McCain Economists Bewildered by His Mortgage Proposal
“Many of the professional economists who formally endorsed John McCain’s economic plan are expressing bewilderment with his most recent proposal to rectify the home mortgage crisis.
In interviews with the Huffington Post, roughly a dozen of McCain’s economist supporters said they disagreed with the Senator’s recent proposal — for the government to buy distressed mortgages at face value from banks and renegotiate them with homeowners. Several viewed it as a gimmick, driven mostly by political circumstance. Only one pro-McCain economist spoke up in favor of the plan.
“This is just political gamesmanship,” said Robert H. Heidt, a professor at the Indiana University School of Law. “The bill is wildly over-ambitious in trying to rescue home buyers from the downturn in real estate appreciation. It’s costs would never end. I will end up voting for McCain but this is ridiculous.”"
Sam Stein and Seth Colter Walls at Huffington Post
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