McCain mortgage plan shifts costs to taxpayers

NEW YORK ( -- Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers.

McCain's original plan called for lenders to write down the value of these mortgages and take those losses. But the Republican presidential candidate unveiled a new $300 billion plan in response to the first question of the debate.

He said, "I would order the Secretary of Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes, at the diminished values of those homes, and let people make those - be able to make those payments and stay in their homes."

The government would convert failing mortgages into low-interest, FHA-insured loans.

"Millions of borrowers" would be eligible for the program, dubbed the American Homeownership Resurgence Plan, according to McCain economic advisor Doug Holtz-Eakin.

No votes yet

I wonder what the REAL Republicans are up to lately?

Note well that both major candidates are going to try to use YOUR MONEY to bail out the flippers and other property gamblers. And there YOU are, in the house you bought with either cash or on sane lending terms that you could afford. There YOU sit, a sucker and a fool.

Remember: You should have voted for Ron Paul. You had every chance to emplace him instead of this RINO McCain. You always had the option to select a true fiscal conservative for the Presidency. The question is: WHY DIDN'T YOU?!?!

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