WASHINGTON - Democrat Barack Obama derided Republican opponent John McCain's mortgage buyout plan on Thursday as a misdirected effort that rewards bad behavior by lenders and takes billions of dollars from taxpayers, already suffering a heavy burden as the country's financial system teeters on the brink of a meltdown.
Speaking at the start of a two-day bus tour through swing-state Ohio, Obama charged that McCain's plan would force the government to absorb the full cost of renegotiating mortgages to prevent borrowers from losing their homes. He said lenders should share some of the costs of any program that attempts to stem the American financial crisis that grew out of questionable home-mortgage practices.
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