McCain Wants to Buy Up Bad Mortgages

Republican presidential candidate John McCain proposed during Tuesday night’s debate using $300 billion of the $700 billion of the financial bailout money to buy up bad home mortgages, instead of rescuing the financial markets.

“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 values of those homes and let people be able to make those payments and stay in their homes,” he said.

Democratic nominee Barack Obama last month sounded a similar theme, proposing that the government consider taking such a step.

But McCain’s approach was far more unequivocal.

A background paper provided by the McCain campaign said the plan “could be implemented quickly as a result of the authorities provided in the stabilization bill, the recent housing bill, and the U.S. government’s conservatorship of Fannie Mae and Freddie Mac.”

It was unclear, either from McCain’s remarks or from the backup materials provided by the campaign, how such a massive plan would be administered. Though McCain, a budget hawk and critic of rising federal spending, did concede one point. “Is it expensive? Yes,” he said.

Source: The Associated Press, Jim Kuhnhenn

ATLANTA: City considers higher water bills

http://www.ajc.com/metro/content/printedition/2008/06/11/sewer.html

By David Bennett, The Atlanta Journal-Constitution – Published on: 06/11/08

 

 

Two proposals to raise Atlanta’s water and sewer rates moved forward Tuesday.

One would boost rates 27.5 percent this year followed by three consecutive rate hikes at about 12 percent. The other would impose a 15 percent penalty to make up for water revenue the city has lost through conservation during the drought.

Both moved without a formal recommendation of support but will be considered by the council over the next 20 days as the panel tries to wrap up the fiscal year 2009 budget.

Water utility officials say the increases are needed to continue to pay for the bonds Atlanta is using for the $4 billion program to overhaul its aging water and sewer systems.

If the council approves the conservation penalty, utility officials say they can scale it back if the drought ends and water use returns to its pre-drought levels.

 

 

(Our city officials continue to ignore the cries of the people and make decisions that hurt….I’m very dismayed over the future of the low and middle income families living within the city of Atlanta…)