McCain to Sub-Prime Mortgage Victims: “You’re on your own!”
Assuming that Hillary doesn't manage to pull out some kind of sleazy last-minute victory, Barack Obama will face John McCain in the general election. If your family is one of the millions in danger of losing a home because of the sub-prime mortgage crisis, you need to know about a crucial distinction between the two candidates.
McCain again yesterday called for another round of meetings to ask lenders for "voluntary" pledges to try and resolve the crisis. This has been Bush's tactic all along - and we all know it won't work. But McCain states that stronger measures involving federal intervention would "wrongly reward undeserving homeowners." This should tell you all you need to know both about McCain's interest in the economic well being of our communities, as well as his general ignorance about how devastating the mortgage crisis continues to be for our country.
Barack Obama, on the other hand, has for over a year been calling for a re-write of the bankruptcy law that would allow bankruptcy judges to modify mortgage terms so that people can avoid foreclosure and survive the most serious economic crisis since the great depression.
McCain's answer is cynical, cold and more of the same. Obama's is sensible, solid and workable.
Pay attention, folks!