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Additional Details
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scrooge | As much as I think mc cain is the wrong man to be our next president, I think one of his ideas is very good.? |
why don't we use the 700 billion from the bailout plan, to buy up all these bad mortgages, and re issue them to the people who lost and are about to lose their homes, at a 5% fixed 30 year mortgage? |
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Parabola750
|
That is a kind of good idea but it could not happen fast enough. First of all the bailout is for freeing up credit by buying up the bad debt on the bank's books. So far we haven't seen anything towards that. Now the problem with buying up individual mortgages. Finding them will be hard because part the problem is that they were repacked and sold, repackaged and sold again. Nobody knows where those are exactly. In fact your mortgage could be owned by more than one bank. This is a serious screw up. The McCain plan sounds good but it just isn't practical yet. |
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Wayne Z
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That was his last ditch effort new idea to try and create some "buzz". Alas, it did not work.
I am sure that many Republicans cringed when he said that. Their credo has always been keep government out of the private sector and McCain is proposing bailing out homeowners from mortgages because the value of the house went down. That is pretty amazing.
What about people like me? I did not overspend and I pay extra principal each month so, even though the value of my home has dropped, I owe much less that its worth.
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John Meussner
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The problem therein lies with those who gave up on their homes, or walked away from them, as well as with those paying a higher interest rate who have paid on time.
Could you imagine the outrage of someone paying 7% that's been doing so on time for years? Also, many homeowners "lost" their homes because they bought them as an investment and walked away when they were losing value.
In some cases, such as those where people lost their jobs due to this crisis, government help would be alright in my opinion, but in many cases it would not, there are far too many homeowners who just didnt care and thought they could sell their home if they could no longer afford it...not a mindset that should be rewarded with a 5% fixed rate.
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«♥» U R Loved «♥»
 |
It seems good,but that would also be rewarding these folks for not reading the fine print and knowing the adjustable rate meant just that,adjustable! |
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ckitty
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Why should we bail out anyone, including irresponsible people who don't have enough common sense to know that they can't afford a mortgage? What about those of us who didn't buy into all the hype and the teaser rates? I have had my mortgage for 13 years and have a fixed rate of just over 6 %. Will I get a shot at that 5% too? I doubt it. Certainly there were unscrupulous lenders, but there has to be personal responsibility in knowing what you can or can't afford and knowing you need to READ the contract before signing it. It's hard enough to pay my own mortgage - I don't want to pay for someone elses too! |
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robrobiii
 |
It might take more than $700 billion to do that.
I agree that some of the money should be used for that purpose, and of course the treasury can do it.
But the question is, how many, how do you decide who gets preferential government treatment and who doesn't?
Because I wouldn't mind a better mortgage...
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Jackie Oh!
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Sorry but this is the same man who wants to tax your employer for healthcare and give each family a $5,000 tax break to buy their own health insurance.
My employer is paying about $15,000 for my plan now, how is that even to my advantage?
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petplanet79
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because that would help people and make too much sense for Bush to understand. |
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hein
 |
50 % fixed
50 % variable
depending on the amount they loaned the rate
example:
100% loan high rate short term
20% loan lower rate long term
income tax according to how much they spend on the house
or go to Jamaica |
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Beamer
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It's a great idea but it would never happen. Not under McCain anyway!!
But I have been calling for weeks for Obama to say the same thing!! That just goes to show you he is nowhere near a Socialist. Because this is a very Socialistic plan....and he will not touch it with a barge pole!!
But I am really pi**ed that Maverick McCain has been sneaking into Yahoo and stealing my ideas!! |
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golferwhoworks
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well Barack Husein Obama is not the man for the job. He hasnot even run any thing or passed any bills in the senate he has no experience in any thing except being a politician. 1year and 6 months as a senator isn't enough to say he is qualified for any thing at all. In fact Palin is better qualified than he is or may ever be. |
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