Oh Please! Obama & Democrats Reconsider Buying “Bad Mortagages” with Taxpayor Money

The latest Plan(s) from the Obama Administrtion change quicker than the press can publish the reports ……. Read these two stories as an example:
UPDATE 1-US financial plan won’t include “bad bank” – CNBC – http://www.cnbc.com/id/29109451
UPDATE 2-US plan to have some form of “bad bank” – CNBC  – http://www.cnbc.com/id/29110755
Obama and the current Democratic Adminstration in Congress (The Same Democratic Administration that has controlled Congress these last 4 years and created this mess in the first place) have decided to create a plan to buy “bad mortgages” with Taxpayor monies and then, get this, reduce the mortagage principle owed on the original mortagage before reselling the mortage to the same party who defaulted in the first place.
That is right, while you struggle to make ends meet and pay your mortgage, your tax dollars will be spent to help purchase a home for someone who obtained a “NINJA” or “LIAR” loan they couldn’t afford in the first place and while your stuck with the “current value” of your home – the realestate scammers who brought this mess on will get the benefit of your tax dollars to “payoff” any loss on the “investment” they conned the bank out of in the first place.
Some of you may be thinking, “What the Hell is Obama talking about now? Didn’t he attack John McCain for suggesting the same thing just a couple of months ago?”. The Answer, yes he did!
It was a bad idea then, when McCain suggested it. It is a bad idea now when Obama wants to pretend he thought of it first!
October 9, 2008, 1:41 pm <!– — Updated: 1:58 pm –>

Obama Calls McCain Mortgage Plan ‘Risky’

DAYTON – Returning to some of his tough, pre-debate language, Barack Obama this afternoon condemned John McCain’s plan for the government to buy bad home mortgages as “McCain’s bailout” for risk-taking banks and lenders, and described his approach to the financial crisis as “risky” and “erratic,” a word Mr. Obama used twice. 

Obama calls McCain mortgage plan ill-advised

Thursday, October 9, 2008

Democrat Barack Obama told Ohio voters Thursday that Republican John McCain’s mortgage buyout plan would cost them billions of dollars and reward bad behavior.  Obama said McCain’s plan would force the government to absorb the full cost of renegotiating mortgages to keep borrowers from losing their homes. 
Obama rejects McCain’s plan to buy mortgages

McCain’s proposal to spend $300 billion in federal funds to buy distressed mortgages was a highlight of Tuesday’s presidential debate, and it seemed to catch Obama off guard. At first, Obama’s campaign said he had made similar proposals and there was nothing new in McCain’s remarks.

But after McCain aides offered more details Wednesday, Obama’s campaign shifted gears.

The plan would cause the government “to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover,” Obama economic adviser Jason Furman said in a statement. “The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud.”

McCain’s proposal would devote nearly half the $700 billion from the recent financial rescue package to buying troubled mortgages directly, rather than indirectly aiding the nation’s financial markets. The government would buy distressed home loans at their face value, said campaign spokesman Brian Rogers. Then it would pay the difference between a mortgage’s original value and its renegotiated, lower value.

McCain adviser Doug Holtz-Eakin said Obama’s objections suggested he would rather “support a bailout of Wall Street than rescue Main Street America.”


Sen. Obama went on the offensive today ripping into Sen. McCain’s mortgage buy-out plan in which the US Treasury would begin buying up bad mortgages and dealing with the homeowners directly.



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