During the second presidential debate, Sen. John McCain (R-AZ) unveiled a mortgage plan that would “reward predatory mortgage lenders” by not forcing them to accept the loss on depreciated mortgages. But the plan wasn’t always designed to aid lenders. As the Politico reported, the initial version of the plan — posted by the McCain campaign Tuesday night — included a provision that lenders “must recognize the loss that they’ve already suffered.” However, “when McCain reissued the document on Wednesday, that sentence was missing.” The campaign said that the inclusion of the provision forcing the banks to accept losses was “a simple mistake“:
That language was mistakenly included in the initial draft and it’s been corrected. It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.
McCain has accepted over $1.5 million from the mortgage industry in 2008 alone. At least 21 top McCain aides and fundraisers have lobbied for such companies, including finance chairman Wayne Berman and senior adviser Charlie Black. The Wonk Room has more.
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