Daily Real Estate News | March 26, 2008McCain Takes Hard Line on Housing Help
Republican presidential candidate John McCain on Tuesday criticized government intervention that bails out banks and borrowers who made poor decisions.
"I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers," McCain said. "Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy."
He said any government assistance to alleviate the housing crisis must be temporary and should be accompanied by reforms that aim to make the system more transparent and accountable to prevent a repeat of the crisis. He said no assistance should be given to speculators, or people who bought houses to rent or as second homes.
Source: The Associated Press, Liz Sidoti (03/25/2008)