« Prev Page

Nonsense in Nashville

factcheck.org

See All

Email To A Friend

Please fill in the following information and we'll email this link.

Analysis
Sens. Barack Obama and John McCain met Oct. 7 for the second of three scheduled presidential debates. It was a town-hall-style debate before an audience of 80 uncommitted voters. Questions were submitted by the audience members, and others who sent them by e-mail, and were screened beforehand by moderator Tom Brokaw of NBC News. The event was held at Belmont University in Nashville, Tenn., and was broadcast nationally. We caught several misleading statements and falsehoods, many of which the candidates have said before.

"My" Mortgage Plan?
McCain made what he claimed was a new proposal to rescue over-mortgaged homeowners:

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 new value of those homes – at the diminished value of those homes and let people be able to make those –be able to make those payments and stay in their homes.

McCain added: "It's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal. But I know how to get America working again..."

But in fact, the recently passed $700 billion rescue package already grants the treasury secretary authority to undertake just such a program. It requires the secretary to buy up troubled mortgages while taking into consideration "the need to help families keep their homes and to stabilize communities." It also says "the Secretary shall consent, where appropriate (to) loss mitigation measures, including term extensions, rate reductions (or) principal write downs."

Obama himself had urged this as the package was being considered. He said on Sept. 23 that "we should consider giving the government the authority to purchase mortgages directly instead of simply purchasing mortgage-backed securities."

McCain said "his" proposal would be expensive, and his campaign quickly issued a news release giving numbers:

McCain press release: The direct cost of this plan would be roughly $300 billion because the purchase of mortgages would relieve homeowners of "negative equity" in some homes. ... It may be necessary for Congress to raise the overall borrowing limit.

Minutes later, McCain was attacking Obama for proposing what he said was $860 billion in new spending.

Oversimplifying the Financial Crisis. Again.
The finger-pointing was fast and furious during the discussion of the fiscal crisis. McCain blamed lax regulation of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation:

« Prev Page

Member Comments

Posted By: Palin who? @ 10/29/2008 3:11:06 PM

When Bush got in, all the neocons came out of the closet, but if Barack Obama wins, their divisive strategies will be challenged. The White House will no longer welcome or be a home to born-again bigots, torture apologists, habeas corpus revokers and the rest of the industriofascist entourage. I also expect that censored truth commissions, muzzled scientists, harassed librarians, bought appointees and coerced generals will cease to be an issue under Obama's leadership. As he extricates us from Iraq, perhaps he could deliver us and the Iraqis from the Shock and Awe strategists, Blackwater barbarians and Halliburton robber barons.
Posted By: krohn2 @ 10/22/2008 5:09:25 PM

FactCheck.Org is owned by the Annenberg group of Chicago! Talk about a conflict of interest! And Obama has been telling people on the trail to check out the site to verify his opponents claims. Funny, every time that he endorsed something, it turns out to be a part of his spin machine! Like he raised objections in the primaries when Indiana required photo I.D. to vote. He Protested that It took away people's right to vote! I
knew then and there that he was up to no good! America, wake up from the MASS HYPNOSIS!
http://www.youtube.com/watch?v=pWTs1YyhFRg&feature=related
Posted By: ConsciousSpirit @ 10/22/2008 2:39:44 PM

I take objection to many of yur points here but for starters which Americans don't understand White America or Black. As for me, being African American many issues related here are extremely clear.
Enduring beatings and held captive, walking in some elses shoes?!
Before we begin to hand out out the unjustices we must come to a place whereby as Americans (of all ethnicites we understand all of the injustices committed an experienced. It didn't start with the injustice experienced by McCain. There are many issues as "One Nation Under God" we need to give serious attention to. Obama I believe comes to the table with a greater unerstanding of the diversity that must be addressed, thereby the better candidate for the job in a time such as this .