Story Published:
Oct 12, 2008 at 6:26 PM CDT
Story Updated:
Oct 13, 2008 at 12:15 AM CDT
John McCain spoke to KY3 News in a statewide exclusive interview about how his plan to buy out failed mortgages would boost the economy. He said the home mortgage crisis was the catalyst to a current problem and wants $300 billion of the $750 billion bailout plan to be directed toward bad mortgages.
"We are taking care of the major institutions," McCain said in the one-on-one satellite interview, "some of whom were co-conspirators in this collapse of our economy."
" Why don't we take care of the homeowners, and that means buying their mortgages, giving them a new mortgage at the new value of their home and payments that they can afford?"
Earlier, Congressman Roy Blunt expressed skepticism about McCain's mortgage plan. He says lenders should take a loss and wants McCain's plan to include taxpayer protections.
