According to reports in the American news, presidential candidate John McCain is calling for the Bush Administration to buy up bad mortgage debt from stricken borrowers around America. The call echoes a Mortgages.co.uk petition of the UK government to swap homeowner debt for housing equity .
McCain described hard-hit homeowners as: "the working people who were devastated by the excesses of Wall Street and Washington." Millions of borrowers around America cannot afford their mortgage repayments .
McCain reportedly commented: "I call on the administration to act now and buy up these home loan mortgages and keep people in their homes. And why isn't the Secretary of the Treasury ordering them to do that?"
A similar situation exists in the UK, where thousands of borrowers are facing negative equity, high repayments and a soaring cost of living. This prompted Mortgages.co.uk to petition the government last week to propose an alternative credit crunch rescue package involving helping the consumer with debt .
Buy up Mortgages, McCain urges Bush
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