Schwarzenegger backs McCain-like mortgage bailout
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News item: California Gov. Arnold Schwarzenegger today urged Congress to consider buying troubled mortgages, a homeowner bailout similar to the one proposed by Sen. John McCain.
From the A.P.:
A day after urging congressional leaders to consider a new jolt for the ailing economy, the Republican governor said Washington needs to ‘put money into the housing market.’ California has been devastated by the mortgage crisis, with thousands of foreclosures and median home prices falling sharply. ‘The key is to make people stay in their homes,’ the governor said during a panel discussion with investor Warren Buffett. ‘I think that this is the direction that the second economic stimulus package should go in.’ Money should be used to buy loans, he explained, after the value of homes has been adjusted to reflect lower market prices.
His proposal appeared to mirror John McCain’s prescription to ease America’s mortgage crisis...
Here’s a complete transcript of the governor’s remarks.
--Peter Viles
Photo Credit: A.P.