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First Read is an analysis of the day's political news, from the NBC News political unit. First Read is updated throughout the day, so check back often.

Chuck Todd, NBC Political Director

Mark Murray, NBC Deputy Political Director

Domenico Montanaro, NBC News Political Reporter



McCain to unveil mortgage plan

Posted: Thursday, April 10, 2008 10:46 AM by Domenico Montanaro

From NBC's Bethany Thomas
NEW YORK -- In Brooklyn later today, McCain is expected to unveil a new plan to ease some of the mortgage crisis burden.  

The plan will give homeowners the option of trading their current mortgage for a more realistic mortgage that reflects current market value.

In prepared remarks, McCain explains that if the homeowner chooses to participate in the program, the government and original lenders will hold a certificate for part of the loan's original value. 

"It is built on the reality that homeowners should have an equity capital stake in their home," McCain will say, per the remarks. "Homeowners would end up with a 30-year mortgage and an equity stake in their home. The new lender would receive a federal guarantee of the mortgage. And the taxpayer gets a benefit if the sale value ever recovers."

At the event, McCain will be introduced by New York City Mayor Michael Bloomberg.

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RH oregon

What about the wellintentioned home onwners tht figured they could refinance b4 their rates started to jump b/c that is wha the broker told them. They drive old toyotas and make around 40, 000 a year and signed a contract that they figured they could change eventually, not knowing that the bottom was gonna fall out of the market. Not everyone who is getting screwed is a greedy money hungry fraud that should go to jail. some people were excited to think thth they could capture a piece of the dream by owning their own modest prperty instead of paying rent into someone else's pocket.
a of Il (whom I assume is Amy of Illinois in the past):
People in PA are practical not idealogical.  They've seen more than one candiate who says a lot and does little.  They want someone who will WORK not TALK!!!  
-----------------------------------------------------
Yes, but are the good people of PA actually "seeing" that the nice, woman candidate they are wrapping their arms around is laughing all the way to the bank as her husband does speaking engagements and earns $800,000 from the Columbians to OUTSOURCE their jobs? Or can they only see black and white? I'm afraid it's the latter. If that's the kind of "work" you want to see in the President (selling America), by all means, vote for Hillary.
It really ticks me off tht people are calling some of the people mixed up in the housing mess fools, and not able to manage money and greedy. you do not know every situation. I agree that there are people out there that screwed themselves and got into homes so that htey could keep up with the joneses.
My family is not like that and neither is PR from Wash. I work 2 jobs my hisband picks up xtra shifts. we are not in default yet, but once our payments start to fluctuate we could be in toruble. We would work 2 jobs a piece and nickel and dime. Hell we do that now. we shop at aldi's instead of the big chains, we do nt go out a lot. Our kids wear hand me downs and and clothes from walmart and target. So people who do not make a lot of money do not deserve a home. we took the loan b/c my husband is an independent contractor and he had not been working thier long enuff to qualify for a fixed rate. But that after a year or 2 if we kept current on our bills we could refy and get a fixed rate. well thanx to bear sterns and the people who did take on more than they could chew refy will be difficult to impossible for those of us in lower income brackets even with good credit.
i do not think anyone expected the market to coming crashing down as hard and as fast as it did. at least not the average consumer. I have been a taxpayer for over 10 years and so has my husband. we are young and starting out but dserve help far more than a company that knew what it was doing.......
To Pacheck, Huntington Beach, Ca.

A plan to help homeowners survive the sub-prime crises does not just help an individual family stay in their home, but rather addresses much larger and deeper issues with our economy.  The slide of home values associated with massive forecloses affects the market and our economic stability. It is on of the most significant factors leading to recession.  The empty homes can also lead to blight affecting the stability of our community structures.
Yeaaaahhhh! That old duck finally finished chapter 1 in his Econ 101 book! Turned him into an expert in Econ. Can hardly wait to see what he says after he has read chapter 2 and has Lieberman tell him what it says. Way to go Johnny. I hope you don't have to take a midterm on the first chapter without Joe at your side.
I'm not blind to Hillary's flaws like Obama's supporters seem to be.  I'm a mother of two who is at home with my two children while my husband serves in Iraq.  So many have big dreams of making a difference by choosing the "change" candidate?  For me, this election requires me to seriously choose the candidate I feel will safely bring my husband home and will also do it in a way that he won't just be called up again in a cuople more years.  I'm also a REAL voter who has a mortgage, saves for retirement and college education.  I'm a mom who pays for insurance and fills up her tank for $3.50 a gallon to take my kids to the doctor and spends a small fortune each week at the grocery store to provide the basics for my children.  I'm a real voter who pays tens of thousands of dollars each year in taxes and has every right to support the candidate of my choice.  You and the other Obama supporters who call me and other people who support someone other than Obama names like idiot, crazy, stupid, blind, etc. every day on these posts.  Obama can't win without me voting for him but your actions have so turned off the rest of the dems that you are driving the nails in the coffin of Obama.  I imagine you to b.  I see and know SO MANY younger people (under 30) who have been given everything and if all goes poorly in your life can fall back on your parents who have never been able to tell you NO.  Your insults just tell me that I'm choosing the right candidate in Hillary.  I don't want to be associated with anyone who is going to try to intimidate or insult me into supporting their candidate.  What's your argument for Obama?  He's black?  I would be happy to vote for a black man or women with experience.  That's not Obama.  Obama was against the war.......reason enough to vote for him for President?  I was against the war too but that isn't a credential.........that was a decision he made without having the same information and without having any fall-out from his decision because he wans't a senator at the time.  HATERS voting for a hoper.  You are free to make your own decision but I think I probably have more at stake in this election and I'm STILL FREE, thank GOD to make my own decision
Just think If congress hadn't rewarded themselves with billions of dollars in pork, they could have helped the worst cases.  Kind of hard to have a serious discussion about the housing crisis (or so called housing crisis) when you have people like Charlie Rangle giving $2 million dollars so he can have hi name put on a building to NYU.

Posterboard costs $2.00 would have solved that problem.
Sally - PR, Renton WA:
"You are the exception rather than the rule.  You made an attempt to right your mortgage situation and you are in a minority.  The government SHOULD help people like you, not the greedy homebuyer who makes $35K a year and buys a waterfront estate..."  

Sally, thank you.  I want to thank everyone actually that has commented in the manner of understanding exceptions...(tears)  It is so difficult for us to think our government doesnt understand, or better yet understand just doesnt care.

The tone within this subject, has shown some heart-filled feelings of individuals of my country I'm really proud of.
MI Chick;

This generation is the most spoiled generation.  A Masters Degree and studying abroad doesn't mean you have any common sense.  More education doesn't necessarily make a person smarter.  I have nothing against young people who work hard and take responsibility for themselves.  What I see more is young people who want to have it all now.  Most feel they deserve to have everything their parents had without doing the same hard work their parents had to do.  Many parents are too quick to "bail" their kids out and not let them see that each decision they make has a big impact on the rest of their lives.  If you aren't one of them, then I'm not talking to you.  If you are, then I'd suggest that you fully consider the resumes of each candidate.  Anyone can promise to do something but I lend more credibility to those whove actually DONE something.  Since living in Illinois I know of NOTHING that Obama has done except run for President.  EVERY person/candidate has skeletons in their closet.  None of us are perfect.  I'm not choosing a candidate based on their likability.  I'm choosing my candidate based on my believe that they will bring more security to the home and job markets, end the war in Iraq and get healthcare for everyone.  That is why I'm choosing Hillary  
McCain got shot out of the sky...he's clearly not a good soilder, so how can he be a good commander in chief?


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