Tuesday, October 7, 2008

Mortgage That, John McCain!

This is my house. I am very happy to hear that John McCain is planning to get the federal government into the mortgage business. Since I'm not entirely sure what will happen with my employment next year, I think it would make good economic sense for the government to buy up my mortgage, too, and refinance it at an affordable zero percent interest.

Geez louise! Did anyone besides me wonder what it would cost for the feds to buy up all the iffy mortgages? And did anyone else weigh that against the cost of simply allowing judges to locally renegotiate or rewrite the terms of predatory loans?

McCain is obviously getting desperate. This isn't policy; it's populist pandering. And it's almost as erratic and bizarre as his reference to Obama as "that one."

(Video clip via Andrew Sullivan's Daily Dish)

What did you all think of the debate?


Habladora said...

At this point, John McCain is perhaps one of the most compromised men ever. In an effort to win, he has increasingly pandered to a base that he does not particularly respect and has had to embrace tactics and ideologies that he used to criticize. It is embarrassing to see anyone lowering themselves this way.

Carla said...

Sg, I'm on the bandwagon. I want to throw our mortgage into the kiddie too AND our home equity loan. I don't think we should have to pay top dollar for that bathroom reno this year.

Hab ... right on. I'm not one for those wacky conspiracy theories but sometimes it's hard not to truly believe with all your heart that John McCain has been killed (or gagged and stuffed in a closet) and replaced with an identical but "compromised" look-alike.

And btw, wtf was McCain thinking when he said to the African American "townsperson" that he'd probably never heard of Fannie or Freddie before today? Of course there's a lot wrong about his statement, but for one: how would McCain know speaking to ANYONE that they themselves weren't currently holding an F or F mortgage? What a tool, that guy.

Sungold said...

Habladora: Oh yes. We need to invent a word that's the superlative of "pander." The old vocabulary isn't capturing it anymore.

Carla: I think McCain *was* killed ... in South Carolina ... by Karl Rove.

The covert racism of his F and F response rivals the racism that I heard in his "that one" reference to Obama. I'm sure McCain would deny it up and down. But there's a thread of contempt that both situations exposed.

I heard today that the price tag would be $300 billion. I don't know what assumptions go into this estimate (for example, some mortgages were issued to people with no ability to make any payment, even a reasonable one - would those mortgages be bought too?). In a sense, the government *has* bought many of these mortgages already - indirectly, through the bailout - but without regard to which of them can be salvaged, and which can't.

As far as I understand, it would make way more sense to let judges reexamine and rewrite these mortgages on a case by case basis.