Perma-guest-co-blogger Will Collier emails, “I’m guessing that actually voting for McCain would require me to not just hold my nose, but actually have my nostrils stitched shut.” But then he links to this piece from NRO’s Campaign Spot, quoting McCain:
A sustained period of rising home prices made many home lenders complacent, giving them a false sense of security and causing them to lower their lending standards. They stopped asking basic questions of their borrowers like “can you afford this home? Can you put a reasonable amount of money down?” Lenders ended up violating the basic rule of banking: don’t lend people money who can’t pay it back. Some Americans bought homes they couldn’t afford, betting that rising prices would make it easier to refinance later at more affordable rates. There are 80 million family homes in America and those homeowners are now facing the reality that the bubble has burst and prices go down as well as up.
It’s nice, for once, to hear some genuine “straight talk” out of McCain.