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SSC


Admin
Obama's Housing Bailout Draws Comparisons to McCain's Plan
President Obama's $275 billion housing bailout plan, aimed at halting mortgage foreclosures, is drawing comparisons to a proposal championed last year by John McCain.

FOXNews.com

Thursday, February 19, 2009
President Obama, in rejecting GOP alternatives to his massive economic stimulus plan, cited his electoral victory over John McCain in November as proof that Americans wanted change.

But Obama's $275 billion housing bailout plan, aimed at halting mortgage foreclosures, is drawing comparisons to a proposal championed last year by John McCain.

"I hope they took the best ideas wherever they found them. And, certainly, Senator McCain campaigned for a long time on this proposal," said Douglas Holtz Eakin, former economic adviser to McCain and author of McCain's plan.

Obama's $275 billion program offers $75 billion in incentives to lenders to lower payments by at-risk homeowners to 31 percent of their income. The other $200 billion would be drawn from money approved by last year's Congress to bolster efforts by federal lenders Fannie Mae and Freddie Mac to offer affordable mortgages and bring stability to the housing market.

Holtz Eakin says Obama has recognized the need to stop foreclosures before they happen. It's an idea he says McCain introduced at his second presidential debate with Obama.

"I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes," McCain said.

McCain said he was following in the footsteps of Hillary Clinton, but her aides said his plan was nothing like hers.

Housing Secretary Shaun Donovan also says McCain's plan is not like Obama's, explaining that Obama's is "focused, targeted to those most at risk of foreclosure and would be far less expensive to the taxpayer than Senator McCain's plan."

Democrats said McCain's $300 billion plan would have had the government basically eat the cost of reduced property values.

"Taxpayers shouldn't be asked to pick up the tab for the very folks who helped create this crisis," Obama said on the campaign trail. "And that's the problem with Senator McCain's risky idea."

Now Obama's $75 billion plan would have the government and the finance industry share the cost of declining property values for a smaller group, though it envisions pumping $200 billion more into Fannie Mae and Freddie Mac, which McCain criticized in the fall for supporting the Obama campaign.

"His pals there and the Democrats in Congress that refused to reform Freddie Mac and enact legislation to stop this crisis," McCain charged on the campaign trail.

Donovan, however, says the money is just a backstop.

"We have no expectation that the full amount would be needed, certainly not in the short run," Donovan said.

On that score, however, Obama officials say they are facing the problem of having to rescue institutions that are too big to fail. Fannie Mae and Freddie Mac are the mortgage market today, Obama officials say. They account for the vast bulk of mortgages and without them mortgage rates would soar and far fewer mortgages would be available.

gypsy


Moderator
Fox news again? maybe Obama is reaching across the bipartisan aisle as he said he would.. He has been in contact with McCain , and asked for his advice.. Good !! two heads are better than one~~well threw, because I do like Biden..

SSC


Admin
If you don't like Fox News articles don't read or reply..simple.......

rosco 357


Veteran
i heard this on the radio news, and i listen to wallstreet something on my way to work in the mornings,
i was going to find it and post, so thanks for the leg work, i read it kinda fast, but i would not be surprised , after studying it, obamas advisors, just simply came up with a plan close to macains, i dont think he is asking macain, , u reach across party lines mainly to gather support and ideas for new laws, this is just a way to deal with the stimulus,and not loose housing or slow it, this may be the tarp money, or the tarp money is for banks lol, i really need to study this more, lol, take care,

SSC


Admin
Rosco I think you are right , I believe their ideas were close enough that the plans resembled the other ones, not crossing party lines , but just the only way out of a situation as they both realized.

rosco 357


Veteran
i wonder just how cheep i can live, lets see i could sell my house, get some cds and money market accounts, with the money, move to the lake, i wonder if a person can live off oatmeal everymeal, lol, i already dont drink milk in years, only tea and coke, i might could eat fish,watch antenna tv only, no internet, well maybe dial up, i have to have something, make the kids feel guilty ,so they will bring me food, i would save gas, as i would not be driving to the lake,hey i could steal my sisters elecricity, just a tad, or she would notice, main thing is healthcare, just cant live without that, so guess i will stay here, lol,

SSC


Admin
lol..funny, I saw where a reporter is trying to live on a monthy allotment of foodstamps, around 200.00 give or take a few dollars, he misses his snacks, takes peanutbutter sandwiches to work and says his diet is very high carb. I heard Louisiana is giving another 13% increase next month, with recent studies it has been shown families on foodstamps are doing without one meal a day to make ends meet.

gypsy


Moderator
[qaote="SSC"]If you don't like Fox News articles don't read or reply..simple.......[/quote]

ahh but it is so funny~ lol!

SSC


Admin
News is news no matter who reports it.

gypsy


Moderator
SSC wrote:If you don't like Fox News articles don't read or reply..simple.......

why?? I just have to read your posts and then laugh~I don;t watch or listen to them.. but when I do I get a very entertaining comedy~

is there such a thing as false reporting? of course there is~~

SSC


Admin
Is there such a thing as freedom of the press...of course there is , just seems the more blunt the article is the more scared you get, does the truth bother you that much, and I don't always post from Fox but of course you would have no idea of that, comprehending that is way above your reach.

gypsy


Moderator
SSC wrote:If you don't like Fox News articles don't read or reply..simple.......

oh! I read them because they are put here, and it gives me a good laugh , now and then they do it right~

gypsy


Moderator
SSC wrote:Is there such a thing as freedom of the press...of course there is , just seems the more blunt the article is the more scared you get, does the truth bother you that much, and I don't always post from Fox but of course you would have no idea of that, comprehending that is way above your reach.

really!! I do declare.!! my comprehension is very good~ surely that old tune you keep singing is boring,if you can't make your point, attack personally right? that gets them every time?? Wrong..

SSC


Admin
Oh please, a feeble attempt at best. Like I said within 3 lines you will see the news source, if it is the dreaded Fox news just over look it make no comment and be gone.

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