McCain's idea to have the EERA of 2008 use some of its funds, $300 Billion USD, to help bail out actual mortgagors by reducing the amount of their mortgage from what they signed for in a legal contract to the actual value that their real estate is worth now (whatever that may be - talk to a real estate broker to figure that one).
Now what is the LOUC on this very stupid idea?
Well, if your neighbor is going to get his/her mortgage reduced because they are behind in their payments, but you are not, then what are you going to do? Right! You are going to stop paying your mortgage so that you can become eligible to get the same mortgage reduction that your neighbor is getting.
Wonderful! The LOUC is going to really exacerbate the credit crisis by increasing the number of mortgagors that begin to default on their properties. What a republican idea, eh?
Now you know why McCain is dead meat. For Gov. Palin: be glad you keep your day job. You will need it.
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