Who's the Fucking Small Government Fiscal Conservatives Here?
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.
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.)
See the difference here? In my scenario the federal government doesn’t officially control the title to your property, rhymes with ‘Snerf.’
Stump Lane 