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Palin Gets McCain Stance on Homeowner Protections Wrong
October 03, 2008 12:46 AM
ABC News' Teddy Davis Reports:
Sarah Palin got her facts wrong in Thursday's debate with Joe Biden when discussing where John McCain stands on new protections for homeowners facing foreclosures.
The Alaska governor incorrectly made it sound like McCain supports giving bankruptcy judges the power to rewrite mortgage payment terms on first homes.
He doesn't.
The McCain campaign confirms to ABC News that Palin misstated McCain's position.
"No, that is what is called the cramdowns, which is so objectionable that Obama didn't even want it jammed into the stabilization bill," said McCain spokesman Brian Rogers when asked if McCain supports giving bankruptcy judges the power to re-adjust the interest rate and principal to help people stay in their homes.
Palin's mistake came when the debate's moderator asked her if Biden was right in thinking that she and McCain oppose giving bankruptcy judges this new power.
"[W]e should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe," said Biden. "That would keep people in their homes, actually help banks by keeping it from going under.
"But John McCain, as I understand it," he continued, "I'm not sure of this, but I believe John McCain and the governor don't support that. There are ways to help people now. And there -- ways that we're offering are not being supported by -- by the Bush administration nor do I believe by John McCain and Governor Palin."
"Governor Palin, is that so?" asked PBS' Gwen Ifill.
"That is not so," said Palin, "but because that's just a quick answer."
The Alaska governor then quickly changed the subject to energy.
ACORN, a liberal group which advocates on behalf of low- and moderate-income people, seized on Palin's seeming endorsement of the Obama-Biden position and is now trying to use them to pressure McCain to change his official position.
"Sarah was just being Sarah," ACORN's Charles Jackson told ABC News. "It's clear from the transcript that she supported the provision that Senator Biden brought up. We'll see if McCain's handlers will allow her to continue to hold that position tomorrow."
ACORN would like the Republican presidential nominee to change his position but the McCain campaign has already made it clear that is not going to happen.
While giving bankruptcy judges the power to rewrite mortgage terms would keep more Americans in their homes, opponents of the idea worry that it could scare investors away from wanting to securitize mortgages for fear that their steady payment schedule could be disrupted by a bankruptcy judge.
"A better approach would reflect the HOME Plan which John McCain proposed in April, which would have allowed credit worthy mortgage holders to rework their troubled mortgages," said Rogers, the McCain spokesman. "A component of the FHA insured proposal included a work-out formula that provided the homeowner with a 10 percent equity stake."
ABC News' Terry Moran and Z. Byron Wolf contributed to this report.
October 3, 2008 | Permalink | User Comments (192)
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The whole mortgage thing is such a political thing that it's appallingly easy to see through. So, let me get this straight...if you had a mortgage 10 years ago, the Feds would have rushed in and forced a renegotiation of your mortgage? How many people lost their home under Carter, Reagan, Bush I, Clinton and Bush II? Unfortunately that happens.
Even more unfortunate is the situation where you have the Feds leaning on mortgage lenders to give mortgages to those who can't really afford it, imply that the Fed will back it up (and, not to worry anyway, nothing bad's going to happen), and then the usual greed meisters investing and lending out more money than they really have...OK, that's part and parcel of our Federal Reserve based banking and finance system, but there's a certain percentage over real assets that's both wise and moral to not go over.
I've seen the knowitalls going back and forth on this issue, Obama hiding from this issue, and only McCain and a handful of Democrats and Republicans especially in the House trying not to be rushed into a stupid legislation.
Nobody knows that this is even going to work. It's just a squeaky wheel thing.
Posted by: Grand Old Party | Oct 3, 2008 1:13:12 AM
I guess the 10 Proven factual errors that Joe Biden made in the debate don't bother ABC. No I figured that.
Posted by: oped | Oct 3, 2008 1:25:57 AM
Palin was rude to the moderator, rude to Biden, she answered off topic many of the questions from the moderator(which woould cause her to lose points if she were on a debate team), she had poor knowledge of foreign affairs and the economy, she had no clue to the meaning of the term "Achilles heel" and she answered that question wrong, when she doesn't know the answer to a question she states that it is because she is a Washington outsider, she states that she values education yet even with Alaska's huge surplus they have one of the worse literacy rates in the country and her older kids aren't college bound, her phoney down home behavior and language is a mask for her lack of knowledge and an insult to intelligent rural oriented people, she talked of warm and wonderful Wasilla but failed to mention that it is the meth capital of Alaska and that she fired a police chief who wanted the bars closed at 2AM instead of 5 and she also fired him because he wanted to change the law that allowed people to carry concealed weapons in a bar, she uses tha baby as a prop, and "you betcha" that she secretly supports the goals of the Alaska Independence Party as does her husband. She was so intent in not having a baby in the lower 48 that at 8 months pregnant and after her water broke in Texas while at a conference with her husband, she boarded a plane for a 10 hour flight back to Alaska to have the baby there. I don't know of any other soccer, hockey, PTA , or NRA mother who would have risked the life of their unborn child with that unnecessary trip especially AFTER her water broke. Sara Palin, thank you but no thank you.
Posted by: HockeyMom14 | Oct 3, 2008 1:33:14 AM
Well darn, I'm just goin' to half to change which I did a bunch of times in Alaska as an executive and hockey mom, it's no bigee. Its not like I'm runnin' for President or anythin'.
Posted by: doug | Oct 3, 2008 3:51:39 AM
Grand Old Party.
Name them, or stfu
Posted by: Joe Mama | Oct 3, 2008 4:16:09 AM
I'm glad I takes the Times. People are starting to relize the fake imformation given by the Post. Please discontinue my Sunday subscription to the post (Only for the T.V Guide). I'm embarased I take it at all.
Thank you for elimanating my subscription:
Mike Jennings 12839 Fantasia Drive, Herndon, VA 20170
Posted by: Mike Jennings | Oct 3, 2008 4:18:02 AM
"Joe Mama" - Here ya go. Let's make it 14. You're the one who really needs to "stfu." Typical high class lib.
JOE BIDEN’S 14 LIES TONIGHT
1. TAX VOTE: Biden said McCain voted “the exact same way” as Obama to increase taxes on Americans earning just $42,000, but McCain DID NOT VOTE THAT WAY.
2. AHMEDINIJAD MEETING: Joe Biden lied when he said that Barack Obama never said that he would sit down unconditionally with Mahmoud Ahmedinijad of Iran. Barack Obama did say specifically, and Joe Biden attacked him for it.
3. OFFSHORE OIL DRILLING: Biden said, “Drill we must.” But Biden has opposed offshore drilling and even compared offshore drilling to “raping” the Outer Continental Shelf.”
4. TROOP FUNDING: Joe Biden lied when he indicated that John McCain and Barack Obama voted the same way against funding the troops in the field. John McCain opposed a bill that included a timeline, that the President of the United States had already said he would veto regardless of it’s passage.
5. OPPOSING CLEAN COAL: Biden says he’s always been for clean coal, but he just told a voter that he is against clean coal and any new coal plants in America and has a record of voting against clean coal and coal in the U.S. Senate.
6. ALERNATIVE ENERGY VOTES: According to FactCheck.org, Biden is exaggerating and overstating John McCain’s record voting for alternative energy when he says he voted against it 23 times.
7. HEALTH INSURANCE: Biden falsely said McCain will raise taxes on people's health insurance coverage -- they get a tax credit to offset any tax hike. Independent fact checkers have confirmed this attack is false
8. OIL TAXES: Biden falsely said Palin supported a windfall profits tax in Alaska -- she reformed the state tax and revenue system, it's not a windfall profits tax.
9. AFGHANISTAN / GEN. MCKIERNAN COMMENTS: Biden said that top military commander in Iraq said the principles of the surge could not be applied to Afghanistan, but the commander of NATO's International Security Assistance Force Gen. David D. McKiernan said that there were principles of the surge strategy, including working with tribes, that could be applied in Afghanistan.
10. REGULATION: Biden falsely said McCain weakened regulation -- he actually called for more regulation on Fannie and Freddie.
11. IRAQ: When Joe Biden lied when he said that John McCain was “dead wrong on Iraq”, because Joe Biden shared the same vote to authorize the war and differed on the surge strategy where they John McCain has been proven right.
12. TAX INCREASES: Biden said Americans earning less than $250,000 wouldn’t see higher taxes, but the Obama-Biden tax plan would raise taxes on individuals making $200,000 or more.
13. BAILOUT: Biden said the economic rescue legislation matches the four principles that Obama laid out, but in reality it doesn’t meet two of the four principles that Obama outlined on Sept. 19, which were that it include an emergency economic stimulus package, and that it be part of “part of a globally coordinated effort with our partners in the G-20.”
14. REAGAN TAX RATES: Biden is wrong in saying that under Obama, Americans won't pay any more in taxes then they did under Reagan.
Posted by: David Astroturf | Oct 3, 2008 4:23:29 AM
I can understand a republican trying to spin Palin's performance but I am getting tired of the media being scared of republicans’ criticism and acting like Palin did almost as good as Biden.
Look at the facts people.
Palin did not answer any questions put forth by the Moderator. Why was Palin allowed to ignore the questions and format of the debate? Why is she so special? She failed and the Moderator was too scared to say a word. Just because she did better than expected is a meaningless goal. She should have had the same expectation as Biden. She did not know any facts, all she did was advertise McCain's talking points. THAT WAS NOT A DEBATE.
People, Palin did NOT KNOW the duties of the VP as defined by the constitution. She believes that as VP she can do what she wants in Washington and ignore the constitution. WHAT DOES THAT MEAN? She wants to be VP of the United States and impose her will upon Congress. They call that a dictator when there are no separation of power.
Media should tell it like it is. Palin should get a F in this debate. When people take the same test, they are not scored relative to their own level of knowledge, unless they are in kindergarten. We are dealing with the 2nd most important, and could be the most important, position in the world.
Republicans, wake up, this is not a game. Why are you so interested in someone whose only purpose is to ridicule democrats? We know why you are this way. You believe that democrats will destroy this country, and you must win at all costs. You are scared that big bad Obama is going to take away your gun (actually it’s our guns since I own 4 guns myself) and tax everyone to death. Because of that irrational fear instigated by the right wing of the republican party, you are willing to have a VP who is out of here league.
Posted by: The Unshrub | Oct 3, 2008 5:31:18 AM
And what about the 10 misstatements from Biden Mr. Teddy Davis? Are you a reporter or a leftist supporter? You just answered the question. Go back to journalism school and look up the word "objectivity"
Posted by: Mr Whiffle | Oct 3, 2008 5:39:35 AM
Both candidates made misstatements. Biden did. Palin did. Get over it. But at the end of the day, Biden still won. So, did he win simply because of misstatements, since Sarah ALSO committed a lot of misstatements herself?
Posted by: Gerard | Oct 3, 2008 5:51:15 AM
The rason Palin got away with not answering the questions is because the Pubs had already started the "she's biased" crap again.
If Gwen would have made Palin actually answe the question being asked, that would be "biased". God forbid we ever get a straight answer from a Republican.
Biden still won by showing his knowledge and answering the questions. Palin just spewed her pre-rehersed talking points she brought on her note cards.
It doesn't matter though. The best team to lead this nation is obvious. It's not the grumpy old man and the pagent princess.
And what's with the winking at the camera a half dozen times?
Posted by: Truth Hurts the GOP | Oct 3, 2008 6:52:05 AM
I think they both did great as far as stature, respect and interesting dialogue. They should be rated, like Limbaugh is on the "factual accuracy" of what they say (all of what they say) and weigh in on that. For example: Biden (anyone else notice he's being called "O-biden"?) 88% accurate statements, Palin 88% accurate statements to be done by an objective accounting firm.
I also appreciated the professionalism of Gwen Ifill. While everyone was freaking out - and rightly so, the McCain camp stayed "faithful" that she would do a good job, and she did.
All the while, during the debate, I don't see how anyone could have said the other "won" - they both did great, but again, perhaps the real scorecard should be the accuracy of ALL their statements.
Personally, Sarah appeals to me because of her freshness. We need someone in Washington like her. Biden was polished, but I did tire of his "talking points" about the Bush years, blah blah blah.
I just wish someone would have brought up the dems role in the housing crisis and I wish she would have reiterated her opinion that Fannie Mae/Freddie Mac need to be dismantled into smaller companies, or eliminated, period.
Posted by: obamayomama | Oct 3, 2008 6:57:57 AM
LOL, wonder if we'll ever read about the misstatements (and flat out lies) Obama makes on a daily basis!
Posted by: obamayomama | Oct 3, 2008 6:59:39 AM
I am amazed that people even entertain the notion that Sarah Palin won the debate.I mean-come on, people. She was completely lost at sea! She did not answer most questions adequately or with the knowledge and mastery of issues as Joe Biden did.Infact, I could not even understand some of her answers, they didnt make sense to me at all. America it seems is ready to drive itself into the pits again. The right-wingers who support her should be ashamed of themselves.
Posted by: Evelyn | Oct 3, 2008 7:05:03 AM
McCain is history. He was before this debate, and its pretty obvious this debate didnt help his campaign a bit. She comes across as an imbecile.
Posted by: Fairfax | Oct 3, 2008 7:25:19 AM
From:
Head of State
http://headofstate.blogspot.com/2008/10/shorter-debate.html
Thursday, October 02, 2008
Shorter Debate
Part I: Palin did not answer questions directly.
Part II: Biden incredibly strong--pointed out Palin "I heard no plan" on Iraq, very strong on economic and FP issues.
Veep issue devastating against Palin--actually claimed broader powers for VP, clearly without knowing actual constitutional powers. Biden powerful on Cheney--dials way up.
And then...The turning point. The Biden tears. After that, Biden was most clear, passionate and strong, and from there, Palin was gibberish.
Biden win.
Update:
CNN:
National poll of Debate Watchers:
Who won:
Biden: 51%
Palin: 36%
From:
Head of State
http://headofstate.blogspot.com/2008/10/shorter-debate.html
Posted by: Cara Prado | Oct 3, 2008 7:27:15 AM
Just for example:
"2. AHMEDINIJAD MEETING: Joe Biden lied when he said that Barack Obama never said that he would sit down unconditionally with Mahmoud Ahmedinijad of Iran. Barack Obama did say specifically, and Joe Biden attacked him for it."
Wrong. Obama said he would meet "without preconditions".
That simply DOES NOT mean "unconditionally, without conditions". It means without PREconditions, not without any conditions whatsoever.
Failing to understand what someone else was saying doesn't make that someone a liar. It just means you fail English.
Posted by: Aengil | Oct 3, 2008 7:28:59 AM
guess the 10 Proven factual errors that Joe Biden made in the debate don't bother ABC. No I figured that.
------------------------------
-----------------------------
Thank you for stating this - Biden was blatantly lying about Mccain's record just to take the pressure off Obama. of course you're not going to see ABC, NBC,CBS highlight these MAJOR misstatements by Biden - they are on a crusade to elect Obama.
Posted by: TC | Oct 3, 2008 7:32:20 AM
Palin won the winking part of the debate.
::wink:: ::wink::
Posted by: Gus | Oct 3, 2008 7:33:39 AM
As a republican I a deeply insulted to think this women is qualify, I dont. What I saw last night was a women who is not ready for VP. I just cant see this women taking over if that is to be the case. This is a scary thought and yes like many Americans I am not comfortable with that, period. Its sad if thats the best choice we had for a vp choice. As a republican I will vote for the Obama/Biden ticket. Sarah will bea risky choice.
Posted by: Linda | Oct 3, 2008 7:36:34 AM
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