Obama Hammers On McCain's New Mortgage Plan

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It was yesterday, October 8, in which GOP Presidential nominee Senator John McCain of Arizona had unveiled his plan to repair the mortgage crisis. The day before that, McCain and Democratic Presidential nominee Senator Barack Obama of Illinois had their second US Presidential debate. The debate was in Nashville, Tennessee, in a town-hall style format.

Many expected McCain to do to him being a master of the town-hall. However, many can say that Obama ended up trumping McCain. The day after the debate, McCain unveiled his mortgage plan.

However, it was revealed that this mortgage would make a 180 degree turn from McCain’s original plan. Under the original plan, the lenders would be taking the damage.

Under McCain’s new plan, it would be the government and in turn the taxpayers taking the hit. So far, this mortgage plan can be pretty unpopular with people who are not in trouble along with other Americans.

A few analysts in Washington are boggled by McCain’s new plan. On a side note, McCain’s mortgage bailout plan is a $300 billion proposal.

Today, Obama attacked McCain on the mortgage plan. He said that the bill is the recent action of shifting positions on McCain’s part. In addition, Obama said that made McCain’s leadership “erratic.”

Obama was campaigning in Ohio when he attacked the mortgage plan.

“He’s ended up with a plan that punishes taxpayers, rewards banks, and won’t solve our housing crisis,” Obama said. In addition, the Obama campaign launched a new ad that attacks McCain’s mortgage proposal.

In response, the McCain campaign is continuing to hammer on Obama’s relationship with William Ayers, founder of the radical anti-war group known as the Weather Underground.

Perhaps this mortgage plan will be valuable ammunition for Obama to use against McCain in the third US Presidential debate on October 15, which is due to take place in New York.

The topics would be on both economic and domestic policy.