My Way News - McCain would buy bad homeowner mortgages: "WASHINGTON (AP) - Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.
McCain said: 'Until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy and we've got to get some trust and confidence back to America.'"
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This might actually work. The problem is it comes on top of the bailout of institutions. Maybe McCain should have said no to the bailout bill and proposed this instead. Why not bail out the consumers and stabilize the value of the underlying asset? This was suggested by others early on.
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