$300 Billion McCain Mortgage Plan
From CNN (http://www.cnn.com/2008/POLITICS/10/10/mccain.mortgages/index.html?eref=rss_topstories)
Under the [McCain] plan, the government would buy up bad mortgage loans, converting them into low-interest, FHA-insured loans. To qualify, homeowners would have to be delinquent in their payments or be likely to fall behind in the near future.
“The original plan relied on lenders taking the hit,” Holtz-Eakin said on the conference call. “This bypasses that step.”
Instead, the estimated $300 billion tab essentially gets transferred to taxpayers, among the funding already provided by the bailout bill — a proposal that may rile not only fiscal conservatives, but also struggling homeowners who have worked to keep up their mortgage payments.
“The guy who works two jobs and struggles to actually pay his mortgage is penalized. He would be better off under this plan to just quit paying his mortgage,” Lewis said. “And this fundamentally goes against a lot of conservative principles and individual responsibility.”
At least Bush waited until after being elected to start screwing us.
unbelievable.
The seeds of destruction are planted. Both the homeowner who pays and the one who doesn’t will be swept away by runaway inflation…