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So long, John McCain...

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November 03, 2008 – Comments (10)

" I have a plan to protect the value of homes and get them rising again by refinancing mortgages so your neighbor won't default and further drag down the value of your house."

The final untruth in a campaign full of them. This guy once said he didn't know much about the economy. He doesn't know much about when of stop with the B.S. either.

10 Comments – Post Your Own

#1) On November 03, 2008 at 4:33 PM, johnw106 (57.96) wrote:

Sadly no one in government seems to understand that the price of houses has to come down. When the average wage earner can afford to buy the average priced home we will see the economy improve.

Trying to prop up the over priced housing bubble with all the leaks it has is just prolonging the pain and recovery.

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#2) On November 03, 2008 at 4:56 PM, abitare (35.58) wrote:

youtube: the real mccain

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#3) On November 03, 2008 at 5:14 PM, BigFatBEAR (29.16) wrote:

This post made me wonder - with a long time horizon, which is a better investment right now, real estate or stocks?

Please see my post about it if you'd like to respond.

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#4) On November 03, 2008 at 6:43 PM, TheGarcipian (42.84) wrote:

Gotta agree. This has got to be the most stupid idea McCain and/or others have come up with. Buying back overpriced houses at full value, whatever that ficitious "full value" would be? You gotta be kidding me. Say, John, I've got some underpriced stocks that are really really REALLY worth much more than what the market says they are right now. You can get in on the bottom floor by just taking them off my hands for what I paid for them. I'll even cut you in for a 10% discount if you act now!

Say now, that's such not a bad idea...

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#5) On November 03, 2008 at 11:54 PM, degaston (99.56) wrote:

Don't forget that with rental real estate that you get to deduct depreciation for 27.5 years on your taxes. Then if you move-in for 2 years you can sell the place w/o having to recapture your depreciation in case you make a profit.

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#6) On November 04, 2008 at 8:17 AM, TMFBent (99.81) wrote:

More of the same...

 

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#7) On November 04, 2008 at 9:53 AM, Gemini846 (48.98) wrote:

Refinancing mortgages to reduce payments (IE extend terms or make the bank take a hit) won't help prop up home prices.

Having someone living in a house rather than having it sit empty does help protect the "value" of the home next door, but they won't start "rising" again until the bottom hits. Now frankly I agree he doesn't know what he's talking about any more than Bush does when he said the same thing.

On the other hand Obama doesn't have a serious plan to prevent forclosures at all. A "6 month moratorium on forclosures" would only prolong the inevitable. MA tried that and at the end of the period the forclosure rate went up 465%.

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#8) On November 04, 2008 at 10:41 AM, hmkassis (< 20) wrote:

Couldn't agree more completely. We posted related articles on our website, collegefinance101.com, to help college students understand this mess a little easier.

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#9) On November 05, 2008 at 5:05 PM, bostoncelitcs (43.64) wrote:

John McCain is going to have to sell one of his 9 houses or 13 cars to "get in touch" with average American's trying to pay the mortgage on one house and driving one car.

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#10) On November 06, 2008 at 10:29 PM, usmilitiadude (31.60) wrote:

Maybe thirty percent down payments would work to keep prices affordable and no bubble. Or, go with policies that politicians think will make houses affordable for everyone(who needs a down payment), which actually makes them more expensive. They passed the law of unintended consequences. Why does it hurt when I pee? Why does everything have consequences? She looked so pretty!

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