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Is McCain's Homeowner Bailout Proposal New?

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First, Politico details the “new” proposal…

“The McCain Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes,” according to the campaign. “By purchasing the existing, failing mortgages, the McCain Resurgence Plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.”

They price the proposal at $300 billion and say it would be offered for primary residences and only to those homeowners who made a down payment on their original purchase. The new mortgage would be FHA-guaranteed and at a fixed rate.

Personally, I already thought Biden proposed this last week in the VP debate. And wasn’t this already in the rescue package?

Well, looks like he did…

Biden -“Number two, with regard to bankruptcy now, Gwen, what we should be doing now — and Barack Obama and I support it — we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you’re paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.”

So this isn’t new…or am I missing something?