The Republican presidential candidate announced during Tuesday's debate that he would order the federal government to spend $300 billion in federal funds to buy the mortgages and allow financially troubled homeowners to keep their houses.
Democratic nominee Barack Obama last month sounded a similar theme, proposing that the government consider taking such a step.
But McCain's approach was far more categorical.
"I would order the secretary of the 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 be able to make those payments and stay in their homes," he said."
One of the problems I see with this is that it's not doing any good to neighborhoods that are seeing mulit-forclosures. I live in a small subdivision with a hundred houses or so and the people that are foreclosing are the ones who are buying new cars, satellite dishes, alcohol, cigarettes, boats, pools, fire pits, karaoke machines, flat-screen tvs and other "toys" that shouldn't be purchased instead of making a house payment.
All this will do is create more neighborhoods that are low income and increase crime which will strain local police departments even further!
And the US Federal Government wants to use TAXPAYER money to buy out these houses so that these people suffer no consequences of their actions thus allowing them to continue a life of stupidity while the rest of us who are busting our asses to make it all work out STILL have to continue to do so.
How is this FAIR in any way?!?!
And what makes you think that just because you bought their house and gave them lower payments they will actually makes payments THEN? All you're doing is sending a message that its ok to not pay for your house at the rate you WANT to pay for it. It's not like they are going to lose a bedroom or garage or something! All this is going to do is create MORE government dependency that is already crippling this nation IMO.
And where is this $800 BILLION coming from anyway? Is there some huge amount of money the feds are hanging on to? NO! They don't have this kind of EXTRA money just laying around. So that means they are going to have to get it from somewhere and history shows us that when a govt needs more money they just TAKE it.
To McCain and Obama:
I want a $1 million house but once I start making payments I can't afford them so can you come bail me out so I can continue to live in a house that I deserve?
See how stupid that sounds!?
And why stop there? I've recently posted an article which proposes that over $250,000 be given to every adult in the US so that that money can be put right back into the system and actually help get this economy back on track.
If I had $250k I would pay off my house, car and school loans. After banking some of the $$ for emergencies I would build a fence, deck in the back yard, buy another car (because my Saturn is 8 years old with over 150k miles on it), put in hard wood floors in my downstairs, recarpet the rest of the house, bump out the kitchen, get a new couch, re-shingle the roof, repair the furnace, get the wife a new Mac laptop....do you see where this is going? All the stuff I just mentioned are items that have to be made by someone. So when I buy some of it it has to be replaced. THIS KEEPS AND CREATES JOBS which is what truly drives the economy!!
When governments increase taxes I have less money to give to companies for products and services which in turn creates layoffs and cutbacks. Why are politicians so out of touch with the basics??
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