Correct. He was way ahead of everyone else especially Man Child. Text of speech dealing with this:
These reforms must wait on the next election, but to help our workers and our economy we must also act in the here and now. And we must start with the subprime mortgage crisis, with the hundreds of thousands of citizens who played by the rules, yet now fear losing their houses. Under the HOME plan I have proposed, our government will offer these Americans direct and immediate help that can make all the difference: If you can’t make your payments, and you’re in danger of foreclosure, you will be able to go to any Post Office and pick up a form for a new HOME loan. In place of your flawed mortgage loan, you’ll be eligible for a new, 30-year fixed-rate loan backed by the United States government. Citizens will keep their homes, lenders will cut their losses, and everyone will move on — following the sounder practices that should have been observed in the first place.
It’s important as well to remember that the foolish risk-taking of lenders, investment banks, and others that led to these troubles don’t reflect our free market as it should be working. In a free market, there must be transparency, accountability, and personal and corporate responsibility. The housing crisis came about because these standards collapsed — and, as president, I intend to restore them.
The grave problems in the housing market have been viral, spreading out to affect the credit and buying power of Americans even as the price of oil and gas is rising as never before. There are larger problems underlying the price of oil, all of which I will address in my energy plan, but in the short term there are crucial measures we can take.
Full text:
http://www.realclearpolitics.com/articles/2008/04/mccains_economic_speech_in_pit.html
“If you can’t make your payments, and you’re in danger of foreclosure, you will be able to go to any Post Office and pick up a form for a new HOME loan.”
Idiotic.