Upon gaining the presidency, Senator McCain would make the federal government spend part of its bailout money on bad home mortgages, allowing homeowners to stay put and make payments that reflect their homes' lessened values.
"Under the plan, the government would buy failing mortgages from homeowners and provide new fixed-rate mortgages. As a policy matter, the plan would likely have greater support among Democrats than Republicans. Economists with the liberal Center for American Progress have been pushing a similar idea for some time.
[McCain economic adviser Douglas] Holtz-Eakin said the plan would help stabilize the plunging values of mortgage-backed securities that have been at the heart of the crisis in the financial markets.
'Sen. McCain believes this is exactly the right kind of policy,' Holtz-Eakin said. 'Provide direct help to homeowners; at the same time, support the financial markets and keep them from further damaging the availability of credit to Main Street America, one of the - the real threats to the economy at this point in time.
The Treasury's current plans for the money, however, could be well under way by the time a new administration is sworn in next year, leaving fewer options for a new administration.'"
FULL STORY: McCain plan would buy bad homeowner mortgages
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
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Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
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Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
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