How in the world is he going to do that. Remember, that has nothing to do with the Bailout/Resue bill.Where is the money coming from for McCain to buy all those mortgages?
He'll just print some more money if the Chinese won't lend us anymore. Why do you think the Dollar has lost so much value against the other strong currencies like the Euro.
Where is the money coming from for McCain to buy all those mortgages?
I have heard others suggest that this would be the only way to stablize the housing market. Lenders are reluctant to give loans now because they do not know what value to assess a home at this point. By buying the mortgages and revaluing them, it would permit the market to have some basis of valuing housing plus it would allow many people to keep their homes with extended years to pay their mortgage and repay the government or even at some point refinance them.
Are you sure? Is the government going to buy the mortgage back securities from the finance companies as well as buy the original mortgage back from the bank?
I don't think McCain was serious. He kept saying 'it's my bill, my precious, it's my bill'. I think he was just trying to steal Obama's suggestion to throw him off.
He's going to sell eight of his own houses and 12 of his cars to help out those less fortunate.
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