McCain on the Housing “Crisis”
Senator John McCain made a campaign stop in Santa Ana California today where he fielded a few questions about the economy.
McCain took the side of many conservatives by stating that it wasn’t the governments responsibility to rescue individuals and businesses who make irresponsible decisions.
McCain said he was “committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.” – LA Times
Instead, McCain offered an alternative by asking the mortgage companies to step up and take some responsibility for bailing out the economy.
McCain called for a meeting of the nation’s accounting professionals and a separate meeting of the nation’s top mortgage lenders. He called on the mortgage lenders to “pledge to do everything possible to keep families in their homes and businesses growing,” citing the example of General Motors Corp. — which offered no-interest financing to its customers after Sept. 11, 2001.
“We need a similar response by the mortgage lenders,” McCain said. “They’ve been asking the government to help them out. I’m now calling upon them to help their customers, and their nation. It’s time to help American families.”
This would be a preferable solution rather than burden people who do not have homes with the bad decisions of those who purchased homes on loans peddled that were a bit shady to begin with.
I purchased a home just before the collapse. And I can tell you, there is no way that the average American could have afforded the prices that the homes were going for without getting some sort of exotic loan. These loans are the ones that have caused the problem with the economy.
Why should those who don’t have a problem with their loan or those who are renting bear the burden of those who made a bad and very risky decision to go with these exotic loans.