McCain pitches housing slump fixes
"We are paying a price for violating one of the fundamental principles of economics: Don't lend money to people who can't pay it back," McCain said at Baker Manufacturing, which makes fiberglass bath and spa tubs.
McCain suggested cracking down on predatory lenders and mortgage brokers that "deceived people" as well as rating agencies "that gave high ratings based on nothing I know of." He also talked about making the mortgage process easier to understand and more transparent. "Why shouldn't (a mortgage document) be one page, and at the bottom say I understand this document?"
"If we can get the economy going, get the taxes low, get the spending under control and get interest rates I think you're going to see progress sooner rather than later," McCain said.
"Let me just also say, I don't think anything in life is inevitable. I don't think anything is written engraved in golden tablets. If we do the right things and do it quickly and make sure we cut people's taxes, make sure we encourage business, make sure that we make funds available for institutions such as yours, I think we can avoid the worst aspects of this and the quicker the housing market is going to react."