McCain, Obama trade housing jabs

From early on in this presidential campaign, I’ve been hoping for some substantive debate on the problems of the housing industry. What plans do Barack Obama and John McCain have to make sure that our country doesn’t suffer another mortgage and foreclosure crisis like the one it’s suffering through now?

Unfortunately, the recent housing debate between the two candidates has been far from enlightening.

Last week, McCain got hammered a bit because he couldn’t remember how many homes he and his wife own. Ask the vast majority of U.S. homeowners how many homes they own and it won’t take them long at all to answer: one. Sure, a select few might say “two.” The luckiest? Three. The McCains, by the way, own at least eight homes. You can see why Sen. McCain lost track.

Obama, being a politician, immediately criticized McCain as being out of touch with ordinary U.S. citizens. As if Obama is some ordinary schmoe figuring out which bill, the phone bill or credit card bill, he should short this month. Obama also has his own housing problems. He bought his home in Chicago from a seller who has since been convicted of influence peddling.

So there you have it, the great housing debate of 2008. Let’s hope our candidates can muster up a little more substance by the time the conventions are over. It’d be nice to hear some plans for regulating the mortgage industry, for instance.