Homeowners in crisis need relief now

My Friends,

Millions of Americans on Main Street are feeling the effects of our
current economic crisis largely brought on by corruption and greed at
Fannie Mae, Freddie Mac and Wall Street. Our next president must come
into office with a plan to address the very root the failing housing
market.

Last night, during my debate with Senator Obama, I announced my plan
to fix the root of our problem and I'd like to share a little more
with you today.

If elected president, I will direct my Treasury Secretary to implement
an American Homeownership Resurgence Plan to keep families in their
homes, avoid foreclosures, save failing neighborhoods, stabilize the
housing market and attack the roots of our financial crisis.

America's families are bearing a heavy burden from falling housing
prices, mortgage delinquencies, foreclosures, and a weak economy. It
is important that those families who have worked hard enough to
finance homeownership not have that dream crushed under the weight of
the wrong mortgage.

For those that cannot make inflated payments or their mortgage exceeds
the value of their home, mortgages must be re-structured to put losses
on the books and put homeowners in manageable mortgages.

This Resurgence Plan would purchase mortgages directly from homeowners
and mortgage servicers, and replace them with manageable, fixed-rate
mortgages that will keep families in their homes.

By purchasing the existing, failing mortgages the resurgence plan will
eliminate uncertainty over defaults, support the value of
mortgage-backed derivatives and alleviate risks that are freezing
financial markets.

I am ready to lead our country out of this financial crisis and I am
ready to work with anyone and everyone who will help. Together, I know
we can work together to find solutions for these challenging times.
Please do your part today and spread the word about my new plan by
forwarding this email on to your neighbors, friends, family and
coworkers. Thank you for your time and support.

Sincerely,

John McCain

P.S. Homeownership represents the very core of our American economic
system. This is not the time for politics. We must move aggressively
to provide relief and stability for all Americans.