Did my ears just malfunction?
Did John McCain say minutes ago that part of the solution should be for the Fed to buy my mortgage, then "renegotiate" the mortgage based on the newer, lower property value?
Riddle me this, Batman:
John Q. Public has a mortgage on a property at $250,000. His new property value since the decline is appraised at $150,000. Is John McCain saying that the Fed should buy the $250,000 mortgage, let Uncle Sam (Errr... me & you) swallow $100,000 and sign a new mortgage for $150,000? That's sure what it sounded like.
What do you have to do to qualify, miss a couple payments?
No wonder Obama didn't have a response to that new tack. He's kicking himself for not thinking of it first.
Has anyone an earthly clue how much that would cost the government (err... me & you) to do? You don't want to know, because you, your children, your grandchildren and your great grandchildren can't pay for it.