Friday, February 20, 2009

Home Foreclosure Crisis The Worst In John McCain's Own Backyard

While John McCain is attempting to score political points with the right wing donors of his own political party by opposing efforts of President Obama to ease the nation's economic crisis, only to help to secure campaign funds for McCain's own 2010 re-election, or possibly another run for president in 2012, McCain has ignored the voters of his own state who are suffering from the worst of the home foreclosure crisis. While one in 466 homes nationally is currently in foreclosure, in McCain's own Arizona the rate is actually one out of every sixteen homes in some parts of his own state.

In Mesa, Arizona, for example some neighborhoods might have at least two homes for sale on each block. Many homes that are now owned by banks with foreclosure signs might have seriously deteriorated conditions such as brown dried-up lawns, broken windows, gang graffiti and other eyesores. But with little loan money available from banks to assist new buyers, these homes are only expected to continue to deteriorate in appearance as the "For Sale" signs grow cobwebs. In fact, some angry neighbors have even started some websites to highlight these awful looking rundown bank owned foreclosure homes for sale in states like Arizona where banks never bother to mow the lawn or perform basic yard or appearance maintenance. Yet John McCain works hard to oppose President Obama's policies to revive the economy and to address issues like the home foreclosure crisis.

The inside contents of some of these homes tell of some very sad stories. In many of these homes, the banks forced the buyers out so quickly that they left behind much of their personal property including their wedding photos or pictures of their family members. In many cases, a sheriff knocked on their front door and simply ordered entire families to leave the property immediately because some bank was taking over the property. John McCain has no doubt received thousands of letters from voters telling him of such sad stories. But he doesn't seem to care based on his recent voting record opposing all financial rescue attempts by the Obama Administration.

In Arizona, another big problem was so many unethical sub-prime loans made at interest rates of 7% that were suddenly raised to 10% due to fine print clauses. Yet John McCain sits on the senate committee that is supposed to deal with consumer issues. Where has John McCain been when thousands of letters arrived in the mail to his senate office complaining about unethical loan terms that set so many up in his own state to fail and lose their homes?

The fact of the matter is that many borrowers in Arizona were duped by scam teaser loan rates that were very low, only to find these rates soon raised to a payment level which they could not afford, especially as the job market softened up in Arizona and unemployment worsened. But where was John McCain during all of this?

John McCain is way too typical of way too many long time Washington politicians who have been in office way too long that have grown far out of touch with their own voters. When John McCain only narrowly won his home state over Barack Obama by the relatively tight 54 to 45% margin in 2008, a margin closer than Bush's 2004 win over John Kerry in the state, it should have been a political wake-up call to McCain that there is something seriously wrong in his own home state and his position among his own voters is deteriorating about as fast as their own lives are.

This one time military hero might even now be considered AWOL by many his own voters. When the financial crisis began to ruin many of the voters in Arizona. McCain just couldn't be found.

Earlier this week, President Obama made a speech in McCain's own Arizona setting up a framework to address this serious home foreclosure crisis because this situation is the most serious in this state than any in the nation. But it was John McCain who was supposed to look out for the best interests of his own voters, but did not. McCain also didn't look for the best interests of his own voters when was a leading figure in the Lincoln Savings & Loan Scandal either.

McCain has been very busy sending out re-election campaign Emails this past week as he kicked off his 2010 senate re-election campaign. But McCain has really forgotten one important factor. He stopped listening to his voters a long time ago, and has only coasted to re-election based on his past war hero image. Maybe that's why even McCain expects his 2010 re-election to be one of the toughest campaigns that he has ever faced.


At 2:20 PM, Blogger Taylor said...

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-Taylor H.

At 8:51 PM, Blogger marvin said...

Loan Modification This is a process whereby a homeowner's mortgage is modified and both lender & homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, forgiveness of payment defaults & Fees, or any combination of these.


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