McCain: Mortgage giants can't 'go under'

Posted: Friday, July 11, 2008 5:30 PM by Domenico Montanaro

From NBC/NJ's Adam Aigner-Treworgy
McCain went into some more detail today on Fannie Mae/Freddie Mac:

MCCAIN: "There's no doubt that there is a real, significant, far-reaching problem that is going to have to very likely require some kind of government assistance, whether that's helping raising capital, or whether -- or what that course of action is, we need to examine very carefully, listening to smart people -- but there's no doubt that we can't have we these two institutions go under."

MORE: "I would support effective action to keep them from going under. And I don't know exactly what that action is now. Obviously it's going to entail raising capital. Now how far you need to go and exactly what the parameter of that is -- something we have to determine and determine quickly."

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Comments

Wha?

laughaday (Sent Friday, July 11, 2008 5:36 PM)

God help me again, I fully agree with McCain of this one. A bailout or recapitalization of these two agencies is essential to at least sustain this failing economy. Without a bailout the results would be catastrophic. He is absolutely right, millions of homeowners would be in peril and we cannot let these agencies fail. It would be the first step in the collapse our financial system.

The irony here is that Phil Gramm, the same Phil Gramm who said that problems with the economy were in effect psycholigical, lobbied Congress to de-regulate the mortgage industry. This de-regulation is the primary cause of the mortgage crisis in this country. Predatory loans were allowed in this unregulated environment.

McCain is right on a bailout but I'd love to hear his explanation as to why he does not support bailouts for homeowners who were victims of these predatory loans and is againt re-establishing federal guidlines to regulate the mortgage industry. Perhaps, now that Gramm is staying with the campaign, we can get an explanation from him.

Interesting problem for the Senator.

Ira, Freehold, NJ (Sent Friday, July 11, 2008 5:40 PM)

and, was there a whole complete sentence in there?
Our economy is slipping vs the rest of the world (my kid in Japan has not had an increase in his gas prices, ours are soaring cause the dollar is sinking faster than McCain's campaign) If the government has to raise capital, I think that mean a rise in taxes.
There is a Spanish proverb that says "choose what you want and pay for it, says God." We have to have the will to pull ourselves out of this mess, and that will is first expressed at the ballot box, then in all kinds of painful things that will restor the economy and our standing in the world.

rodeo, ellensburg, wa (Sent Friday, July 11, 2008 5:42 PM)

TO ALL OBAMA'S SUPPORTERS OUR MINDS MADE ALREADY. SINCE WANTS TO BE BIAS TOWARDS OBAMA AND LETTING MCCAIN GETTING AWAY WITH MURDER!! IT'S TIME WE LEAVE THE BLOGS, MSNBC, FOX NEW ALONE AND WAIT FOR NOVEMBER AND VOTE.

MCCAIN IS AN OPPORTUNISTS, NO NEWS OUTLET REPORTING ABOUT HIS P.O.W TRUE STORY OR HIS EX-WIFE

JAY, NJ (Sent Sunday, July 13, 2008 9:31 AM)

Just wondering:
About all those who have lost homes to foreclosure.
Are their votes still counted? Are their voter registration cards still valid? What precincts will they vote at? How do the homeless vote?
Anybody know?

Curious (Sent Sunday, July 13, 2008 10:09 AM)

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