The Government Is Going To Pay Our Mortgages?

Jonathan Garthwaite

10/7/2008 11:18:00 PM - Jonathan Garthwaite
I suspect a lot of conservatives would like to know more about what this means.

McCain: We've got to have a package of reforms, and it's got to lead to reform, prosperity and peace in the world. And I think that this problem has become so severe, as you know, that we're going to have to do something about home values. You know that home values of retirees continues to, to decline. And people are no longer able to afford their mortgage payments.

As president of the United States, Allen, 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 make those -- be able to make those payments and stay in their homes.

Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy.

In addition to the bailout?