real_estate_fraud32262408_std.thumbnail.jpgIn the last debate, John McCain claimed to have a plan to help Americans keep their homes when they can’t pay their mortgages. Guess what? It sucks.

"As president of the United States, Alan, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes — at the diminished value of those homes and let people be able to make those — be able to make those payments and stay in their homes," McCain said.

The senator stressed that he came up with the plan on his own, with no help from anyone, "And it’s my proposal, it’s not Sen. Obama’s proposal, it’s not President Bush’s proposal."

It shows. McCain’s $300 billion plan would take crap mortgages off the hands of companies that now stand to lose their shirts because they leant money to folks who had no reasonable expectation of ever paying them back, unless the housing market magically kept rising forever. Who gets the money? The irresponsible lenders. Who gets the risk? You and me, fellow prisoners

Lindsay Beyerstein

Lindsay Beyerstein