McCain Campaign Seeks Input From Public On "Homeowner Resurgence Plan"

John McCain.com ^ | 10/11/08 | 07Jack

[07Jack]

The McCain-Palin website now has a page soliciting "thoughts" on his "Homeowner Resurgence Plan." Here is the link:

http://www.johnmccain.com/involving/petition3.aspx?guid=84a6fec2-583a-47c8-b332-4d2a9c4bd407

[Earthdweller]

Smart...send it to the campaign.

[07Jack]

An idea like that would make the bailout more palatable.

[Mike Darancette]

1. Homeowner in default for A$.
2. Homeowner owes on loan B$.
3. Property is now worth C$.
4. Government Buys loan from bank (less penalties) for B$.
5. Government gets preferred stock from Bank (B$-C$).
6. Homeowner must qualify for fixed interest loan of C$.
7. Upon selling house Homeowner owes A$+B$(+interest - principle payments).

Government is secured by loan and preferred bank stock. Government stands to profit from future sale and preferred stock sale. Homeowner must live in home.

Could this work?

[theKid51]

Ping

I sent the McPain my hell no!

[07Jack]

Those stipulations would vastly improve what stands on record now in his proposal.
Please submit them to the McCain web site!

[07Jack]

Bump.
There has been alot of strong feelings expressed regarding Senator McCain's Homeowner Resurgence Plan.
Here's an opportunity express your opinion or make suggestions to his campaign.

The McCain-Palin website now has a page soliciting “thoughts” on his “Homeowner Resurgence Plan.” Here is the link:

http://www.johnmccain.com/involving/petition3.aspx?guid=84a6fec2-583a-47c8-b332-4d2a9c4bd407

[unspun]

Reader:

Yes, you!

Please watch this video and then send this link on McCain’s Web page!

http://www.freerepublic.com/focus/f-news/2103357/posts

Also, call your GOP Congressional and Campaign offices. Tell them what you are sending them — then send them the link!

Do it ASAP. Call the Campaign offices tonight!

http://www.freerepublic.com/focus/f-news/2103357/posts

[hinckley buzzard]

I let him know how I feel. I told him I sent him $200 and am beginning to want my money back.

It's true btw.

[hinckley buzzard]

Way too rational. First law of politics: When you come up with a profoundly good idea, expect the entire goobermint to run for the outhouse.

[hinckley buzzard]

But McCain has Carly Fiorina to advise him. (barf)

And we saw what a great job she did at Hewlett Packard.

[TADSLOS]

KILL THE BAILOUT

[CyberAnt]

Geeeeee .. if anybody could bother to watch FOX - they have been running a documentary on who exactly created this mess .. and it names names, lots of democrat names.

It also shows that both Bush and McCain tried to stop the train wreck but the “ruling party” kept voting everything down.

The way to make THE DEMOCRATS PAY - vote those idiots out of office.

[Islander7]

Heard this on Fox.

Give every citizen a million dollars!

That’s half of the $700,000,000,000 ‘rescue’ plan.

[Flamenco Lady]

Hey I already sent in that idea to all my congressmen telling them that if they were dead set on spending that much taxpayer money then the taxpayers should be the ones to get the most benefit out of it.

My suggestion was that they could save half of their proposed expenditure for the bailout by sending every citizen a million dollars with the stipulation that the funds first had to be used to pay off their existing mortgages and debts, with the remaining funds to be placed on deposit with a bank or investment firm, or to buy stock but the funds could not be touched for at least 5 years. That would have shored up the banks, eliminated the need for bailing out Wall street, and made credit and capital available to individuals and business. Those that did not already own a home could use up to half of the money to buy real estate once they had paid off their debts, but the remaining funds had to be placed on depost with a bank or investment firm.

The second part of my idea was that they immediately change the laws to requre lending instututions to verify income of all loan applicants, require down payments on all future mortgages of at least 5% of the purchase price of the home and no mortgages could not exceed 95% of the homes market value. Borrowers would also be required to have good credit history once again.

While my suggestion was admittedly tongue in cheek, it certainly would have made much more sense than the bill they actually did pass!

[Tolerance Sucks Rocks]

McKook strikes again!

[Drago]

I sent the RINO a piece of my mind! (Using house as an ATM, only 4% of mortgages in default, where is my interest rate break, etc., etc.). BTW, $1 million to every U.S. Citizen (305,392,631 of them, maybe 290,000,000 legal?) would equal $290 Trillion not $290 Billion.

http://www.jimloy.com/math/billion.htm

[Tolerance Sucks Rocks]

The only thing I’d change is that the down payment should be at least 15 percent.

[Flamenco Lady]

I debated on the percentage of the downpayment myself. I would have liked to make it about 20%, but since so many people have gotten used to no down payment I thought that might be stretching it at this point in time. LOL!

[meyer]

I gave him my opinion. He probably won’t like it. In short, I asked him why the taxpayers have to continually bail out the deadbeats that obviously bought more house than they could afford. I’m sick of this welfare state.

[Islander7]

You didn’t actually expect any of the Ruling class to listen to your plan, did you?

I mean, you are just some kook in fly over country.

Now pay your taxes and shut up.

/s