Looks like John McCain agrees with me:
"Lenders ended up violating the basic rule of banking: Don't lend people money who can't pay it back," the presumptive Republican presidential nominee is expected to say in a speech in Santa Ana, California, according to his prepared text.
While the Democratic presidential candidates have both proposed specific plans to address the mortgage crisis, Tuesday's speech will be McCain's most extensive comments on the subject to date.
The economic slowdown caused by the credit crunch has become a top concern for voters. Consumer confidence in March dropped to its lowest level in five years, according to The Conference Board.
Vowing not to "play election year politics," McCain will call for more transparency in lending and higher capital reserves for lenders.
McCain also will call for homeowners to provide "responsible" down payments for homes, saying government-backed companies, like Fannie Mae, should never back loans when the borrower "clearly does not have skin in the game."
The Arizona Republican will also say he will oppose any government bailout of "those who act irresponsibly, whether they are big banks or small borrowers."
"Any assistance must be temporary and must not reward people who were
irresponsible at the expense of those who weren't," McCain is expected to say.
Couldn't have said it better myself.
Travis
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