Obama ad slams McCain's mortgage plan

Posted: Thursday, October 09, 2008 11:17 AM by Carrie Dann
Filed Under: Ads

From NBC's Carrie Dann
Here's the latest from Team Obama, which takes on McCain's new mortgage plan in its latest ad. The ad paints McCain's proposal, unveiled at the beginning of Tuesday's debate, as one that would "put bad actors ahead of taxpayers."

When McCain initially proposed the government-aided refinancing program on Tuesday, Obama indicated that the idea was not new and that he has called for similar action. But as more details emerged about the sources of funding for the program, the Obama camp has turned up the volume on its criticism of a plan that it says will reward Wall Street and use the tax dollars of responsible homeowners to bail out those whose risky mortgages helped to trigger the financial crisis.

Script:
Narrator: In a time of crisis, our leaders’ judgment is tested. On Tuesday an announcement
MCCAIN: I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America...
Narrator: On Wednesday, the details. McCain would shift the burden from lenders to taxpayers guaranteeing a loss of taxpayer money.
Who wins?
The same lenders that caused the crisis in the first place.
Putting bad actors ahead of taxpayers?
We can’t afford more of the same.

EMAIL THIS

Comments

Good ad, hope it played a lot, short and to the point.
Even repubs can get off with this as it sticks it to the taxpayers!!

John Bohlman (Sent Thursday, October 09, 2008 11:45 AM)

I agree with Obama...where is this thrifty McCain. No he wants to spend more of our money. But yes its true this isnt a new idea...Mccain is just trying to take credit for it and funny thing (which Im sure McCain knows) there wont be money left for his political ploy. But thats all it is..he knows that...then if people fall for it and vote for him he will say he couldnt do it because the money was already used before he took office. Or he will jack up our taxes to get the money. Either way...we lose.

Linda from Florida (Sent Thursday, October 09, 2008 11:45 AM)

This is why McCain wants to talk about something – anything – other than the economy. Every time he goes there, he sounds less competent and loses more votes.

Joe Don, Topeka, KS (Sent Thursday, October 09, 2008 11:46 AM)

What Obama doesn't tell you is that it was the Dems (regulations on Fannie Mae) who allowed people to get loans they couldn't afford, this in turn created a false demand in housing caused market values to rise above actual values. Now McCain wants to clean up the Dems mess. How about we just let them foreclose and watch this mess spin even more out of control. At least McCain is taking action, all Obama is doing is sitting on the sidelines.

Kyle in NY (Sent Thursday, October 09, 2008 11:46 AM)

Johnny Go Round in Circles mmmm hum. John not so heroic McCain is the most confused candidate I've ever seen...more than Bush and that's saying something. Now it's true some people like chumps like these guys...the rich and the not so bright, so take nothing for granted get out and vote. Apply online for an absentee ballot if you expect problems Nov. 4th. This angry confused old man has got to be defeated.

subgruvet, ok (Sent Thursday, October 09, 2008 11:46 AM)

The lenders had the final say-so about who would or would not receive loans. The lenders are responsible for making these unsustainable loans and they should be the ones to take the hit. Not you, not me. How could McCain be so tone-deaf? Why does he want to put off this debt on the taxpayers who had nothing to do with it? He wants to hold lenders accountable, yet have someone else pay the consequences.

It's illogical.

Gail, TN (Sent Thursday, October 09, 2008 11:46 AM)

Great ad by the Obama campaign to expose the downside of the clueless "Lobbyist Lover" McCain's $300 billion taxpayer giveaway. No way, no how we can have that fraud just giving away taxpayer money to bail out his big banking lobbyist pals. He expects us to just eat the losses while banking gets off the hook they got themselves caught up on.

I get a cold chill running down my body anytime that Ancient Clueless Barbie squeaks. Why is she trying to turn Obama into a cross dresser by wanting him to wear her shoes? Isn't that promoting gay? Anyone notice how the old skirt chaser is hiding behind the skirts of so many women on stage?

Go Obama/Biden 08/12!

Eric, Salinas, CA (Sent Thursday, October 09, 2008 11:47 AM)

What is needed is for the home owners to receive Obama's middle class tax cut to help pay the mortgages.

Gregory Peek, Birmingham, Alabama (Sent Thursday, October 09, 2008 11:47 AM)

See John.. this is what you call preparation.. Its amazing how much more relevant these questions about you underhanded proposals are.. I find it strange that you don't question Barack's under handedness when it comes to his proposal.. Obama pulls his information from you writings.. he doesn't have to make this up.. much like SNL doesn't have to make up material for the Palin skits..

Todd, NC for OBAMA (Sent Thursday, October 09, 2008 11:48 AM)

What is Hussein's plan? I mean besides take my money and give it to others that didn't earn it!?

What is his plan for the housing problem?

As I understand it, he is complicit in the problem.

I guess Bill Clinton IS helping the campaign. He is learning from Slick Willy how to slide into the White House. Don't give any details or specifics and pick apart any idea from the other candidate.

Nice move for Hussein, but what about the American people?

kyd70SC (Sent Thursday, October 09, 2008 11:48 AM)

I say give us responsible homeowners who pay for their houses a tax credit instead of giving these lenders more money so that they can treat it irresponsibly as well.

Brenda in Fort Worth (Sent Thursday, October 09, 2008 11:48 AM)

A great ad.

New Poll in VA has Obama up 8

Obama/Biden '08

Eric, Indiana (Sent Thursday, October 09, 2008 11:48 AM)

Once again, erratic behavior from a desparate man trying to salvage the dignity he threw away long ago. This isn't funny anymore, it's sad.

Obama/Biden '08!
http://jawillie.blog.com

jawillie, Philadelphia, PA. (Sent Thursday, October 09, 2008 11:49 AM)

So Obama would get the money !

Expose Obama (Sent Thursday, October 09, 2008 11:49 AM)

What does one expect from an old man who is OUT OF TOUCH with reality, who has 7 homes, 13 cars and is in the pockets of Big Business? Main Street if you are looking towards John "the Maverick" McCain for apathy... you better get one of those TOP jobs on Wall Street or with Big Business to get his attention!

Affonso, Los Alamitos, California (Sent Thursday, October 09, 2008 11:49 AM)

"The ad paints McCain's proposal,..., as one that would "put bad actors ahead of taxpayers."

Anyone with even a passing acquaintence with the GOP shouldn't be surprised by that.

The New American Fascist party makes it difficult to be cynical, anymore (Sent Thursday, October 09, 2008 11:50 AM)

John McCain himself said in 2000 that when campaigns go negative (extremely negative in this case) its because they have no vision for the future and cannot address the issues.

John McCain of 2000 would be ashamed of John McCain 2008

No Way, No How, No McCliar (Sent Thursday, October 09, 2008 11:50 AM)

Will the Treasury Department and Federal Reserve become intoxicated?

Gregory Peek, Birmingham, Alabama (Sent Thursday, October 09, 2008 11:52 AM)

This ad is misleading since McCain wants to use the money taxpayers are already going to have to pay thanks to Congress voting for the bailout package. McCain wants to fund this with that money not new taxes.

Why shouldn't our money be used on the people who are most affected and will lose their homes. People who honestly could afford a mortage. For those who cannot afford a mortage, the house would fall into the FHA program.

Hey, at least it is an idea. What has Obama come up with besides an attack ad? Nothing! (as usual)

Please FR, I know you are pro-Obama but just once please print my blog. Thanks

Laura, Boston

Laura Boston MA (Sent Thursday, October 09, 2008 11:53 AM)

As I've said before: Barack Obama (and all his surrogates) need to hammer home substantive, issue-based attacks on John McCain. No mud-slinging. Keep hitting him on the economy, because as his own advisers have said, if the subject is the economy, McCain loses.

http://thepajamapundit.com/

the Pajama Pundit (Sent Thursday, October 09, 2008 11:53 AM)

OBAMA ALWAYS SAYS HE THOUGHT OF IT FIRST.... HE IS LIKE A BABY THAT CRYS FOUL. FACT IS MORE BIAS NO TRUTH. BACK TO FOX NEWS WHERE YOU GET FAIR AND BALANCED TWO POINTS OF FEW AND AT LEAST AN UPFRONT DISCUSSION. LOOK FOR MORE ON ACORN TO COME OUT TODAY OR TOMORROW THEN TRY AND SPIN IT....

KAREN ENPT NY (Sent Thursday, October 09, 2008 11:54 AM)

The Dems had the right answer all along - freeze mortgage interest rates at their initial rates for two years to slow foreclosures and allow the market to settle. Tack on the lost interest to the end of the mortgage in the form of an additional year of payments or a baloon payment. 20 - 30 years from now that payment will be much lower as a percentage of the buyer's income. No one loses. Tax payers don't pay a dime. Banks don't get hit, neighborhoods don't end up blighted and vacant. Prices stablize.

Why McCain went on a "purchase the mortgages and lower the principle at taxpayer expense" bent makes no sense, other than the fact is sounded good to him, from the point of view of BUYING VOTES.

Shame on you McCain, for playing politics with our dire economic situation. And, for betraying your own party's principles.

Axel, Philadelphia, PA (Sent Thursday, October 09, 2008 11:54 AM)

Two houses in my neighborhood actually TOOK down their McCain/Palin signs following the debate (and McCains desperate hail-Mary bombshell)!!!!!!

Keep an eye out for more!

Liibratine (Sent Thursday, October 09, 2008 11:55 AM)

We've had four days of "Ayers", "palling around with terrorists", "Who is Barack Obama really?" followed by two days of "Hussein". This is the message crafted by the campaign and approved by John McCain. We'd have to be stupid to think that it is an accident or a coincidence.

Also, Sarah Palin, a virtual unknown 5 weeks ago; someone who has been carefully scripted and sequestered from the press has the nerve to ask "Who is Barack Obama really?" -- She is the only unknown candidate in this election.

not an idiot (Sent Thursday, October 09, 2008 11:55 AM)

Obama is for good judgement when using our resources and investing in things that make sense. Like OUR infrastructure, OUR energy technologies, and OUR education and health.

And as much as McCain wants to spout curbing spending in Washington, this would be the largest loss of taxpayer dollars...it borderlines porkbarrel.

Obama = Socially liberal, Fiscally Conservative

McCain = Morally Bankrupt, Fiscally wrong

GP Chicago (Sent Thursday, October 09, 2008 11:57 AM)

The "bad actors" line is PRICELESS!!!!!

Libratine (Sent Thursday, October 09, 2008 11:58 AM)

It's true, even McCain's own economic advisor says so.

http://www.nytimes.com/2008/10/09/us/politics/09mortgage.html?_r=1&partner=msnbcpolitics&emc=rss&oref=slogin
McCain’s mortgage bailout will cost taxpayers.
The homeowner assistance plan that Senator John McCain announced without detail in the presidential debate Tuesday night would allow millions of financially stretched Americans to refinance their mortgages with government help, but it would leave taxpayers to cover the losses, rather than the financial institutions that hold the original mortgages.
Mr. McCain said in the debate that the program would be expensive, and on Wednesday his chief economic adviser, Douglas Holtz-Eakin, acknowledged that the liability would be borne directly by taxpayers.

Roofin Reality, Houston, Tx. (Sent Thursday, October 09, 2008 12:01 PM)

Note: this is a negative ad about POLICY and it is factual. Most of McCain's negative ads are ugly, lying, personal smears. MSNBC, when you are comparing how many 'negative' ads the campaigns are running, please differentiate between the two.

Colleen, Ithaca, NY (Sent Thursday, October 09, 2008 12:01 PM)

Obama keeps exposing mclame for the erratic and angry man he is. one minute he says this the other minutes he changes. i will vote for THAT ONE

CHARLES (Sent Thursday, October 09, 2008 12:03 PM)

Thats right man..if you are claiming to bail out homeonwers then make the scum who lent them the money suffer not me...my mortage is paid off

Rick, NC (Sent Thursday, October 09, 2008 12:09 PM)

WATCH THIS

http://www.huffingtonpost.com/2008/10/09/mccain-palin-rally-attend_n_133240.html
THIS IS SCARY AND HOW DARE PALIN AND MCCAIN PUSH THIS

Nj (Sent Thursday, October 09, 2008 12:09 PM)

And meanwhile, the best that McCain can come up with is that Obama is "dangerous" because he knows Bill Ayers from having worked on a project together.

Every day the McCain campaign looks more like an assisted-suicide, with the candidate himself playing the role of Dr. Kervorkian. Do they really NOT want to win this thing? Sure seems that way.

Not that I'm complaining, of course....

Marcus, Chicago (Sent Thursday, October 09, 2008 12:10 PM)

Put the homes on Ebay and see if you can sell them for a profit. Oh, that right the plane sold for a loss. OK, scratch that idea.

Lets just have the taxpayers pay for it after we tax the health insurance.

Dumb leading the Dumber (Sent Thursday, October 09, 2008 12:11 PM)

Ray Charles could have seen this plan would or will not work. Where is the Treasury going to get the money to buy all the mortages. Do McCain have any idea of how many bad mortages there are; and the amount of the mortages. It sound good enough for him to say and said it. Once in office, it would be a diffent plan, you would have to met all kind of qualifications and then apparently no mortages would be bought; and America would be in the same shape if not worse. It would also make people mad because they would have been expecting the government to help with their mortages. The government could bailout Wall Street but not the average American. So, McCain should think before he speak.

amazing grace, midwest city, ok (Sent Thursday, October 09, 2008 12:11 PM)

We just spent a trillion dollars on bailing out the bad mortgages in this country. At last look, both Obama and McCain voted 'aye' on this small matter. Obama is now arguing about a few billion more here and there? Laughable.

The Horse Is Out Of The Barn (Sent Thursday, October 09, 2008 12:12 PM)

Thank you Sen Obama and your Campaign for 95% true fact checks. This is what the American people need to know the facts on the issues. McCain has the same and we can not afford that for the next 4 years.

Anthony, Oceanside, Ca (Sent Thursday, October 09, 2008 12:14 PM)

Sen Mccain I want the goverment to pay the mortgage on my 3 summer homes, please please

McCain is really STUPID, OK that was mean, he is Mentally Ill and proved that with this MY FELLOW PRISONERS comment

The problem is figuring out when he is having a mental illness moment, telling a LIE or just being STUPID, can't figure it out

I can say America cannot afford McCain

McCain will RUIN this country even more (Sent Thursday, October 09, 2008 12:19 PM)

Back in a simpler time, when these moral questions and their answers seemed clearer, this sort of deal was called a...SCAM!!! Fool the rubes, then take their money, AND MAKE THEM PAY THE BILL FOR THE SCAM!!
I can hear McShame as Bugs Bunny saying, "what a bunch of imbessles, what a bunch of ultra-maroons!"
And following his rich cronies,laughing all the way to the bank!

Class Warrior, D.C. (Sent Thursday, October 09, 2008 12:19 PM)

I think the McCain plan is a very good idea. Hillary stated something similar during the primaries also. We have to give credit when it is due. I don't agree much with McCain, but I don't see what is wrong with his plan. It is much better than simply handing cash to companies that will spend it on spas and resorts for exectutives and sales reps.

Tony, Dallas (Sent Thursday, October 09, 2008 12:20 PM)

To think that for many years this guy was one to look to for some sort of responsible fiscal thought. Senator McCain, do yourself a favor and head back to Sedona and take the brainless Barbie with you.

Pat, Minneapolis (Sent Thursday, October 09, 2008 12:20 PM)

Maybe Obama should look into the massive voter fraud going on in the country. We've been hearing for months now about the "huge" voter registration numbers that heavily favor the Democrats in many, many states. Now it's turning out that much, if not all, of the new registrations are frauds, pure fabrications. Just like Obama. This is why the Democrats go ballistic when Republicans want to require something as simple as a picture ID before a person votes. Democrats know that their little charade would be over if that was a requirement.

Olin Martz, Ohio (Sent Thursday, October 09, 2008 12:20 PM)

Barack Barack Barack.
I can't wait to call you Mr. President!

OBAMA/BIDEN 08 (Sent Thursday, October 09, 2008 12:21 PM)

If I was McCain, I would come at these questions like:

"Look. In these economic times I would only accelerate my tax cuts and spending cuts. What we need to do is resind the Cap Gains tax for 2 years. Eliminate the Dividend tax as well for 2 years. Then we need a new round of supply-side tax cuts to put money in the hands of those producing goods and services in this economy, to "kick start" it. Then on the spending side, we need to slash spending".

And the actors that caused this? Pul-lease Barack. It was your buddies Barney and Dodd and Bill Clinton who in 1999 forced lenders to lend to folks who should not have a mortgage. This forced the lenders to "securitize" the risk. Indeed, Fannie and Freddie were indeed to big to fail. Yet, Bubba in 1999 got greedy and wanted the thing to continue to grow. Fannie and Freddie caused this thing. And Dodd, Barney, Barack and the Congressional Black Caucus are at the heart of it. Having Reid/Pelosi/Biden/Obama fix this economy is like putting a fox in the hen house. But of course, Barack ("messiah") will save us all.

Rob, from Iowa (Sent Thursday, October 09, 2008 12:21 PM)

I am against any plan to pays homeowners directly because they, the homeowners, are the idiots who got into "bad mortgage". Hey - what does the term "Adjustable Rate Mortgage" mean. What does "Interest Only" mean. Predatory lending my you know what. It's not Wall Streets fault people were dumb enough to get into something they can't afford. Now we all pay for peoples stupidity. My wife and I saved and put a lot of sweat equity into our OWN home. Where's our "bailout" or shall we say "handout"

John "Welfare" McCain. The Republican party handing out welfare checks - I never thought I would see the day.

RyM, Minnesota (Sent Thursday, October 09, 2008 12:22 PM)

If you voted for Bush, even once, you must repent.

Look at the legacy of this administration. What would you be saying if this were John Kerry's last days in office?

vote for Obama or stay home with your tails between your legs. Don't make the same mistake twice (or should I say thrice?).

McCain Palin - Gimmicks First & empty schemes

billy smith (Sent Thursday, October 09, 2008 12:23 PM)

Fanny Mae has been buying Mortgages up to $700,000. So I'd like to see a $700,000 house, now worth a mere Half-Mill, that McCain-Palin wants me to pay for with my taxes.

This is the Republican for of wealth-transfer - "To each according to their greed"

Ben, Charlotte, NC (Sent Thursday, October 09, 2008 12:25 PM)

Learn more about John McCains Judgment.It's all there in the latest story in the Rolling Stone Mag.Must read if you want to learn more about the me first candiate!WOW blows your mind.

Jesse St.Paul Minnesota (Sent Thursday, October 09, 2008 12:25 PM)

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