Sen. McCain has come up with a bizarre new plan to solve the mortgage crisis. He wants the government to buy distressed home loans at their face value then pay the difference between a mortgage’s original value and its renegotiated, lower value. In the debate Tuesday night, he said he would have the government renegotiate the PRINCIPAL on homeowner’s mortgages. Wow. Just WOW. Oddly, Sen. Obama has opposed the new plan. After supporting the $850,000,000,000 bailout/pork plan, it’s hard to understand exactly what principle he is standing on in that opposition, other than McCain = bad.
Right now, a record number of people owe more on their house than what it is worth. But, for most people, that problem exists only on paper. A person not selling their house is unaffected. Their payments will remain the same regardless of what direction their home value moves. The upside of that proposition is what many were relying on when they purchased more house than they should have. Now Sen. McCain wants everyone else to help pay off those individual mortgages? No. Life is a risky proposition. It is not government’s role to force you to protect me from my own gambling losses.
Once again, we see that Sen. McCain is no conservative.
