McCain’s original plan to make mortgage industry accept losses was ‘a simple mistake.’
McCain’s original plan to make mortgage industry accept losses was ‘a simple mistake.’
During the second presidential debate, Sen. John McCain (R-AZ) unveiled a mortgage plan that would “reward predatory mortgage lenders” by not forcing them to accept the loss on depreciated mortgages. But the plan wasn’t always designed to aid lenders. As the Politico reported, the initial version of the plan — posted by the McCain campaign Tuesday night — included a provision that lenders “must recognize the loss that they’ve already suffered.” However, “when McCain reissued the document on Wednesday, that sentence was missing.” The campaign said that the inclusion of the provision forcing the banks to accept losses was “a simple mistake“:
That language was mistakenly included in the initial draft and it’s been corrected. It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.
McCain has accepted over $1.5 million from the mortgage industry in 2008 alone. At least 21 top McCain aides and fundraisers have lobbied for such companies, including finance chairman Wayne Berman and senior adviser Charlie Black. The Wonk Room has more.
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Mistake there, TP…
Didn’t you really mean to say, “a simpleton’s mistake”?
See? Makes so much more sense now, no?
October 9th, 2008 at 1:48 pmMcNumbNuts doesn’t speak for the McNumbNuts campaign. Once again, his masters grabbed him by the scruff of his scruffy little neck and reminded him who’s boss.
October 9th, 2008 at 1:50 pmHmmm…and another vestige of common sense gets wiped out by the McBush handlers. Even now, they are saying to their corporate masters, “So sorry — it was a simple mistake — it won’t happen again — we promise!”
October 9th, 2008 at 1:51 pmSo it wasn’t a flip-flop.
It was incompetence.
Good thing Grampy’s nothing like Bush.
October 9th, 2008 at 1:51 pmMcCain MUST be saddened by the fact that he turned over his political legacy to the thugs and liars that now run his campaign.
October 9th, 2008 at 1:53 pm.
Johnny makes a McStake.
.
October 9th, 2008 at 1:53 pmflip-flop. That was the part that got it some attention. Remove the liablility for the banks accepting their own losses and it is now something completely different.
What a liar.
October 9th, 2008 at 1:53 pmAs the Politico reported, the initial version of the plan — posted by the McCain campaign Tuesday night — included a provision that lenders “must recognize the loss that they’ve already suffered.” However, “when McCain reissued the document on Wednesday, that sentence was missing.” The campaign said that the inclusion of the provision forcing the banks to accept losses was “a simple mistake“
The Double-Talk Express …………Flying out of control on the Bullshit Information Highway……
October 9th, 2008 at 1:54 pmI’m flashing back on the Ronnie Raygun years…where his handlers hit the airwaves after a speech to clarify “what the President really meant.”
**shakes head**
October 9th, 2008 at 1:55 pmIf you remember correctly, a few months back McFlipFlop was against any federal help for foreclosed homeowners.
¶ AIO
October 9th, 2008 at 1:56 pm“A simple mistake.”
A simpleton’s mistake.
There, that’s much better.
October 9th, 2008 at 1:58 pmBut the plan wasn’t always designed to aid lenders. As the Politico reported, the initial version of the plan — posted by the McCain campaign Tuesday night — included a provision that lenders “must recognize the loss that they’ve already suffered.” However, “when McCain reissued the document on Wednesday, that sentence was missing.” The campaign said that the inclusion of the provision forcing the banks to accept losses was “a simple mistake“
Seriously
What the fu(k kind of bullshit is this , anyway ?
Where in the hell is the “personal responsibility” and “rugged individualism” the GOP has always touted and claim they believe in here ?
Why are corporations not supposed to “pick themselves up by their own bootstraps” , but everday Americans must face every harsh reality on their own ?
What a complete pile of shit the GOP truly is……….
October 9th, 2008 at 2:01 pmOf course it was a mistake! You don’t think a McCain providing actual relief to struggling home owners would do so at the expense of the the mortgage lenders, now do you?
Of course it would be on the backs of every American taxpayer – That’s the American Way!
Except its kind of unpatriotic, or wait…
I just don’t get the messages coming out of that campaign.
October 9th, 2008 at 2:02 pmWow! McCain is such a Maverick that he is going to reward the bad guys who were to be penalized by his plan!
October 9th, 2008 at 2:02 pmThe simple mistake was forgetting to stick our kids and grand kids with the bitter fruits of predatory lenders’ [who are helping bankroll the Republican bilking machine] greed.
October 9th, 2008 at 2:03 pmRove Says MCCain Using Stolen Clinton Housing Plan
from todays Wall Street Journal
October 9th, 2008 at 2:08 pmHow many outrageous things has the RNC floated and then retracted with the phrase, “a simple mistake” ???
OTOH – would not the action of leaving out highly salient points to his press releases cast doubt on his competency to be prez ?
October 9th, 2008 at 2:10 pmDamn, and I had Friday in the pool for when the McCain campaign would ‘clarify’ something that McCain said in the debate.
October 9th, 2008 at 2:12 pmUh-oh! John’s been talking on his damned cell phone again…!
Who the hell was supposed to watch him to make sure that didn’t happen??? Whoever you are, you’re TOAST!!
October 9th, 2008 at 2:17 pmLET’S GET MAVRICKY!
October 9th, 2008 at 2:24 pmI don’t know if this is really a plan, or it is simply a last minute attempt by the McCain camp to show that the remembered the economy.
October 9th, 2008 at 2:32 pmWhen McCain said few weeks ago that the economical fundaments are strong, followed by his big show of flying to Washington after he suspended his campaign as he claimed then,that was the beginning of the end of his presidency.
McCain is running against the tide…time is running out for him to invent new economical plans.
He will lose because:
1.Republicans cannot escape this financial crisis blame when they were in charge of the White House and the Congress for so many years.
2.The trend is against McCain because he looks disconnected and a person who does not feel the pain of the average Americans.
3.The Sarah Palin factor. Sarah started a very dangerous trend in politics never seen before, accusing a Sentor of the State of Illinois and a candidate of connections to terrorism.
Sarah Palin did not help McCain,instead, her words showed how dirty and low his campaign can go to win,when McCain campaign made Obama as their target instead of focusing on economical,health,wars and other important issues to the average American.
I think the idea of the government “buying up mortgages” for their original amount, figuring out the “current value,” and then renegotiating those loans based on the current value is a crazy idea. Not only is it going to stick the taxpayer with the difference, and protect the banks from losing any money on those loans, but I’d like to see how the government is supposed to determine the current value of each home. And just how many years do you suppose that would take? Plain stupid idea. Better to mandate adjustments of existing mortgages to fixed term loans with lower interest rates, and make that a condition of any bank/investment company that receives either a direct cash infusion or a “loan,” of a portion of that $700B.
October 9th, 2008 at 2:33 pmThe credit market continues to hold our economy hostage. The Dow dropped below 9,000 and could fall to 7,500 under Wall Street’s strong arming.
The big money boys will lend to each other at “pay day loan” rates. Morgan Stanley debt “insurance” is 25% per year.
October 9th, 2008 at 3:15 pmHow arbitrary are these home values going to be anyway? They’re talking like it’s the houses themselves that have value, when it is in fact the land and the economy surrounding it that determines the value of property + supply and demand (in an overbuilt housing market). As the economy goes further South, unemployment goes up, the price of fuel goes up, and the value of the dollar goes down more areas will become ghettos.
Who is really going to end up owning all this riches to rags real estate?
October 9th, 2008 at 5:32 pmNo, it was pandering to us.He will say and do anything to get into the W.H. McPalin does not deserve to win so they will try and steal this thing with all of their heart.
October 10th, 2008 at 7:58 am