Zikon

The Debate: McCain's Insane Mortgage Proposal

Obama and McCain already voted for this, it’s the law, so what the hell are you people still arguing about..McCain didn’t come up with this.

Sorry Obama is not the second coming and McCain is not a Maverick...just two politicians messing up this country and another loss for American people ;(

P.S

See Section 110 (ASSISTANCE TO HOMEOWNERS) of HR 1424 (Bailout + pork)
If you don’t feel like looking it up
(b) HOMEOWNER ASSISTANCE BY AGENCIES.-

(1) IN GENERAL.-To the extent that the Federal
property manager holds, owns, or controls mortgages,
mortgage backed securities, and other assets secured
by residential real estate, including multifamily housing,
the Federal property manager shall implement a
plan that seeks to maximize assistance for home
owners and use its authority to encourage the
servicers of the underlying mortgages, and considering
net present value to the taxpayer, to take advantage
of the HOPE for Homeowners Program under section
257 of the National Housing Act or other available
programs to minimize foreclosures.

(2) MODIFICATIONS.-In the case of a residential
mortgage loan, modifications made under paragraph
(1) may include-
1 (A) reduction in interest rates;
2 (B) reduction of loan principal; and
3 (C) other similar modifications.