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[Gene GeRue <genegerue AT ruralize.com>]

It didn't take McCain long to backslide from his assertion that he is  
against borrower bailouts:

April 10th, 2008
McCain takes on economy: Mortgages, jobs, gas
Posted: 01:09 PM ET
NEW YORK (CNNMoney.com) — Sen. John McCain on Thursday offered his  
most detailed ideas to date for easing the strains of the economic  
downturn and the mortgage crisis.

In a speech to a small-business roundtable in Brooklyn, the  
presumptive Republican presidential nominee touched on jobs, gas  
prices and the need to make loans more affordable for homeowners.

McCain introduced what he is calling his “HOME Plan,” which blends  
elements of mortgage rescue proposals by the Bush administration, the  
Office of Thrift Supervision, House Financial Services Chairman Barney  
Frank, D-Massachusetts, and Senate Banking Chairman Chris Dodd, D- 
Connecticut.

“It offers every deserving American family or homeowner the  
opportunity to trade a burdensome mortgage for a manageable loan that  
reflects the market value of their home,” McCain said.