McCain’s Mortgage Plan Ripped

October 10, 2008 at 11:55 am Leave a comment

john-mccain-3.jpgA domestic policy expert says John McCain’s new homeownership plan
perpetuates the dangerous cycle of Americans spending money they don’t
have.


Senator McCain has announced his desire to use $300 billion of the
massive Wall Street bailout package to buy up bad home mortgages.
Former Indiana Senator Dan Coats, a spokesman for the McCain campaign,
says the so-called “American Homeownership Resurgence Plan” is a “bold
and sensible” move by McCain.
 
“This only goes to people who live in their houses; and number two,
[who] in good faith, full disclosure, proved their creditworthiness at
the time the mortgage loan was made,” Coats contends.
 
But Michael Tanner, a senior fellow at the Cato Institute in Washington, believes McCain’s mortgage plan is a bad idea on several levels.
 
“We don’t have extra money. Any of this money we spend now is simply
more debt we are piling on the backs of our kids and our grandkids,”
Tanner explains. “Second, it simply locks in the notion that every
American is entitled to a house whether or not they can afford one.
What we have here is, in many cases, people who spent beyond their
means and now the federal government’s going to come in and bail them
out.”
 
In order to solidify the housing market, Tanner believes home prices
need to drop down to a level that is affordable for prospective
first-time home buyers. According to Tanner, artificially raising those
prices will simply lock younger people out of the housing market while
spreading the notion that it is the federal government’s job to ensure
that all current homeowners keep their housing prices up.

Source: OneNewsNow

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Entry filed under: National. Tags: , , , .

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