McCain Learning Curve: The Mortgage Crisis

The New York Times is reporting that GOP Presidential hopeful John McCain has done an about-face on the issue of Federal intervention in the mortgage crisis.

Senator John McCain, who drew criticism last month after he warned against broad government intervention to solve the deepening mortgage crisis, pivoted Thursday and called for the federal government to aid some homeowners in danger of losing their homes, by helping them to refinance and get federally guaranteed 30-year mortgages.

Mr. McCain, an Arizona Republican, had been painted as uncaring by Democrats, and drew murmurs of concern from some Republicans, after a speech in California last month in which he cautioned that "it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers," and noted that the crisis had been brought on by both lenders and borrowers.

Many will paint this as a flip-flop on McCain's part, but I welcome his change of heart, and congratulate Senator McCain on his continued effort to catch up with the rest of the class. Although his proposal falls well short of what the Democratic candidates are offering, it is a far cry from the Duncan Hines plan he outlined in California.

Who knows? Perhaps, if elected, McCain will have warmed up to the idea of The New Deal by the end of his first term.