See my post #74 - it's not McCains proposal, but rather "it's Treasury Secretary Henry Paulson's proposal. It's the heart of the $700 billion plan.The odd thing about the plan to buy up mortgages from home owners is that the bailout has or soon will also buy them.
According to Section 110 of the law, the government is going to buy up "troubled assets," including residential mortgages, and then do everything it can to "minimize foreclosures" by modifying the terms of the loans by reducing interest rates, reducing the principal or "other similar modifications."
In any event, McCain said that when he is president he would order the Treasury . . .
But McCain wouldn't be president until Jan 20. He would want to wait that long (104 days from today)? However, by that time, the troubled mortgages would hopefully be identified and the money would have started flowing, i.e. the money will be dispositioned before the next president takes office.
Ideally, Ben Bernanke, Henry Paulson and Neel Kashkari will have made a concerted effort toward the stabilization and recovery.
Kashkari Summary Biography - http://www.treas.gov/organization/bios/kashkari-e.html [Broken]
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