McCain Mortgage Speech Santa Ana
March 25, 2008: During a speech in
Santa Ana,
California, candidate
John McCain strongly criticized government plans to bail out "irresponsible" banks and borrowers hurt by the
subprime mortgage crisis.
The speech came a few days after the Federal Reserve cut the interest rate and provided significant loans to help salvage Bear Stearns, and also provides a response to Democratic candidate Hillary Rodham Clinton, who has recently called for Congress to contribute $30 billion to particularly hard-hit states and communities.
McCain believes that if mortgage lenders want or expect government help, they must agree to help out individuals or families in danger of losing their homes, citing as an example a post-9-11 General Motors agreement to offer customers zero-interest financing.
Fast Facts:
- Speech was part of the Orange County Hispanic Small Business Roundtable
- Clinton compared McCain's position to Herbert Hoover's
Quotes:
- Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.
- I will not play election-year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.
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