McCain Press Conference Call: To Discuss McCain’s Remarks On The Housing Crisis
March 25, 2008 | Permalink
[McCain Campaign Press Release/Conference Call from March 25, 2008]
MEDIA ADVISORY
Conference Call On John McCain’s Remarks On Housing CrisisARLINGTON, VA — U.S. Senator John McCain’s presidential campaign will today hold a press conference call with senior policy advisor Doug Holtz-Eakin and RNC Victory 2008 Chair Carly Fiorina to discuss John McCain’s remarks on the housing crisis today in California.
Tuesday, March 25, 2008
PRESS CONFERENCE CALLWHO: Doug Holtz-Eakin, Senior Policy Advisor, John McCain 2008
Carly Fiorina, RNC Victory 2008 Chair and former Hewlett-Packard CEOWHAT: Press Conference Call
WHEN: Tuesday, March 25, 2008 at 2:30 p.m. EST
[AUDIO]
Firstly, I’d like to say that I think that Senator John McCain is a great patriot. After all, freedom isn’t “free”. America owes so much to him and all of our military servicemen, past and present.
However, I am disappointed in his remarks regarding the housing crisis. My heart goes out to the millions of Americans that are losing their homes to foreclosure. Most are not solely responsible for their dilemma. If they are guilty of anything, they are guilty of wanting to share in the promise of homeownership, central to our concept of that illusive “American Dream”. Were they imprudent when many who were not qualified for a prime mortgage loan tried to actualize that “dream” with a subprime mortgage loan? Perhaps.
But, what of government oversight? Why aren’t mortgage companies regulated? All other major lending institutions are centrally regulated, the banks by FDIC, the savings and loan companies by FSLIC. I maintain in this capitalistic society of ours that as long as money flows freely, there is the willingness to look the other way. Now that the inevitable has occurred, it is, of course, the fault of the imprudent consumer.
The origination of subprime mortgage loans requires the coalescence of several entities. What of the lender who charges the “eager” borrower inflated and oftentimes variable interest rates and twice the accepted industry standard in closing costs? What of the appraiser who knowingly inflates the property’s value to further increase profit margins? What of the secondary money markets that buy these “high risk” but very lucrative loans and incorporate them into legitimate and prestigious portfolios? Did anyone say Bear Stearns?
Am I shocked by Senator McCain’s lack of sensitivity? Well, suffice it to say, he may make a great president for the very affluent, but for the majority of Americans, I am more than a little concerned.
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