McCain's bold new mortgage plan isn't new

[cal04]

Commentary: Sounds like he still hasn't read the Paulson plan

http://www.marketwatch.com/news/story/marketwatch-first-take-mccains-bold/story.aspx?guid=%7B6233F720%2DADBD%2D49CC%2DAFD0%2D52407D80822D%7D&dist=hplatest

John McCain proposed a bold new idea to save America from the worst financial crisis in 70 years: Have the federal government buy bad mortgages and modify them to keep people in their homes.

Except his idea isn't so new; it's part of the $700 billion bailout package approved by the Senate and signed by the president last week.

It was all over the news. Right in between the stories about the Dow crashing 1,700 points and the campaign ads about Sen. Barack Obama's terrorist pals.

(snip)
When his turn came, McCain said he'd protect home values by ordering the Treasury secretary to "immediately buy up the bad home loan mortgages in America" and renegotiate the terms so people could stay in their homes.

"I know how to do that, my friends," McCain said. "And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal."

The problem, of course, is that it is President Bush's proposal. At least, it's Treasury Secretary Henry Paulson's proposal. It's the heart of the $700 billion plan.

[nadinbrzezinski]

1. You mean the one I kept telling people was in the Bill but was ignored?

Oh yes, that one!

That said, I could tell you what it needs to happen to HOPE to really work... well

[The Wielding Truth]

2. Perfect, I thought so!