McCain Swerves, Says Feds Should Guarantee Mortgages

GOP candidate had previously said government can't 'bail out' borrowers
By Jonas Oransky,  Newser Staff
Posted Apr 10, 2008 5:10 PM CDT
Republican presidential candidate, Sen. John McCain, R-Ariz., orders a slice of pizza at Verrazano Pizzaria after campaigning in Brooklyn.   (AP Photo/Mary Altaffer)
camera-icon View 2 more images

(Newser) – John McCain reversed his laissez-faire policy on the mortgage crisis today, saying government should indeed help subprime mortgage holders get guaranteed 30-year mortgages. “There is nothing more important than keeping alive the American dream to own your home,” the Republican said. McCain was criticized for his earlier stance that neither banks nor borrowers should be rewarded for acting irresponsibly.

But the Democratic candidates weren’t having any of their opponent’s new attitude, either, the New York Times reports. Hillary Clinton said McCain “is apparently of two minds and neither seems to know how to steward the economy effectively.” Quipped Barack Obama, “Better late than never. But don’t expect any real answers.”