Friday, April 11, 2008

McCain Flips His Housing Stance

March 26, 2008: McCain warns against hasty mortgage bailout

April 11, 2008: McCain reverses himself on mortgage position

These two headlines from the International Herald Tribune tell most of the story. The rest of the story is that McCain's mortgage bailout plan is all smoke and mirrors. His plan is limited to those he calls "deserving homeowners"; almost all of whom are already covered by the existing federal program:

So to be clear, McCain thinks that millions of Americans are going to lose their homes, and all but a few hundred thousand are just getting what they deserve. Specifically, he's prepared to step forward and help only those who:

-Took out a subprime loan after 2005

-Can prove they were "creditworthy" at the time

-Are unable to pay that subprime loan

-But could pay a 30-year fixed rate loan

Of course, pretty much all those folks already qualify for assistance under the existing FHASecure program.

So it's like a double backflip with extra difficulty. McCain is maneuvering by changing his position entirely on the surface -- without changing his position at all, in reality.

That's John McCain McSame McBush, who'd also be happy to see American troops in Iraq for the next 100 years. Your Republican party candidate to replace the Master of Disaster, George W. Clusterfuck, the man McCain has supported wholeheartedly for the past 8 years.

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