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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: Homestead <homestead AT lists.ibiblio.org>
  • Subject: [Homestead] Backsliding
  • Date: Thu, 10 Apr 2008 15:19:30 -0500

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.



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