All of a sudden, everyone wants to know "How would John McSame's proposal to buy bad mortgages work. This is to be one of his major talking points in the last Presidential debate Wednesday night .
The fact is that Obama, back on September 24th was the "1st" to suggest that the rescue plan would give the government the authority to buy mortgages directly.
To break it down, the government would spend $300 billion to purchase distressed loans, and provide new, fixed-rate mortgages.
To do so, the government would pay face value of the distressed mortgages.
For example the government could buy a $200,000 sublime mortgage on a home now worth just $100,000, give the home-owner a 30-year, $900,000 loan with a 5% rate, and essentially "EAT" the $110,000 difference.
McSame is still up to his sleazy tactics. It was fear, and inciting the evils out there. Now it is stealing Obama's idea's. I sure hope he doesn't let him get away with it, and let the American people know "this" is what he can do to help or "distressed" economy.
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