Senator John McCain, who drew criticism last month after he warned against broad government action to solve the deepening mortgage crisis, pivoted Thursday and called for the government to help qualified homeowners with subprime mortgages refinance and get federally guaranteed 30-year mortgages.
“There is nothing more important than keeping alive the American dream to own your home, and priority number one is to keep well-meaning, deserving home owners who are facing foreclosure in their homes,” Mr. McCain said in Brooklyn, where he held a round-table discussion with small-business owners.
Mr. McCain, an Arizona Republican, said his plan would apply only to people who have subprime mortgages on their primary residences who could show that they would be able to meet the terms of a new, 30-year fixed-rate mortgage. He also called for the Department of Justice to investigate the lending industry.
So irresponsible people get bailed out on our dime again. Maybe we need to stop being responsible, then we could get bailed out to! FREE STUFF FROM THE GOVERNMENT (read taxpayers) FOR EVERYONE!
I knew it was too good to be true…
Hat tip: Michelle Malkin