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The Mortgage Proposal

The one thing McCain really did do tonight for himself is introduce the proposal he should be selling hard for the rest of the campaign — the plan, originally floated by Larry Lindsey, to reset rates of adjustable-rate mortgages at a lower housing valuation in order to keep people in their houses, prevent foreclosures, and help the housing market find its floor so that the securities pegged to them can be properly valued. Ordinarily this notion of interposing the government into already-signed private contracts would seem unthinkable, but we are in unthinkable territory, and the plan itself, conceived by conservative economists, has the advantage of being a core approach instead of an ancillary approach.

Now McCain has to sell it. If he can. At least it gives him something to talk about.



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