Video by: IssueAlliance
Video Description:
John McCain
Speech
Santa Ana, CA 03/25/08
TRANSCRIPT:
JOHN MCCAIN: A sustained period of rising home prices made many home lenders complacent, giving them a false sense of security and causing them to lower their lending standards. They stopped asking basic questions of their borrowers like "can you afford this home? Can you put a reasonable amount of money down?" Lenders ended up violating the basic rule of banking: don't lend people money who can't pay it back. Some Americans bought homes they couldn't afford, betting that rising prices would make it easier to refinance later at more affordable rates. There are 80 million family homes in America and those homeowners are now facing the reality that the bubble has burst and prices go down as well as up.
Of those 80 million homeowners, only 55 million have a mortgage at all, and 51 million are doing what is necessary -- working a second job, skipping a vacation, and managing their budgets -- to make their payments on time. That leaves us with a puzzling situation: how could 4 million mortgages cause this much trouble for us all?
LABEL: JM CA 3-25 (JC#121) AGZZ - ClipL
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Tags: b-roll bubble crisis economy foreclosure housing john mccain skip tracking vacation woes  john mccain: speech 03/25/08 See more videos uploaded by IssueAlliance

Comments for this video on YouTube

dont buy shit you ... ( 3 months ago by starrfury666)

dont buy shit you cant afford.. Including houses.. plan for the worst.. . morons..

sibilance. ouch. ( 3 months ago by shuckslbj)

sibilance. ouch.

so, let's get this ... ( 3 months ago by uxbnkuribo)

so, let's get this straight: Everyone should work two jobs? sorry, mccain, but we can't ALL afford seven houses or is it five? three? eight? hell, even mccain doesn't know

If Obama wins, then ... ( 2 months ago by dominoguru2)

If Obama wins, then their will be riots. If Obama loses, then people will claim he lost becuase he is a man of color. Either way, the US citizens lose. Obama is a good man to help the lazy welfare people who does not care about education or hard work.

omg...this ... ( 2 months ago by jsb400)

omg...this bastard's whole attitude about people losing their homes is so cold it is un-real. So every one should work 2 jobs and skip vacations. That is easy for some one who is the richest politician in the senate. HE has NO CLUE as to how the economy works and has admitted it before. McCain is not good for America.

So Mr. Senator, ... ( 1 month ago by BagelsForever)

So Mr. Senator, what was the second job you worked to pay off your seven houses?