McCain would buy bad homeowner mortgages

Oct 8th 2008

Related Posts: Credit & Finance, Government, Real Estate News

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Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.

McCain said: “Until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy and we’ve got to get some trust and confidence back to America.”

McCain announced the plan during Tuesday’s debate. He said that as president he would direct the federal government to purchase mortgages directly from homeowners and mortgage providers. The loans would be replaced with fixed-rate mortgages, ostensibly at a loss to the government. This would really effect the Florida Real Estate market in a large positive way.

This entry was posted on Wednesday, October 8th, 2008 at 9:34 am and is filed under Credit & Finance, Government, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Credit Crunch » McCain would buy bad homeowner mortgages said at October 8th, 2008 at 9:53 am

    [...] the cusp wrote an interesting post today onHere’s a quick excerpt Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses. McCain said: “Until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy and we’ve got to get some trust and confidence back to America.” McCain announced the plan during Tuesday’s debate. He said that as president he would direct the federal govern [...]

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