McCain To Take Bold Non-Action on Economy

McCain laid out his bold, bold plan to deal with the mortgage crisis and the economy yesterday:

SANTA ANA -- - Sen. John McCain addressed the mortgage foreclosure crisis and the weakening economy in a speech in Santa Ana today but offered no major prescriptions for quelling turbulence -- instead calling for two panels to look at the problems.

Wow! No major prescriptions! Convening two panels! Can the electorate bear such vigorous and inspirational leadership? Such decisive, hard-nosed specifics issuing from the bowels of a proposed third Bush term?

Of course, for more than four years, McCain has had an opportunity as a senator to address the shaky underpinnings of the loan industry's effect on the economy and has refused to do so. Via Think Progress's new Wonk Room, check out the facts and weep:

– McCain voted against discouraging predatory lending practices. In 2005, McCain voted against an amendment prohibiting law-breaking high-cost predatory mortgage lenders from collecting funds from homeowners who are forced into bankruptcy court. [S. 256, 3/03/05]

– McCain failed to vote on bill to overhaul mortgage lending practices of FHA.In 2007, McCain failed to vote on passage of a bill that would overhaul the mortgage lending practices of the Federal Housing Administration (FHA). The bill would reduce the required minimum down payment for an FHA-insured loan and simplify its calculation, requiring a flat 1.5 percent of the appraised value of the home. [S. 2338, 12/14/07]

– McCain failed to sign on to the Predatory Lending Consumer Protection Act. In 2003, McCain failed to add his name to this legislation, which was intended to "protect consumers against predatory practices." The bill, which was endorsed by a host of civil rights and housing advocates, including the U.S. Conference of Mayors, ACORN, and the Consumer Federation of America. [S. 1928, 11/21/03]

– McCain failed to sign on to Truth in Lending Act. Less than four months ago, McCain failed to sign on to this bipartisan initiative providing protection to consumers taking out home mortgage loans. Among other measures, it was designed to "establish new lending standards to ensure that loans are affordable and fair." McCain also refused to co-sponsor this legislation in the 107th Congress as well. [S. 2452, 12/12/2007]

Obama campaign spokesman Bill Burton was singularly unimpressed with McCain's "solutions":

It's deeply troubling that John McCain is suggesting that the best way to address the housing crisis is to sit back and watch it happen – which is just further evidence that he would continue President Bush's failed economic policies.  Barack Obama believes that the job of a president is to lead—and that's why he'll work to help struggling homeowners and lenders rework existing subprime loans into affordable long-term fixed loans, create a foreclosure prevention fund to help keep Americans in their homes, close the bankruptcy loophole for mortgage companies, provide a tax credit for the interest on new mortgages, fight mortgage fraud at every level, and require that borrowers have access to accurate information about their mortgage options.

And lest we forget ... McCain has a long and sordid history of worrying more about the financial welfare of the savings and loan institutions at the expense of the depositors. Democrats should school themselves to remind the public of this every time McCain, the economy, regulation and the mortgage crisis is brought up in the months ahead.