McCain’s Housing Plan: People Get Overpriced Homes For Free?


Diana Olick
CNBC
October 9, 2008

  • A d v e r t i s e m e n t

So a few weeks ago I half-jokingly suggested that a good way to get rid of all the excess inventory of new construction would be for the government to buy up all those new homes and give them to all the folks who lost their homes to foreclosure.

It sort of seems like John McCain is thinking along the same lines, only without the new construction.

Senator McCain announced a plan last night for the Treasury to directly purchase home loans from borrowers and servicers at full price and then give the borrowers cheaper fixed-rate FHA backed loans at lower principal values; in other words, give people their overpriced homes for free.

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