Industry NewsMortgage

McCain plan to buy mortgages under fire

Obama campaign trashes idea in TV spot
Published on Oct 10, 2008

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by CareyBot

The Obama campaign pounced Thursday on Sen. John McCain's proposal to wipe out $300 billion in negative equity and save homeowners from foreclosure by buying up mortgages directly from mortgage servicers.

Unlike the $300 billion "Hope for Homeowners" expansion of FHA loan guarantees that kicked off this month, the McCain Resurgence Plan wouldn't require lenders to write down the principal of loans it refinanced.

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