HUD chief calls McCain’s mortgage plan a ‘grave concern’

In a town hall meeting in Seattle Monday evening, Department of Housing and Urban Development secretary Steve Preston said John McCain’s mortgage proposal is an issue of “grave concern.” McCain’s plan for the housing decline includes the government possibly buying up troubled mortgages and paying the difference between principal balance and the home’s new lowered value as a result of the housing crash.

“I have a very grave concern about that,” Preston said, according to the Seattle Post-Intelligencer.