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McCain's HOLC Moment

By Big Tent Democrat, Section Elections 2008
Posted on Thu Oct 16, 2008 at 07:22:34 AM EST
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Last night:

MCCAIN: Well, thank you, Bob. I just want to get back to this home ownership. During the Depression era, we had a thing called the [H]ome [O]wnership [L]oan [C]orporation. And they went out and bought up these mortgages. And people were able to stay in their homes, and eventually the values of those homes went up, and they actually made money. And, by the way, this was a proposal made by Senator Clinton not too long ago.

So, obviously, if we can start increasing home values, then there will be creation of wealth.

Sounds like an endorsement of a new HOLC. I hope that means Senator McCain will vote for it next year in the Senate.

By Big Tent Democrat, speaking for me only

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    McCain's HOLC Moment | 8 comments (8 topical)

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    Except that: (5.00 / 5) (#1)
    by Carolyn in Baltimore on Thu Oct 16, 2008 at 07:58:02 AM EST
    McCains 'version' of HOLC is the opposite. He talks about saving homeowners and their homes but he would buy mortgages from the lenders at face value: money for the predatory lenders and the taxpayers take all the bite.
    HOLC will work for us if the bad loans are bought at market prices (so the lenders take at least a partial hit) and then there is more $$ for the gov't to renegotiate the loans/principal with homeowners. The mortgage holders would have the choice of losing some or losing more. Everyubody would pay some but people would keep their homes at minimal cost to the gov't.

    McCain is disingenious when he mentions HOLC. The plan supported by Clinton and Krugman is not his. Hopefully Obama will get on board the real HOLC.

    The last sentence is killer. (5.00 / 1) (#4)
    by Fabian on Thu Oct 16, 2008 at 09:44:52 AM EST
    So, obviously, if we can start increasing home values, then there will be creation of wealth.

    Time for a reality check Senator McCain.  Part of the whole problem is the hyperinflated prices that loose credit and low, low, low Fed rates helped to create.  

    The most important benefits of home ownership aren't about "home values", they are the benefits that extend into the community.  It sounds like McCain wants to try to recreate the unsustainable building boom that just came to a crashing halt.

    Parent

    Lies, Lies And More Lies (5.00 / 1) (#2)
    by yirusha on Thu Oct 16, 2008 at 08:10:38 AM EST
     I am a 21 year carreer teacher .  I have two children college age,one in college and one that can't afford to go. I am so sick of Mccain and his need for a reality check, first of all right now i don't have health insurance , because i can't afford irt. When I did have it the precentage I paid was well over 5,000 dollars. my daughter has a condiction that requires  her to see many specialist, that's not all covered under insurance. The other thing that really got to me was this continued issue with Ayers, if this man is such a issue why is he a big deal, and why hasn't the United States government delt with him.  McCain lied about the timeliness in which he delt with the negativity on the campain trail, he took his time.

    o/t (none / 0) (#3)
    by Cream City on Thu Oct 16, 2008 at 08:47:26 AM EST
    See health care thread, etc.

    Parent
    Hey, who needs HOLC... (5.00 / 1) (#6)
    by lambert on Thu Oct 16, 2008 at 11:10:51 AM EST
    ... when we can cash in our IRAs?

    Just saying.

    McCain is still trying to attract (none / 0) (#5)
    by MyLeftMind on Thu Oct 16, 2008 at 09:57:16 AM EST
    disaffected Hillary supporters.  Unfortunately, by mentioning HOLC and Hillary's HOME proposal, he does the opposite of aligning with her.  It elucidates the difference between the Democratic vs. the Repub solutions.  Her strength as a Democrat shows in her desire to help the middle and lower classes.  The Repub policies hurt the middle class, the bedrock of our country.  All we have to do now is get the rest of our Dems in Congress to stop acting like Republicans and start aligning with our more progressive Dems.  
    another reality check: (none / 0) (#7)
    by cpinva on Thu Oct 16, 2008 at 02:25:16 PM EST
    renegotiating mortgages sounds great, unless the the borrower is unemployed. you can negotiate a zero interest rate, and it will be meaningless, they won't be able to pay the PTI (Principal, Taxes & Insurance).

    bingo (none / 0) (#8)
    by Jlvngstn on Thu Oct 16, 2008 at 03:23:18 PM EST
    poster of the day.

    Parent
    McCain's HOLC Moment | 8 comments (8 topical)

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