McCain, Obama Differ on Housing Crisis

PlusMcCain, Obama Differ on Housing CrisisMcCain, Obama Differ on Housing CrisisThe Associated PressHome foreclosures will keep rising next year no matter who is elected president in November. And the candidates differ on ways to rectify the problem. (July 5)[Notes:foreclosed home file]It's a growing worry for many Americans - will they be able to save their homes from foreclosure?Here's the bad news.The foreclosure crisis is expected to get worse before it gets better.....no matter who gets elected president.Experts predict home foreclosures will climb well into next year, and may not get better until 2010.Both Barack Obama and John McCain are calling for the Federal Housing Administration to provide new, cheaper mortgages to distressed homeowners.McCain's plan is only open to people who can show they were credit-worthy when they received their original loan.SOTJohn McCain (from March 25)"any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't"McCain's plan would help between 200- to 400-thousand people.The Republican senator also favors the creation of a Justice Department task force to investigate potential wrongdoing in the mortgage industry.Obama's plan is more detailed, and would help about 400-thousand homeowners.The Democrat would make new mortgages available to people without good credit as long as they could show they're able to make the new payments. [Notes:graphic]Obama's plan also calls for a 10-billion-dollar prevention fund that would provide more counseling resources for homeowners....And a change in the bankruptcy laws so homeowners can renegotiate the terms of their mortgage.SOTBarack Obama"the principle is simple. If the government can bail out investment banks on Wall Street, we can extend a hand to folks who are struggling on Main Street"Experts say that while the McCain and Obama plans are helpful shorter-term responses, long-term strategies are needed to prevent a repeat of the foreclosure crisis. ___ ___, The Associated Press.

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[IsaacBickerstaffEsq]

The value of your home is that it serves as a home.

You are confusing value with price; one of the parameters that led to the housing credit crisis in the first place.

Homes are commodities, not investment vehicles. Relearn to buy homes to live in, rather than borrowing houses to resell for a profit.

And, of course, it wouldn't hurt if we started making the coinage out of silver again; the mortgage bankers would hate that of course, which alone provides evidence that it's a good idea.

[Pv8man]

Isaac you do have a point. There are just a bit too many people borrowing houses to try to sell for more.

Also, I believe that your credit history should not affect your loan.

For those of you all out there with credit cards, you know dam well that they design those cards and fine print to screw you in a lot of certain situations. My bank recently had my card closed after finally paying it off in full, all because their website messed up and the min payments didn't work. Now I have bad credit

[TonyaTko]

Nice Video!

I did one too about this whole debacle. I will send it to you. Tell me what you think.

-TonyaTko

[jono1028]

Who Am I? I am under 45 years old, I love the outdoors, I hunt, I am a Republican reformer, I have taken on the Republican Party establishment, I have many children, I have a spot on the national ticket as vice president with less than two years in the governors office. Did you guess? Think youre right? See below: I am Teddy Roosevelt in 1900 I think he did a good job. The fundamentals of our economy are sound if the GOV stays out of them. Don't lend money to deadbeats.

[crdave]

When Obama says we need to "move past the "failed" economic policies of the past" and wants to give tax breaks to 95% of the public (a statistical LIE) he wants to take from the rich and give to the poor.

He says it in PLAIN ENGLISH and you don't believe it!

I'm not part of that upper 5% he's trying to persecute, so call me old fashioned if I happen to like the golden rule.

The top 1% of this country ALREADY pays 80% of tax revenues. How much more does this man want????

[crdave]

Hahahaha.... C'mon Thats a BIT of a stretch, no? And actually, Mao's "great" idea was a highly articulated system of affirmative action plans where the state provides everything for those with nothing and absolutely nothing with those that have something. (Class warfare ring a bell?)

The more activist the government the smaller your freedoms, that's common sense to me.

I think you may be confusing Obama with the concept of a higher power.

[givethemahand]

cr- The stats don't lie. Deeply invasive malignant melanoma is often a death sentence. 55% die within 5 years of first onset.

John is at year 4.

[givethemahand]

cr- you realize that you embracing the mindset of Chairman Mao's Cultural revolution?

"Down with the Educated...Down with the press!"

Put the "common man" in charge.

That didn't work out real well.

As for me, I want someone smarter than me at the helm.

[crdave]

LOL... Give me a break! Ronald Reagen was only 1 or 2 years younger than McCain when he took office (and that was 2 decades ago without the medical advances of today) and I'd say Ol' Reagen did just fine!

Besides, I'd take Palin's hockey-mom common sense mentality over Obama's ultra-intellectual full of lawyer double-speak approach any day of the week.

[givethemahand]

cr- Ask yourself ..if Gramm would still be there if he hadn't stepped in it?

I think you know the answer.

[givethemahand]

However, the nail in the coffin is Sarah Palin.

It shows bad judgement and does not represent a "county first" mindset.

If he dies ( 72yrs old/cancer patient) heaven help us!

[crdave]

You know what.... I agree with you 100%

(except the part about McCain's honor although I will admit he's been stretching the truth a lot lately, but no more than Obama, which is why they've both been pissing me off)

Anything BUT the issues... seems to be the campaign motto these days.

But Phil Gramm hasn't been a McCain adviser for months, he was fired after that "loser mentality" spiel he went off on.