John McCain: Speech 03/25/08

John McCain
Speech
Santa Ana, CA 03/25/08

TRANSCRIPT:
JOHN MCCAIN: A sustained period of rising home prices made many home lenders complacent, giving them a false sense of security and causing them to lower their lending standards. They stopped asking basic questions of their borrowers like "can you afford this home? Can you put a reasonable amount of money down?" Lenders ended up violating the basic rule of banking: don't lend people money who can't pay it back. Some Americans bought homes they couldn't afford, betting that rising prices would make it easier to refinance later at more affordable rates. There are 80 million family homes in America and those homeowners are now facing the reality that the bubble has burst and prices go down as well as up.

Of those 80 million homeowners, only 55 million have a mortgage at all, and 51 million are doing what is necessary -- working a second job, skipping a vacation, and managing their budgets -- to make their payments on time. That leaves us with a puzzling situation: how could 4 million mortgages cause this much trouble for us all?

LABEL: JM CA 3-25 (JC#121) AGZZ - ClipL

To download a high-resolution version of this clip, VISIT: http://issuealliance.box.net/shared/coqglainf7
To download the full event, VISIT: http://issuealliance.box.net/shared/lh5yscoco4

Category:

News & Politics

Tags:

• tracking
• john
• mccain
• housing
• crisis
• foreclosure
• bubble
• skip
• vacation
• b-roll
• economy
• woes

[BagelsForever]

So Mr. Senator, what was the second job you worked to pay off your seven houses?

[lynnsimmons]

Watch the video MaxedOut..The credit card companies THRIVE on people who can't pay the minimum payment on their credit cards by charging absurd interest rates and late fees. They want you to make late payments and have bad credit scores so they can charge you more money. They count on you being late with your payment so they can charge you some absurd interest rate. It's such a scam. AND Bush is backing these companies and taking support from them...watch the video

[jsb400]

omg...this bastard's whole attitude about people losing their homes is so cold it is un-real. So every one should work 2 jobs and skip vacations. That is easy for some one who is the richest politician in the senate. HE has NO CLUE as to how the economy works and has admitted it before. McCain is not good for America.

[dominoguru2]

If Obama wins, then their will be riots. If Obama loses, then people will claim he lost becuase he is a man of color. Either way, the US citizens lose. Obama is a good man to help the lazy welfare people who does not care about education or hard work.

[uxbnkuribo]

so, let's get this straight: Everyone should work two jobs?

sorry, mccain, but we can't ALL afford seven houses

or is it five?

three?

eight?

hell, even mccain doesn't know

[shuckslbj]

sibilance. ouch.

[starrfury666]

dont buy shit you cant afford.. Including houses.. plan for the worst.. . morons..