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McCain Flips a Mortgage (Plan)

April 11, 2008 10:09 AM

Weeks ago, after Sen. John McCain, R-Ariz, expressed his belief that the markets would work out the housing crisis and "it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers," he was applauded by conservatives (such as George F. Will) while liberals likened him to Old Man Potter from "It's a Wonderful Life" and Sen. Hillary Clinton, D-NY, likened him to Herbert Hoover.

Yesterday, McCain tried to morph from Potter to George Bailey, giving a speech in Bay Ridge, Brooklyn, in which he said he was "committed to using all the resources of this government and great nation to create opportunity and make sure that every deserving American has a good job and can achieve their American dream.”

The McCain campaign says the new plan would cost up to $10 billion, and would help up to 400,000 homeowners. The plan would not help real estate speculators or those who failed to "perform due diligence in assessing credit risks," McCain's website says. "Any assistance for borrowers should be focused solely on homeowners and any government assistance to the banking system should be based solely on preventing systemic risk."

Those eligible for government aid under McCain's new plan would have taken a sub-prime mortgage after 2005 for their primary residence, had creditworthiness at the time, and though they are delinquent in payments or arrears would be able to meet terms of a new 30-year fixed-rate mortgage.

The Times has more on the plan HERE and the Journal has more HERE.

Said Clinton, "Just two weeks ago, Senator McCain said he’d rather do nothing than something about the housing crisis... Today, it looks like he’s proposing a warmed-over, half-hearted version of the very plan he criticized."

And conservatives said amen. Agreed the National Review's Stephen Spruiell, "What can I say? When she's right, she's right."

- jpt

April 11, 2008 | Permalink | Share | User Comments (7)

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7 comments... NOBODY is interested in McCain.

And people actually think this mouse will win the GE?

Haha.

Posted by: gregory | Apr 11, 2008 5:18:57 PM

Thomas Jefferson
"Government that governs least, governs best."
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the public treasure. From that moment on the majority always votes for the candidates promising the most money from the public treasury, with the result that a democracy always collapses over loose fiscal policy followed by a dictatorship. The average age of the world's great civilizations has been two hundred years. These nations have progressed through the following sequence: from bondage to spiritual faith, from spiritual faith to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency from complacency to apathy, from apathy to dependency, from dependency back to bondage
*voting is not a right!!! If you are on well fare you should not be able to vote.I hope America will wake up and not let Obama or Clinton lead us into slavery of the GOVERNMENT!!!!

Posted by: oh_iobuckeyes | Apr 11, 2008 11:54:13 AM

First it was the tax breaks for the wealthy, now it's the mortgage crisis. Will McFlipper change his view on the war? Obama 2008!

Posted by: pt | Apr 11, 2008 11:14:40 AM

I see no difference, he is talking about giving Opportunity to people - uh Freedom and liberty

The libs talk about making people dependent on Government.

This is comical that everything McCain says is scrutinized to misinterpret, but Obama straight out hypocrisy is ignored.

Posted by: spock | Apr 11, 2008 10:51:39 AM

Just like the republicans half doing a job.If you purchased a home prior to 2005 and was credit worthy,and may have been a victim of predatory lending practices,your just out of luck.

Dems for the white house!

Posted by: merle7 | Apr 11, 2008 10:45:26 AM

McSame's realized that his original no plan was a DUD.

Well Mr. Straight-Talk's half hearted plan is still a DUD.

Posted by: maritza | Apr 11, 2008 10:43:41 AM

What a maverick. Straight-shooter. Definitely not a flip flopper, or someone who changes his position with the political winds, not John McCain.

I shouldn't hate. At least the press is covering the 'refinement'.

Posted by: Ed | Apr 11, 2008 10:30:49 AM

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