, pacifist core — Moveon.org, Code Pink and the like — to stand by their man.
He’ll need their support. Like Jimmy Carter in the 1970s, Obama’s policies often sound good on the surface, but will in fact materially weaken America’s ability to defend herself. That’s not just our opinion, mind you; it’s straight from the horse’s mouth.
Such policies will create a vacuum that our foes will be only too happy to exploit.
In response to seeing a weakling in the White House, will Russia do something rash in Eastern Europe, like invade Ukraine? Will Putin put troops, missiles, or maybe nukes in Venezuela? Will South Korea develop a bomb, knowing the U.S. won’t stop it? Will Iran attack Israel, as it has promised, thinking America has become a paper tiger? We don’t know, but maybe Joe Biden does.
I think Biden wanted the Left to remain activist to support a retreat philosophy in the face of aggression from our enemies. Obama has consistently fronted that policy, in Iraq and elsewhere, both as a Senator and as a presidential candidate.
Biden knows Obama will need the Left to support the consequences of its Kucinich vision for American foreign policy.
Posted by: Hey Biden, Thank You for the Warning about Obama's Inexperience | October 23, 2008, 1:18 pm 1:18 pm
Angie,
Yes he has to do it because of the mockery the democrats have caused in the housing market
Posted by: reddog0216 | October 23, 2008, 1:18 pm 1:18 pm
Seems Mccain has been tested on how he will be as President and from what I have seen hes FAILED!
Posted by: Angie | October 23, 2008, 1:21 pm 1:21 pm
McSame wants the government to buy bad mortgages at the “face” value and then reissue them at the current “real” value, now there’s a lose lose proposition. I guess he figures that all they need to do is “print more money”.
Posted by: JR | October 23, 2008, 1:22 pm 1:22 pm
I wouldn’t vote for McCain even if you threatened to pull out my intestines out through my right nostril.
On the other hand… this could work. Banks might just be desperate enough to get rid of mortgages at a deep discount. And the government has the resources and the time horizon to absorb the risk. Given an economic turnaround, it could potentially be profitable to the taxpayer.
Credit where credit is due. Even the worst President in the history of the nation had a good idea or two. True, these could be attributed to the odds of probability or the dynamics of political appeasement, but it looks like a smart move in an erratic endgame.
Posted by: Yukon Sam | October 23, 2008, 1:26 pm 1:26 pm
REDDOG
It has already been proven that DEREGULATION has caused this housing mess Guess who has been King of Deregulation Mccain, Guess whos Bill Passed for Deregulation in 1992 PHIL GRAHAM, Mccains Economic Advisor REPUBLICANS KILLED DEREGULATION BECAUSE THEY FELT THAT WAS TOO MUCH GOVERMENT INVOLEMENT, Republicans dont want big Goverment involved In regulation and now years later this is the mess resulted from no regulation.
Posted by: Angie | October 23, 2008, 1:26 pm 1:26 pm
McCain is just confused now.
Dear God, let us put him out of his misery quickly.
GO AND VOTE EARLY.
VOTE VOTE VOTE.
If 70-80% of those living in the 30 early voting states vote a week before Nov. 4th, McCain will know its over, fire Palin and then quit.
SO PLEASE GO AND VOTE NOW.
VOTE NOW.
VOTE NOW.
VOTE NOW.
Posted by: Steve_NJ | October 23, 2008, 1:30 pm 1:30 pm
Once again, it’s OK for Bush and McCain to promote socialist ideas and actually carry them out.
But, the idea of going back to the tax structure we had at the beginning of the Bush term, as as a result “spread the wealth,” is so socialistic as to be scary.
If it weren’t for the fact that their logic is so skewed and their supporters so entrenched, I’d actually laugh.
Too bad more of them didn’t actually hear the whole “spread the wealth” conversation Obama had with Joe the Not Plumber. I saw the whole thing last night and my jaw really dropped.
I figured some of it had been misrepresented, that’s just politics and both sides do it. But it’s truly amazing how much twisting Joe and McCain are doing to the story. Compared to the truth, the twisting reminds me more of the remains of a mobile home after a tornado.
Posted by: This is SO Old | October 23, 2008, 1:31 pm 1:31 pm
comments to the Hey Biden guy…
just curious? are you talking about the weakling whose plane acidentally dropped bombs while on deck of the USS Forestal, which subsequently set off a series of explosions on deck? The weakling who then- while his shipmates were frantically scrambling to save their own and other’s lives on board…scurried below deck to watch them struggle (and some die)…on closed circuit tv from the officer’s break room? the weakling who then…when the worst was over and the cleanup (and at-sea burials) began….hitched a ride with a NEW YORK TIMES reporter to Hanoi for some “much-needed” R&R?
THAT WEAKLING?
Posted by: karen | October 23, 2008, 1:31 pm 1:31 pm
Reddog,
We understand the policy, it’s the blatent hypocrisy that is so amusing.
I swear McCain is running the most eratic campain in history.
He doesn’t know if he’s Sen John McCain from 2000 or GOP Candidate John McCain from 2008.
When you are battling your own words from just the day before, that’s “mavericky”!
Posted by: Dazed and Amused by McCain | October 23, 2008, 1:32 pm 1:32 pm
Karen
ROFLMAO
Posted by: This is SO Old | October 23, 2008, 1:35 pm 1:35 pm
Thanks John for clearing it up, anyone that supports Obama is “un-American” and anyone that is against Palin is “elitist”.
I see the problem, you don”t know what either word means, you old fool.
Posted by: JR | October 23, 2008, 1:37 pm 1:37 pm
McCain has never made a single executive decsion and has never worked in the private sector a day in his life.
Which might explain why is so out of touch with the American middle class.
His only true Presidential “tests” were chosing a VP – do we need say more about that decision?
And dealing with the economic crisis – in which, he had to “suspend” his entire campaign just to make a simple vote. And even then, his own party didn’t follow him. That’s supposed to be “leadership”?
The he “unsuspended” his campaign, following Obama’s lead, and the bill got passed.
Is he going to “suspend” the entire government in a crisis if he’s President?
Good thing we won’t have to find out!
Posted by: Tested? | October 23, 2008, 1:40 pm 1:40 pm
Somebody, please give this old fool a book on Economics, fast!!!!!
Common sense would be to change their existing loan to 30 year fixed mortgage that way people can stay in their homes and pay off the loan!!!
Obama\Biden0
Posted by: sisterdearest09 | October 23, 2008, 1:41 pm 1:41 pm
Why should the taxpayers bail out the homeowners? Granted times are tough, but how many of these people bought a house over their head. Granted the mortgage companies approved these loans, but these people know what their income is and they should know what they can afford. Don’t people realize with a home you have all the utilities to pay? Then they need a new car, credit cards and oh my – we’re over our head.
It isn’t only the mortgage companies who are at fault – it’s also the homebuyer. But why, why should we pay more to bail these people out???????
Maybe Cindy and John could take some of their money, they must have some with owning 7-8 homes, and help these people.!! Or maybe Palin could sell some of her wardrobe and help?
I work 56 hours a week, and don’t feel I like should or want to pay for this. The bailout was enough and now McCain wants more. If he wants this bailout, take it out of your own money, not mine.
This is really a joke. He says Obama will raise taxes, but so will McCain to pay for the bail of the mortgage companies and the homebuyers. It’s quite evident, where else where the money will come from.
You know we do have a few smarts out here, we’re not all airheads.
Posted by: smt | October 23, 2008, 1:43 pm 1:43 pm
Why should the taxpayers bail out the homeowners? Granted times are tough, but how many of these people bought a house over their head. Granted the mortgage companies approved these loans, but these people know what their income is and they should know what they can afford. Don’t people realize with a home you have all the utilities to pay? Then they need a new car, credit cards and oh my – we’re over our head.
It isn’t only the mortgage companies who are at fault – it’s also the homebuyer. But why, why should we pay more to bail these people out???????
Maybe Cindy and John could take some of their money, they must have some with owning 7-8 homes, and help these people.!! Or maybe Palin could sell some of her wardrobe and help?
I work 56 hours a week, and don’t feel I like should or want to pay for this. The bailout was enough and now McCain wants more. If he wants this bailout, take it out of your own money, not mine.
This is really a joke. He says Obama will raise taxes, but so will McCain to pay for the bail of the mortgage companies and the homebuyers. It’s quite evident, where else where the money will come from.
You know we do have a few smarts out here, we’re not all airheads.
Posted by: smt | October 23, 2008, 1:43 pm 1:43 pm
“Proud to be un-American,
’cause at least I know I’m free
To choose to vote for the other guy
who’s smarter than you or G….”
Posted by: This is SO Old | October 23, 2008, 1:44 pm 1:44 pm
McCain just went ‘mavericky’ on himself! Now thats a real ‘maverick’.
Posted by: JoeShmoe | October 23, 2008, 1:47 pm 1:47 pm
“mavericky is as mavericky does” – Forest Gump
McCain must have a huge box of chocolates, you never seem to know what his going to get.
Posted by: This is SO Old | October 23, 2008, 1:50 pm 1:50 pm
Sister
That would make way too much sense.
Has anyone considered simply requiring the lenders to restore the interest rates to a manageable level? Possibly even extending the terms of the loans so that the banks can recoup some of their losses, but not all (maybe 50%). It would force the homeowners to take responsibility for their poor judgement and the banks would pay a little for their bad management.
Posted by: This is SO Old | October 23, 2008, 2:01 pm 2:01 pm
Americans need to clean house in Washington! The Glass-Steagall Act of 1933 (after great depression) was repealed in 1999 with congress controlled by Republicans and Phil Graham’s name all over it and then Clinton signed it into law. This played a huge part in where we are today, it lifted much needed regulations. Give the Republicans their fair credit for this! Where in conservative values does a trillion dollar deficit, bailing out corporations, now bailing out individuals with taxpayer money, more government and then taxing peoples (health plan) income come in? I’m an independent so maybe a conservative can answer these questions?
Posted by: rickyt1234 | October 23, 2008, 2:15 pm 2:15 pm
Nov. 5th can not come any FASTER!!!!
PLEASE VOTE EARLY!!!
VOTE OBAMA\BIDEN08
Posted by: sisterdearest09 | October 23, 2008, 2:31 pm 2:31 pm
McSame is really a confused senile old man who has become very quickly a real socialist.I cannot wait to see him sent back to the Panama Canal.
Posted by: Panama Canal | October 23, 2008, 2:40 pm 2:40 pm
McCain, you sir are an idiot. The Amer. taxpayers aren’t funding anymore mortages. Have you forgotten they passed a 750 billion dollar give away? 300 billion has allocated with the remaining balance on hold, pending review…..
Of the 300 billion, Paulson has given 125 bil. to the largest banks – Bank Of America – got 25 bil alone, and they aren’t even in trouble!….the next go around is for Paulson to give 50-75 bil. to smaller banks and “other” financial institutions. That leaves 100-125 bil. left over.
I say if they want to purchase bad mortages, use that money. Don’t constantly ask taxpayers to fund sh// that many of us had nothing to do with. Afterall, to do so is re-distribution of wealth in a sense b/c you are asking people to sacrafice…I thought you were against such non-sense? We thought you were on the side of the working Joe. You know the one who works and spends responsibly? What gives now?
First you wanted to purchase the mortages at a loss to the bank, then not and now, well heck Joe, I don’t know what it is you want to do now except d/// the taxpayer in order look effective on the economy so you can win the election. You’re not for a stimulus but you want to purchase bad mortages? Do you see where people have begun to question your sanity? This latest attempt is just a string of fanatic behavior on your part.
Whether you win or lose, you sir should seek professional help…
Posted by: Andrew | October 23, 2008, 2:52 pm 2:52 pm
More so than his party affiliation and voting support for the Bush Administration, McCain’s bigger political vulnerability has been and remains his questionable temperament.
Pounding on the podium in a way that leads reporters to use words like “flummoxed” just isn’t a good move for the guy.
Posted by: Paul | October 23, 2008, 3:04 pm 3:04 pm
John Mccain hired Sara Palin to be his nurse. All this time she has not research to find out what duties the VP does in the White House. What an idiot.
If I was John Mccain I would drop her like it’s hot.I think John Mccain has lost his mind.
Posted by: Brenda | October 23, 2008, 3:11 pm 3:11 pm
McCain should buy up Obama’s campaign staff; the one he has is useless. They’ve turned a likeable old guy into a complete mess. He’s FOR redistribution of wealth to buy up mortgages, but AGAINST redistribution of wealth to facilitate tax cuts. I don’t get it.
Posted by: lucy | October 23, 2008, 4:14 pm 4:14 pm
http://trusttobepresident.com/
check it out
Posted by: dave | October 23, 2008, 4:19 pm 4:19 pm
Why should we, the responsible, bill-paying members of society, have to pay for those greedy HOMEBUYERS that took more money than they could afford? They should be left to face the consequences of their actions. Maybe the cold reality of a foreclosure would teach them to live within their means.
Posted by: Margie | October 23, 2008, 4:21 pm 4:21 pm
And where pray tell is this $ going to come from? Whst foreign country are they going to borrow from this time?
Posted by: Rose Szymanski | October 23, 2008, 5:18 pm 5:18 pm
This is why I despise politics these days. Obama, McCain and, with few exceptions, our elected representatives in Congress are all hungry for more pork and power in Washington.
We need Newt and Zombie Reagan back in DC…
Posted by: Cliff | October 23, 2008, 7:18 pm 7:18 pm
Obama, McCain, Democrat, Republican – they’re all wrong and they’re all power hungry.
The DC power grab going on right now is cause for great concern. Nothing short of voting ALL incumbents out of office, regardless of party, is going to make a difference.
Posted by: Cliff | October 23, 2008, 7:23 pm 7:23 pm
Cool, wtih regard to the fact that some people claim McCain would be Bush, I wonder then why McCain needs to urge Bush for acting on the economy, very funny. The lousy argument of the Democrats that McCain would be Bush is just a wishi washi tactic of the democrats to come to power.
If black America wants to get emotional, I can get emotional as well and say that not only you have been oppressed over centuries but also women, so here one reason more for my category to vote for McCain/Palin, because I want a female vice president.
Posted by: Gina | October 24, 2008, 12:51 am 12:51 am
Gina,
McCain is not suggesting Bush work on/address the economy. McCain has forgotten, and perhaps yourself, but Bush and the rest of us haven’t forgotten, they just passed a bail out bill. Just how much do you think people should fork over on those da// mortages? When I make bad decisions, I suffer the consequences. What is good for me, is good for wall-street and greedy bankers.
McCain IS Bush. Obama is hammered on his record b/c it is obvious giving his voting record. Now, the SAME can be said for McCain. Anyone that votes with someone 90% of the time, IS identifiable with that person, b/c his voting record is obvious as well. In other words, they are one in the same regardless if McCain likes it or not. What is good for Obama is good for McCain.
As for the mortage idea. It is stupid! Financial institutions don’t deserve one additional penny more for tax payers. Just how much would you like to give them? The banks should take a loss, not taxpayers.
As some others have pointed out, McCain is an idiot. Against the stimulus, against a tax increase, calls tax cuts and rebates “welfare” etc. Well, just what the heck does he call this?
Lucy and Andrew you two an some others are right on the money. I mean you hit the nail right on the head. Of all the you know what nerve.
And this is a guy that people will ACTUALLY vote for? A guy that thinks he is sound and should be running the country? Give me a f’ing break.
Posted by: C. J. | October 24, 2008, 2:15 am 2:15 am