Press Release of U.S. Senator Barbara Boxer
|For Immediate Release: |
October 9, 2008
Washington D.C. Office (202) 224-3553
Barbara Boxer's Statement on McCain Mortgage Payment Plan
Washington, DC – U.S. Senator Barbara Boxer (D-CA) made the following statement today in response to John McCain’s mortgage bailout proposal:
“In March of this year, John McCain said, ‘it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.’ Now, he has changed his position and is proposing a reckless bailout plan that rewards lenders and borrowers at the expense of taxpayers.
“We all want to help keep families in their homes, and Congress passed legislation to help do that this summer. But the legislation we passed made sure no one got a free ride: it forced lenders to take a loss on bad mortgages and it ensured that the government would share in any profits if home prices appreciate. McCain’s plan to pay full price for those mortgages sticks American taxpayers with a huge tab and bails out the very companies that got us into this mess. It’s the worst of both worlds and it just doesn’t make any sense.”