McCain proposed buying bad mortgages

In last nights presidential debate, McCain stated that if he wins the presidency, he would propose a $300 billion bad mortgage bail out.  Under his plan, the federal government would use the allotted $300 billion to purchase bad mortgages and would rework the mortgages with the homeowner with a fixed interest rate based on today’s market value of the home.  I agree that something needs to be done about the declining mortgage market so that we can get our economy and job market back on track.  If McCain was actually able to implement this plan, it would be expensive but if it works, it would be worth it. 

With all the talk focused on those who made poor decisions, what about all the people who did not overspend on their home and did their due diligence on the loan they were agreeing to?  Some people thought that if they were approved for a $300,000 home then that is what they can afford.  What about the people who decided to go with the ARM instead of the fixed rate and now they cannot afford their mortgage payments and cannot sell the home for what they paid for it?  Why is all this a problem for everyone who did and is still doing the right thing by only buying a house they could afford at a fixed interest rate?  I absolutely sympathize with people who have lost their jobs and now cannot afford their house any longer, but I do not sympathize with people who spent way more than they should have on their home and/or opted for the risky ARM.  Why am I now being punished for others stupid mistakes?

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