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Why the McCain Mortgage Refinancing Plan Won't Fly

By Adam Levitin

Last night John McCain presented a "new" plan to deal with the financial crisis. Unlike the bailout rescue bill, it is a bottom-up plan, not a top-down plan, meaning that it focuses on helping homeowners, not financial institutions. It's commendable that now in October 2008, over a year into this foreclosure crisis, John McCain has recognized that homeowners need some help and is proposing to do something for them. The trouble is that his proposal won't help. It's basically a repeat of th read more

Full post as published by Credit Slips on October 08, 2008 (boomark / email).