Joe Biden, democratic candidate claims Republican candidate, John McCain, proposes $300 billion to buy out the face value of mortgages. Wake up America. John McCain wants to save the bankers!
Strong democratic candidate Joe Biden said, “He’s going to spend $300 billion of your money so the banks don’t lose a single penny…That’s not bailing out the homeowner, you’re bailing out the bank.” Initially the McCain platform stated the government would pay discounted rates for failed mortgages. The Republicans have already changed its mortgage plan. Now, if elected, McCain will pay full value of the mortgages.
The full value of the mortgage means buying high and selling low. None of the homes in South Florida, in mortgage crisis, are worth the full value of the loans. Is it different in other areas of the country? I am not claiming to be a financial guru. I don’t know much about finances. I do know buying high and selling low means increasing my losses which equates to higher debt. John McCain keeps talking about how, “I know…” He seems to be preaching all the things he knows. I keep seeing we have a Republican president and our housing, banking, insurance and financial markets plummeting. The market is down 678 points today.
Senator McCain please enlighten me. Maybe it would help if Cindy McCain walked in my shoes for a day. The shoes of someone who is working very hard to make her rent payment because I am not afforded the benefit of homeownership.
Heather L. Ryan