Today Senator John McCain introduced his position on the home foreclosure crisis. The senator announced that he would like to provide more federal support to worthy borrowers who are just struggling to pay their mortgages. His plan would offer these individuals with a trade of lower more affordable loan than the mortgage payments they cannot currently afford.
To qualify for McCain’s HOME Plan, a borrower’s home would have to be a primary residence. In addition, the government would verify that the owner told the truth about his financial situation when he applied for the original mortgage and was able to make a down payment when getting his original loan, according to a campaign adviser.
McCain’s plan would not just simply bail out individuals who got caught up in the “frenzy” as he believes that they should not be given support and be able to dodge the consequences of their own bad judgement. I agree with his standpoint, people should be responsible for their own actions and should only be helped if they fit his proposed criteria. With the slouching market, worthy borrowers should be backed by the government with intentions of potentially stimulating the economy.
