[quote=esmith]…McCain seems to be saying, let’s take all upside-down bubble owner occupied mortgages and rewrite them as fixed-rate mortgages…[/quote]

I think the problem we have with helping underwater homeowners is our sense of justice. I am a renter and even if I knew for sure that McCain’s plan would somehow benefit me more than any other plan (work with me here, I know it’s impossible) I would still be against it because it is not just.

As for the plan itself, I sure hope that he is very selective in who he helps out. If you took out a HELOC and blew it on a boat, you should not be getting help. If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.