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McCain Supports Mortgage Investors

Concerned over government's tinkering with mortgage contracts

January 9, 2008

By SAM GARCIA


Sen. John McCain, fresh off his New Hampshire victory, is concerned about a number of issues in mortgage banking.

The Republican, who is in the midst of a campaign to be his party's candidate for president, recently expressed his concern with providing government aid to real estate speculators and predatory lenders.

"But I'm also worried about the investor class," he said in a video interview with the Wall Street Journal last month. "If government changes terms of a contract, then what is going to be their motivation in the future to be involved in that kind of investment."

The Arizona congressman also suggested government intervention in mortgage contract terms would negatively impact credit availability.

"What is going to be the availability of capital to be lent to lower income Americans," he continued. When "Congress acts, there's always intended consequences and the unintended consequences."

McCain, who was defeated by former Arkansas Gov. Mike Huckabee in the Iowa caucuses, won the Republican primary in New Hampshire yesterday.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]



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