After cautioning against any sweeping government housing-crisis bailout, Presidential-hopeful John McCain proposes a–well, how would you describe it?–a sweeping government housing-crisis bailout. McCain’s plan would cost taxpayers $3 to $10 billion and “would allow certain homeowners whose houses are worth less than their mortgages to apply for assistance.” In addition, “their lenders would agree to write off part of the loan. In return, the Federal Housing Administration would guarantee the new loan.” McCain estimates his plan will help 200,000 to 400,000 “deserving homeowners” whose adjustable rate mortgages are resetting at unaffordable levels.
Whatever happened to individual responsibility? After all, just a couple weeks ago Senator McCain said,
“I have always been 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.”
Alas, the man who said he “will not play election year politics with the housing crisis” is doing just that: giving in to political expediency. Disappointing, indeed.
MORE:
Michelle Malkin weighs in and has some commentary on the “subprime boondoggle” the Senate passed this afternoon.
Tags: Housing Bailout, McCain, Politics
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