McCain Resurgence Plan

John McCain tonight announced a bold initiative--The McCain Resurgence Plan--to help struggling Americans, stabilize the housing finance market, and put a foundation under our financial system.

The McCain Resurgence Plan will target the root cause of the financial crisis: mortgages that are “under water” because of falling house prices, unmanageable payments, and rising defaults. The factors are hurting families and are the source of the unknowable risks that have frozen financial markets.

The McCain Resurgence Plan improves the use of taxpayer money by reducing the need to spend taxpayer money to purchase toxic assets from Wall Street because those assets would now have known value, and lower the need for bailout money for Fannie Mae and Freddie Mac.