McCain: "We Will Not Allow" Fannie and Freddie to Fail
From CBS News' John Bentley:
(LIVONIA, MICH.) Saying "they will not fail, we will not allow them to fail," John McCain said the U.S. government should do whatever it can to insure the giant mortgage companies do not become insolvent.
"Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes," he said. "They are vital to American's ability to own their own homes. And we will do what's necessary to make sure that they continue that function."
Fannie Mae and Freddie Mac are publically traded companies chartered by Congress that are responsible for making sure banks have enough money to make home loans. The home loan crisis over the past few months have battered their stock prices to the point where they may require a government bailout.
Even though McCain is in favor of government help for the companies, he called for increased openness to prevent another meltdown. "There has to be much greater transparency in the way that they do business in order to insure that this kind of difficulties that they're in is not repeated."
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