Douglas Holtz-Eakin on John McCain
"Race to the White House" 6:47pm
Interview
TRANSCRIPT:
DOUGLAS HOLTZ-EAKIN: We think that the right thing to do is to number one, take a crack at putting some of the resources that congress has already devoted to this task, basically almost $1 trillion at this point, and put that money straight into homeownership. Make sure people stay in their homes. And by solidifying the value of some of these mortgages that's would otherwise go into default, you solidify the evaluation of the MBSs, and that has been a huge cancer on the balance sheets.
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HOLTZ-EAKIN: [] a homeowner could raise their hand, basically go to a mortgage originator or broker, and say, look, I need a refinance out of this McCain resurgence plan. the government would go in and buy out the existing mortgage that takes that problem off the table entirely. Its value is no longer a mystery. Its weight no longer bearing down on the homeowner. []
DYLAN RATIGAN: You realize that's $1 trillion. We dont know [] how much that problem will cost American taxpayers [].
HOLTZ-EAKIN: We know that we've already devoted resources at the federal level. We think that those resources ought to go to American home owners and solve the financial stability problems that are clearly evident. The Fed,I think, did a remarkable job last night. And senator McCain applauded their move. But, these are all reactionary steps. We need to get ahead of this. This problem began in the housing finance
LABEL: DH JM MSNBC 10-08-08 18.47 (LR#101) UG
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