They say you can’t teach an old dog, new tricks. Well that dog of course was not a politician. In a surprise move that has many scratching their heads, John McCain, this week announced that he has a plan to help people who have fallen behind on their mortgages or may be on the brink of foreclosure.
Granted this was a surprise for he publickly stated that it was not the duty of government to bail out and reward those who act irresponsibly. But with Hillary and Barrack each touting plans that would put millions upon millions out for home owners, it was apparent Mr. McCain didn’t want to be sitting at a debate come this fall and have to answer what is your plan to help the American people in the mortgage crisis be; “ I got nothing!”
McCain for sure is learning to walk the tightrope of playing to his constituency on one side that could care less if Joe public looses his home and on the other side to those who are actually are loosing their homes who he would like to see join him. Let’s face it, who are you going to support, someone who promise to help even a little or someone who in so many words says you’re on your own? And according to recent statistics this is a lot of people
The McCain plan as presented will offer new thirty year mortgages, not necessarily money to people who are stuck with ARM’s better known as adjustable rate mortgages. These choice magical lending beans made it possible for some to think they could actually climb the bean stock! But sadly when the adjustable rate part kicked in, they found themselves plunging into foreclosure giving the bank another chance to sell the house and recoup some more closing costs. You could almost think conspiracy here if you didn’t know better. Unfortunately for the bank this plan backfired, because everyone got into the ARM game, and when it played out, the foreclosed housing inventory just got to high and there was no one to turn the homes over with.
The political, bottom line here is that McCain says we need to help these, “folks,” because it is everyone’s Americans Dream to own their own home. When asked what they thought about the plan, both of McCain’s rivals denounced the plan as too little too late, and in fact probably well less that what they American people are going to need.
The real bottom line here is that the Banking system made a bundle on the American dream. And when the bubble burst they ran to the Government who greeted them with open arms and bailed them out with our money or at least with out credit card. Now that the election is coming all the candidates are suddenly touting plans to scrape a few crumbs of a very big table, and come next year those with mortgage problems will still be dreaming, just not of owning a home but of where to be moving to next.