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Posts : 196
Join date : 2008-08-04
 |  Subject: Email from the McCain campaign explaining the Mortgage plan  Wed Oct 08, 2008 11:51 pm | |
| My Friends,
Millions of Americans
on Main Street are feeling the effects of our current economic crisis largely
brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street.
Our next president must come into office with a plan to address the very root
the failing housing market.
Last night, during my debate with Senator
Obama, I announced my plan to fix the root of our problem and I'd like to share
a little more with you today.
If elected president, I will direct my
Treasury Secretary to implement an American Homeownership
Resurgence Plan to keep families in their homes, avoid foreclosures,
save failing neighborhoods, stabilize the housing market and attack the roots of
our financial crisis.
America's families are bearing a heavy burden from
falling housing prices, mortgage delinquencies, foreclosures, and a weak
economy. It is important that those families who have worked hard enough to
finance homeownership not have that dream crushed under the weight of the wrong
mortgage.
For those that cannot make inflated payments or their mortgage
exceeds the value of their home, mortgages must be re-structured to put losses
on the books and put homeowners in manageable mortgages.
This Resurgence
Plan would purchase mortgages directly from homeowners and mortgage servicers,
and replace them with manageable, fixed-rate mortgages that will keep families
in their homes.
By purchasing the existing, failing mortgages the
resurgence plan will eliminate uncertainty over defaults, support the value of
mortgage-backed derivatives and alleviate risks that are freezing financial
markets.
I am ready to lead our country out of this financial crisis
and I am ready to work with anyone and everyone who will help. Together, I
know we can work together to find solutions for these challenging times. Please
do your part today and spread the word about my new plan by forwarding this
email on to your neighbors, friends, family and coworkers. Thank you for
your time and support.
Sincerely,
John McCain
P.S. Homeownership represents the very core of
our American economic system. This is not the time for politics. We must move
aggressively to provide relief and stability for all Americans.
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