Mc Cain is horrified when a bunch of progressive lawyers demand that banks have their paperwork in order before foreclosing. He does not realize that he has implicitly conceded everything that matters to those progressive lawyers.
He complains that this will have a detrimental effect on the availability of credit:
this action could have a catastrophic impact on home values and mortgage lending …
… lenders are discouraged from offering mortgages except to the most affluent and credit-worthy buyers.
Surely, after recent events, lenders should not be offering mortgages except to the most affluent and credit-worthy buyers.
The problem is not that a bunch of lefty liberal lawyers demand that banks have their paperwork in order. The problem is that the government intervened to make mortgages easily available any deadbeat, and that this necessitated taking a few short cuts with the paperwork, indeed necessitated taking a lot of quite drastic shortcuts with the paperwork.
And now the government is demanding both that mortgages continue to be easily available to any drunken unemployed deadbeat wetback, and that the banks keep their paperwork in order.
The remedy is not that the government should refrain from demanding clear, simple, straightforward and accurate paperwork before foreclosure. The remedy is that the government refrain from demanding that mortgages continue to be easily available to any drunken unemployed broke deadbeat wetback,