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Who's the Fucking Small Government Fiscal Conservatives Here?

October 7, 2008

JOHN McCAIN MISSED the point of what Your Montag was saying the other day.

McCain:

As president of the United States … I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate … at the diminished value of those homes and let people … be able to make those payments and stay in their homes.

[CNN: Transcript of second McCain, Obama debate]

Not exactly what I had in mind when I proposed a way for the dumb fuck lenders who got themselves into this bind to cut their losses:

Hey, Lenders, you bet poorly, you lost. Now cut your losses. You aren’t going to be able to sell those foreclosures in this market, so keep the homeowners in the homes. Look at what the borrower has paid thus far in interest, and give back a goodly portion of it in equity. (Call this the portion of the value that you made up in your head when you thought you could push housing prices upward indefinitely.) Then, lower the interest rate so that they can afford to make payments. (Call this is the part where you admit it’s ridiculous to charge someone $127,520 interest on a $100,000 loan.)

[Stump Lane Archives: ]

See the difference here? In my scenario the federal government doesn’t officially control the title to your property, rhymes with ‘Snerf.’

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2 Comments
  1. October 8, 2008 12:09 PM

    Commonly Attached to the Lord’s Land and Transferred With It from One Owner to Another indeed — w/ one difference, that being the Abstraction (and Sale) of Labor Power, an important and/or ironic development which allows us to think that we’re Working For Ourselves while we are in fact Required to Perform Labor in Return for Certain Legal or Customary Rights (as in, the Right to Occupy my House).

  2. October 10, 2008 10:14 AM

    the most delicious morsel of the irony is that we call it home “ownership.”

    case in point: we have made numerous improvements to “our” house at personal financial expense and invested many hours of our own labor. still, the house is now most likely (haven’t checked) worth less than what we have in it. if we sell or get foreclosed on, it is our feudal lords who will benefit from the improvements we’ve done. our “equity” goes away before the bank’s share.

    i posit: under the current system, there is more freedom in renting.

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