« Previous | Main | Next »

Palin Gets McCain Stance on Homeowner Protections Wrong

Share

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)

User Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

I agre, she was cute but not ready. I really though she was avoiding answering her questions,. She is not presidential material. I am sorry. I will not support ths joke. I am a proud republican mom and I will support the best team.

The NATIONAL teachers ASS. Endorsed Barack Obama and Also the National Nurse ASSO.

Posted by: Elaine Christian | Oct 3, 2008 7:41:29 AM

Linda I agree with what you stated. Many Americans dont feel comfortable with this Palin. I also saw another poll where Biden won by over 70% and Palin 29%.

Posted by: Jess | Oct 3, 2008 7:44:27 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

-------------------------------------------------------------------------------

No need to be insulted and obviously no need to be a Republican. If you want big government,government run health care, more government beauracracies, $50
billion dollars a year of US tax payer money to be given to the UN - the UN!! - increased taxes ( don't let them fool you there will be no tax break for the middle class with all their bloated federal initiatives - look at their record). Anytime you raise taxes on business it gets passed down to the middle man. Socialism is coming to the US big time - you guys better wake up, but the scary part is you guys may be awake.

Posted by: TC | Oct 3, 2008 7:50:15 AM

David wrote:"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.

________________________________________

DONT BELIVE THS POST. DAVID YOU ARE LYING AND NOT PROVIDING THE AMERICAN PEOPLE WITH THE FACTS. BIDEN WAS CLEARLY PRESIDENTIAL, SMART AND VERY CAPABLE. AS A REPUBLCAN I CANT SAY THE SAMETHING ABOUT PALIN, SORRY. FOLKS THIS IS A DESPARATION ACT BY MY PARTY BECOUSE WE ARE LOOSING THS BIG TIME. REPUBLICANS WE NEED TO RELAX AND RE-GORUP OUR EFFORTS FOR 2012. THE JUDGEMENT THAT MCCAIN PUT FORWARD BY CHOOSING THS CHARACTER WILL SAY ALOT COME THIS NOVEMBER. SO I URGE ALL WHO VIST THIS POLL NOT TO BELIVE THIS TYPES OF LIES. DAVISD YOU ARE A CLASSIC EXAMPLE OF WHY ARE PARTY IS LOOSING. MCCAIN IS SINKING IN THE POLLS, BECOUSE TTHE BUSH ADMINSTRATION FAILED OUR PEOPLE. DO YOU THINK IN ANY RIGHT MIND THAT THE AMERICAN PEOPLE WILL CONTINUE DOWND THAT PATH AGAIN???NO THIS TIME. CHANGE IS COMING, PUT NOT WITH SARAH PALIN.

Posted by: MIKE | Oct 3, 2008 7:52:32 AM

Palin: "gee whilickers Mr. Putin, you can't go into Georgia, darn tootin' we will go to war with ya"... I know she didn't say this but seriously,
this is the stupidity this country is left with, to pick this person who has no clue....

Posted by: sandy p. | Oct 3, 2008 7:52:50 AM

Uh, Elaine - those organizations first endorsed Hillary, Obama was scraps - they had to endorse them. Have they ever endorsed a republican? If not, i rest my case, it's nothing (the endorsement) to brag about.

Elaine - you are a mom, before you were a mom, what gave you experience to "be a mom"? Did anyone say to you, you can't be a mom Elaine because you don't have experience? Probably not. Character is a key to being in a leadership role.

Good character will allow you to make great decisions and the presidency/VP is all about making decisions and surrounding yourself with expert advisors.

No ONE person can do the job alone- I, for one, am ready to "throw the bums" out who got us in this economic mess and all fingers point to the democrats - Biden included, who voted for legislation in 1999 that helped get to where we are.

Posted by: obamayomama | Oct 3, 2008 7:53:50 AM

The NATIONAL teachers ASS. Endorsed Barack Obama and Also the National Nurse ASSO.
-------------------------------------------------------------------------------
It doesn't surprise me that the National Teachers ASS supports Obama. It makes natural sense.

Posted by: TC | Oct 3, 2008 7:54:08 AM

wow!!! "CHANGE IS COMING, BUT NOT WITH SARAH PALIN"


Hillary Clinton

Posted by: marie | Oct 3, 2008 7:55:02 AM

And elaine, I bet you are a great mom.

Posted by: obamayomama | Oct 3, 2008 7:55:24 AM

Lower people's principal??!! Lower people's principal??!! I want my principal lowered. I live in a modest home, make my principal AND interest payments on time, and Obama wants to renegotiate a binding contract for people who bought way more house than they can afford. Essentially, he wants to reward people who have proven they can't handle money - just more handouts to folks who can't even do simple math. This bites me to no end. Where is the reward for those of us who are doing the right thing and sat down BEFORE we signed a housing contract to make sure we could pay back the money we were borrowing from the bank? Where is the reward for those of us who bought a small, modest home even though it would be great to live in a big, expensive home in a fancy neighborhood? Boy, if I had known then that I could have bought in an exclusive neighborhood even though I couldn't afford it because Obama was going to come along and lower my mortgage payment that's the route I would have taken. Gee, I guess my parents were wrong when they taught me that if you can't pay for it, you can't buy it.

Posted by: sunshine voter | Oct 3, 2008 7:58:09 AM

I feel sorry for Sara Palin. She should never have accepted the nomination. There is "No Way" McCain can win with her. Unfortunately, she just says what she thinks and that is not much! The interview with Katie Couric said it all. Ms. Palin does not have the intellect to lead this country, she does not have any business representing or trying to lead the United States of America. The Bush Adminisistration has already made the US look bad among other countries. They do not trust us and now they will be laughing at us if our country even considers a McCain/Palin ticket. These are tough economic times people and this is nothing to laugh about.

P. Belanger, October 3, 2008 1:58 pm

Posted by: Penny | Oct 3, 2008 7:59:05 AM

Biden was better, she refused to answer questions, or maybe she just didn't know the answer...

Posted by: pete | Oct 3, 2008 7:59:40 AM

I guess the 10 Proven factual errors that Joe Biden made in the debate don't bother ABC. No I figured that.

Oped, your are right. Joe Biden LIED more than 10 times and he knows it.

Sarah Palin miss spoke.

Posted by: Waggdogg | Oct 3, 2008 8:04:07 AM

What about all the crap Joe Biden got wrong? Is the left-wing media going to address those issues?

Posted by: Carrie | Oct 3, 2008 8:08:53 AM

Sorry, you can talk about Biden all you want. He has proven himself for several years. The fact is Palin can't tell a lie or the truth because she simply does not know a thing! If the Republicans want an air head to represent them. MORE POWER TO THEM!!

Posted by: Lisa | Oct 3, 2008 8:11:07 AM

If you are not ok with this site then go to Fox news . Thats wher the uneducated fools belong to .

Posted by: Reid | Oct 3, 2008 8:20:20 AM

People who say Palin won last night are dreaming.Just because the girl looks young and exciting next to the older statesman doesn't mean she won!!
She held her won on the economy, BUT when it came to foreign policy she tnaked. She got names wrong, when she couldn't answer a question she reverted bacak to her "comfort zone" the economy. GREAT JOB Joe....

Posted by: formerhillary | Oct 3, 2008 8:35:34 AM

Why can't she answer a simple question. It's starting to eat at me. Answer the soft ball question and move on to the talking point. Just like in that Curic interview she could not name a newspaper that she reads. What the devil is the problem why can't she just mention what ever paper they get at the Gov. office. Questions about McCain votes yes I can understand passing on that but not the softballs she has dodged.

Posted by: MikeM | Oct 3, 2008 8:41:00 AM

Wag...mayve you better look at Palin. She stretched the truth so much and came back and hit her in the butt. One particular mess up was on new protections for homeowners. Seh misspoke and then changed the subject when confronted by Biden.
If you need the particulars, I can show you.

Posted by: thetruth | Oct 3, 2008 8:51:56 AM

Mike..she "doesn't read the papers. She gets all her infomration from books"

Statement was made in Curic interview.

God Bless us...

Posted by: goforit | Oct 3, 2008 8:54:20 AM

Post a comment