|
|
"A comprehensive, collaborative elections resource."
|
McCain's bold new mortgage plan isn't new
|
|---|
| Parent(s) |
Candidate
|
| Contributor | RP |
| Last Edited | RP Oct 08, 2008 12:14am |
| Logged |
3
[Older]
|
| Category | Commentary |
| News Date | Wednesday, October 8, 2008 05:00:00 AM UTC0:0 |
| Description | John McCain proposed a bold new idea to save America from the worst financial crisis in 70 years: Have the federal government buy bad mortgages and modify them to keep people in their homes.
Except his idea isn't so new; it's part of the $700 billion bailout package approved by the Senate and signed by the president last week.
It was all over the news. Right in between the stories about the Dow crashing 1,700 points and the campaign ads about Sen. Barack Obama's terrorist pals.
When his turn came, McCain said he'd protect home values by ordering the Treasury secretary to "immediately buy up the bad home loan mortgages in America" and renegotiate the terms so people could stay in their homes.
"I know how to do that, my friends," McCain said. "And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal."
The problem, of course, is that it is President Bush's proposal. At least, it's Treasury Secretary Henry Paulson's proposal. It's the heart of the $700 billion plan.
After McCain suspended his campaign two weeks ago and rushed back to Washington to knock some heads together to get a rescue plan approved, he sheepishly admitted that he hadn't actually read the three-page Paulson plan all the way through. And even though he voted for it, it sounds like he still hasn't read it. |
| Share |
|
|
2¢
|
|
| Article | Read Full Article |
|
| Date |
Category |
Headline |
Article |
Contributor |
|
|
