Pardon me, but this isn’t a new plan — it is the heart of both the $700 billion ‘bailout plan’ (where the money is to be used to by troubled assets, i.e. bad mortgage loans and obligations collaterlized by the mortgage loans) and the housing legislation passed several weeks earlier, allowing for certain types of FHA refinancings.
The McCain statement is of concern on at least one of two levels:
Either, it is redundant, because the authority already exists, and is therefore purposely deceptive,
Or, because it is redundant, it shows that McCain has no conception of what the $700 billion plan entails.
Which do you think it is?