McCain Resurgence Plan windfall for lenders.

Initially, when McCain announced his "new" mortgage buyout plan, it was simply a restatement of the existing provisions already authorizing the Treasury Department and Federal Housing Administration to purchase, restructure and guarantee mortgages.  In fact, these provisions had been promoted and supported by Obama during the legislative process when they were included in the original legislation.   

At first, the buyout would have purchased mortgages at their current devalued amount, meaning that the lenders would have to "recognize the loss" they had already suffered.  Lenders were required to back only 90% of the original value and homeowners would have been required to share any increase in value with the government, reflecting shared responsibility. 

Under McCain's "revised" plan, the treasury would pay FULL face value of mortgages, even though they are no longer worth that amount.  He deleted the shared responsibility phrase, thus creating what amounts to a windfall for the banking industry, rewarding the most irresponsible lenders.  Under this revision, banks receive full payment, even on artificially inflated values for the homes and assume no loss while tax payers take all the loss of the mortgage value and perhaps even end up losing more in the event that the housing values do not recover.  Taxpayers would also not get any benefit should the houses increase in value. 

Some lenders, voluntarily or as part of settlements, are working on solutions to the mortgage meltdown that modifying mortgages to help homeowners stay in their homes –WITHOUT costing taxpayers a dime. But if the McCain plan were in place, this process would stop because lenders would know they could always sell their mortgages at full face value to taxpayers.  

So, contrary to sam's claims, O is simply promoting protection for the homeowners AND the taxpayer.  This is not "punishment" of the lenders.  This is an effort to hold the guilty parties responsible for their longstanding shady lending practices and ensure that THEY too shoulder the burden of the costs.  

I am left wondering what the bum's rush is on this McCain plan.  A mortgage bail-out should not be conceived, defined, proposed, debated or passed as part of another halting, frenetic political stunt designed to make McCain look like he knows what he is doing when it comes to addressing the economic woes of the nation.  It requires careful, thourhgtful, informed consideration...the kind that can only take place AFTER the election and in the absence of underlying agendas aimed at rescuing a failing presidential campaign.    

• McCain Resurgence Plan windfall for lenders. - How much more like Bush can he be? sm
  • What, no snappy pub comebacks? - What a suprise. nm
    • one of the only dems left, talking to themselves...sm - my, my
      • Beyond this board, what do you suppose - the topic of discussion is? sm
        • It's not trashing Obama....it's all the facts...sm - my, my

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Click on the individual windows to get the complete plan. 

http://www.johnmccain.com/Issues/jobsforamerica/

He keeps saying he knows how to find BinLaden and will do that after he is elected.  Why isn't he sharing his secret fool-proof plan to capture him with the current administration?  He is dangling that promise over our heads.  If he actually does have a fantastic plan, he is allowing the whole country to be vulnerable UNTIL he gets what he wants - the presidency.  Thumbs down on you, grandpa.

These con artists from mortgage companies were actually going into churches and "finding" people homes. They LIED to them. Got them loans they could afford and told them to refinance in 5 years before the BALLOON payments came due to keep their mortgage payments low. Then Alan Greenspan dropped the bar a little further and then dropped it a little further - these buyers did not even have to PROVE their income. YES, blame the lenders! They were making money of off recycling houses........it was wrong, wrong, wrong what they did to these people and to our economy!!!! Peoples wages were not keeping up with the rising house values, so they kept dropping the bar to get people into these homes to keep that house of cards moving..........it was a big pyramid scheme!!!!!

Here's you starter-kit that went under the radar screen, tax and spend lovers...

» Washington Post: A Quiet Windfall for US Banks

I assume you watched both conventions?????  I watched the Dems and now I'm watching the Pubs.  I am an INDEPENDENT.  I would support Obama were it not for my research of the church he has been associated with for 20 years.  This church, in my humble opinion, belongs to an extreme, radical, racist group.  We don't need that in the White House. With the exception of illegal immigration, he pretty much addressed all the things that I feel are important to the future of my children and grandchildren and were it not for his affiliation with his chosen church, I would probably vote for him.  .  At least he had the good sense to select a person as his running mate who actually might be "ready on day one" to lead this country.

Secondly, again in my humble opinion, McCain has a few screws loose rattling around upstairs.  He answers every question, even about how many houses he owns, with something like, "well, the longest time I spent anywhere was when I was a POW."  Other than that it has been all about bashing Obama and his not having "experience."  Then look what he did.  Picked a little-known female who has been abroad exactly once and tries to pass her off as "experienced." Truth:  She is a female and her state is the second largest producer of oil.  Bush governed the biggest oil producing state.  Enjoying those prices at the pumps?   To this point all the pub speakers have pushed McCain's war record.  What?????  Do we need more war?  I think a peacemaker would be better.

Now, before anyone pounces on me, I support NEITHER of these candidates and NEITHER will receive my vote.  Either way, the middle class Americans, to which I expect most MTs belong, lose. Our government will change when and if the majority of Americans quit using their heads as a hatrack for the Democrat and Republican parties, kick them out and bring back government "of the people, by the people and for the people."  Won't  happen this time but maybe next time won't be too late.

First of all, let me say I was undecided on this election until yesterday.  Obama's tax plan scares me to death.  I heard him on an interview yesterday, and he said that the top 5% of the country could *afford to help out those less fortunate to us*, meaning those that make above $200,000.  He also said that someone making under $45,000 would *probably* not have to pay income taxes, because all the tax revenue would be generated from the top 5% of the country, again, who could *afford* to help out his fellow man.

So, here's my question.  If I work my BUTT off making a great living for my family, who the heck is he to say I have to share it?  My husband and I put ourselves through school to get a good education for ourselves, searched for good jobs, worked more than one sometimes, and enjoy or standard of living, because we worked hard for it and EARNED it.  How dare he suggest that I have to share that with ANYONE, just because they dont' have as much.  We give to quite a few neighborhood organizations and national charities, we do not keep every penny for ourselves. 

If he does get elected and puts this new plan in place, why would people work hard to make a good living if quite a bit chunk of it is going to be taken away?  Why not just sit back, work as little as you want, stay under that $40,000 radar, not pay income taxes, and have the government give you some other *rich* guy's money because you don't have as much?

This really made my mind up for me.  It's time this county taught some personal responsibility and accountability, and I do not think he is the one for the job!

you will need to keep things like OBAMA and OSAMA straight.  The political system was based on the assumption that voters would know the difference between a tall black man running for president and a tall man in a sheet running for cover.  Study up.  Only a few more weeks . . . I'm betting you can do it.

If it doesn't apply to you, then nothing about your mortgage would change.  How is that unfair to you?  Would it be more fair to charge the taxpayers, including you, whether in you're arrears or not or owning a mortgage or not, the $700 billion dollars?

I don't get what about this is upsetting to you.  You already have a better rate and your credit must be great.  Any resolution to this problem should not result in someone making out better than before the problem started. 

I haven't been here for a while, and if this has already been posted below somewhere, I apologize for duplicating it.

The following link will take you to a site that will show you how much money Barack Obama will save you on taxes, compared to John McCain.  (Remember, McCain will be taxing your health insurance benefits for the first time in American history.)  Depending on your income, there is quite a difference between the two plans.

http://alchemytoday.com/obamataxcut/

McCain may be taxing us, but he is anti-abortion and anti-gay marriage

of sharing the wealth will put us in the GREAT DEPRESSION just like back when Hoover was in office, exept this time, it will be worse because many more people make more than 100,000 a year than they did years ago.  So basically it will be spreading the wellfare around.

Hate to break the news to you, but it looks as if there has been a welfare plan in place - its called "Corporate Welfare" and we are the ones who they rob; and every single Republican President from Reagan, Bush 1 and Bush 2 have robbed this country blind

Take all this money and instead of giving to big businesses and letting them do whatever with (because that worked so well with the bailout huh?) just pay off everybody's mortgage.  If my house was paid off, I would buy that 1K TV I want for my bedroom.  I'd buy new furniture for my living room because mine is 10+ years old.  I'd buy curtains and blinds for my windows.  I'd buy some nice rugs to put throughout my house.  I'd buy that Thomas Kincaid painting I've always wanted to hang on my wall.  I'd buy more fencing material to fence in more pasture for my horses.  I'd buy those 2 llamas I've been wanting.  My husband could buy another Harley like he has been wanting.  We would go out to eat more often.  These are just things that I would do if my hosue was paid off.  That is quite a bit of money back into the system but I can't do these things because I owe on my house.  Think about it. 

If you didn't have your mortage, what would you buy?

The Pickens Plan.

There are several pillars to the Pickens Plan:

• Create millions of new jobs by building out the capacity to generate up to 22 percent of our electricity from wind. And adding to that with additional solar capacity;
  
• Building a 21st century backbone electrical grid;
  
• Providing incentives for homeowners and the owners of commercial buildings to upgrade their insulation and other energy saving options; and
  
• Using America's natural gas to replace imported oil as a transportation fuel.

While dependence on foreign oil is a critical concern, it is not a problem that can be solved in isolation. We have to think about energy as a whole, and that begins by considering our energy alternatives and thinking about how we will fuel our world in the next 10 to 20 years and beyond.

New jobs from renewable energy and conservation.

Any discussion of alternatives should begin with the 2007 Department of Energy study showing that building out our wind capacity in the Great Plains - from northern Texas to the Canadian border - would produce 138,000 new jobs in the first year, and more than 3.4 million new jobs over a ten-year period, while also producing as much as 20 percent of our needed electricity.

Building out solar energy in the Southwest from western Texas to California would add to the boom of new jobs and provide more of our growing electrical needs - doing so through economically viable, clean, renewable sources.

To move that electricity from where it is being produced to where it is needed will require an upgrade to our national electric grid. A 21st century grid which will, as technology continues to develop, deliver power where it is needed, when it is needed, in the direction it is needed will be the modern equivalent of building the Interstate Highway System in the 1950's.

Beyond that, tremendous improvements in electricity use can be made by creating incentives for owners of homes and commercial buildings to retrofit their spaces with proper insulation. Studies show a significant upgrading of insulation would save the equivalent of one million barrels of oil per day in energy by cutting down on both air conditioning costs in warm weather and heating costs in winter.

A domestic fuel to free us from foreign oil.

The Honda Civic GX Natural Gas Vehicle is the cleanest internal-combustion vehicle in the world according to the EPA.

Conserving and harnessing renewable forms of electricity not only has incredible economic benefits, but is also a crucial piece of the oil dependence puzzle. We should continue to pursue the promise of electric or hydrogen powered vehicles, but America needs to address transportation fuel today. Fortunately, we are blessed with an abundance of clean, cheap, domestic natural gas.

Currently, domestic natural gas is primarily used to generate electricity. It has the advantage of being cheap and significantly cleaner than coal, but this is not the best use of our natural gas resources.

By generating electricity from wind and solar and conserving the electricity we have, we will be free to shift our use to natural gas to where it can lower our need for foreign oil - helping President Obama reach his goal of zero oil imports from the Middle East within ten years - by replacing diesel as the principal transportation fuel for heavy trucks and fleet vehicles.

Nearly 20% of every barrel of oil we import is used by 18-wheelers moving goods burning imported diesel. An over-the-road truck cannot be moved using current battery technology. Fleet vehicles like buses, taxis, express delivery trucks, and municipal and utility vehicles (any vehicle which returns to the "barn" each night where refueling is a simple matter) should be replaced by vehicles running on clean, cheap, domestic natural gas rather than imported gasoline or diesel fuel.

A plan that brings it all together.

Natural gas is not a permanent or complete solution to imported oil. It is a bridge fuel to slash our oil dependence while buying us time to develop new technologies that will ultimately replace fossil transportation fuels. Natural gas is the critical puzzle piece that will help us keep more of the $350 to $450 billion every year at home, where it can power our economy and pay for our investments in wind energy, a smart grid and energy efficiency.

It is this connection that makes The Pickens Plan not just a collection of good ideas, but a plan. By investing in renewable energy and conservation, we can create millions of new jobs. New alternative energies allow us to shift natural gas to transportation; securing our economy by reducing our dependence on foreign oil, and keeping more money at home to pay for the whole thing.