This is an email I got from the McCain camp today outlining the $300 billion mortgage bailout Sen. McCain is proposing if he wins the election. My comments are at the end.
Millions of Americans on Main Street are feeling the effects of our current economic crisis largely brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street. Our next president must come into office with a plan to address the very root the failing housing market.
Last night, during my debate with Senator Obama, I announced my plan to fix the root of our problem and I'd like to share a little more with you today.
If elected president, I will direct my Treasury Secretary to implement an American Homeownership Resurgence Plan to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis.
America's families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage.
For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.
This Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes.
By purchasing the existing, failing mortgages the resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
I am ready to lead our country out of this financial crisis and I am ready to work with anyone and everyone who will help. Together, I know we can work together to find solutions for these challenging times. Please do your part today and spread the word about my new plan by forwarding this email on to your neighbors, friends, family and coworkers. Thank you for your time and support.
P.S. Homeownership represents the very core of our American economic system. This is not the time for politics. We must move aggressively to provide relief and stability for all Americans.
Yes I am a conservative and I am a McCain/Palin supporter, but really is this the answer to our problems. I know there are people out there hurting financially, believe me, my family has lost stock values and our retirement is in the crapper but when we bought our house 4 years ago we did not get a sub prime loan even thought they pushed it on us, we just pushed back and said NO. We did not buy a house above our means, infact we bought less than what we could afford. I realize that there are people out there that need this help legitimately and they should get it but we should also educate them so they do not do this again. Shouldn't this $300 billion bail out include some kind of home buyer education plan and checks and balances for the lender to make sure the home buyer can actually afford what they are buying? this is just my opinion but I am really getting tired of paying for peoples and crooked companies mistakes.