Senator McCain’s debate promise to buy up bad mortgages and resell them to homeowners at their devalued rates was indeed not a passing senior moment. He’s doubled down on the debt, I mean, bet, having posted on his website his new “Homeowner Resurgence Plan.”
Someone ought to tell Mr. McCain that the word “surge” does not, in fact, possess magical cure-all qualities.
His big plan boils down to this: The government would buy bad mortgages from lenders at the original value of the mortgage, and then sell those mortgages back to the owner living in the home at the current, devalued rate (however they determine that). So, the predatory lenders get off scot-free and off the hook. The owner of the home (so long as he or she lives in the home and proves credit-worthiness at the time of the purchase) gets a mortgage he/she can presumably handle. And who is left holding the bag? The rest of us taxpayers, who are trying to make our mortgage payments without a bailout.
How does McCain justify this genius way of spending taxpayer dollars to pay off irresponsible lenders? His website says it would “improve the use of taxpayer money by reducing the need to spend taxpayer money to purchase toxic assets from Wall Street.”
So, now McCain is fine with spending our taxpayer dollars, as long as he throws them down a hole and we never get them back. That $700 billion bank bailout in which we *might* possibly one day get our money back once the market ever recovers is suddenly sounding a whole lot better now, isn’t it?
