McCain Would Buy Bad Homeowner Mortgages

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Posted: 8:07 PM Oct 7, 2008
Last Updated: 8:07 PM Oct 7, 2008

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WASHINGTON (AP) -- Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.

McCain said: "Until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy and we've got to get some trust and confidence back to America."

In an unusual step, McCain announced the plan during Tuesday's debate. He said that as president he would direct the federal government to purchase mortgages directly from homeowners and mortgage providers. The loans would be replaced with fixed-rate mortgages, ostensibly at a loss to the government.

"Is it expensive? Yes," McCain said.

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Posted by: Anonymous Location: Colorado Springs on Oct 9, 2008 at 08:00 PM
What a liar. What politians will say to get your vote!!!!

Posted by: Kay Location: co sprgs on Oct 9, 2008 at 07:37 PM
What do you think Obama will do? Bully another round of Fannie Mae ? Even on national TV when McCain told America Obama was the 2nd biggest receiver from that scam that is the main reason we are now in the economy crisis, Obama never denied it or corrected him once, he merely does what he always does, changes the subject and stutters and babbles in another direction. And still you people don't hold him and the Democrats accountable, even under public documentation.

Posted by: Eric on Oct 9, 2008 at 02:23 PM
I have mixed feelings on this and would like to know how it will be funded. It is a nice idea, and we should be helping our fellow people. Maybe all of these financial problems are a wake up call for so many selfish people that have it made with all of their money and investments that are only interested in themselves. It is time to help others.

Posted by: Anonymous Location: C/S on Oct 9, 2008 at 12:29 PM
THIS MAN IS A FOOL!

Posted by: Ann Location: cs on Oct 8, 2008 at 09:31 AM
Sure he will! Than what, kick you out into the street??

Posted by: Beth Location: Colorado Springs on Oct 8, 2008 at 07:40 AM
So now the tax payers can pay more to bail out people who are losing their homes. It's not enough that we have to pay to bail out the greedy on Wall Street with no say on the subject. What about the rest of us who pay our mortgages on time, don't borrow more than we can pay back and control our money wisely. It's un-constitutional to make us pay for the mistakes of others. What's the next thing we can expect to have to pay for that we get no benefit from.

Posted by: Kristen on Oct 7, 2008 at 10:25 PM
And how would he pay for it without raising taxes? Put more debt on our children?