July 10th, 2008
12:00 PM ET
10 years ago

McCain: Freddie Mac and Fannie Mae 'will not fail'

McCain campaigned in Michigan Thursday.

McCain campaigned in Michigan Thursday.

LIVONIA, Michigan (CNN) - Responding to the sinking share values of mortgage giants Fannie Mae and Freddie Mac, John McCain said Thursday: “They will not fail. We cannot allow them to fail.”

"Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes," McCain told reporters Thursday after a retail stop at a local diner. “They are vital to Americans' ability to own their own homes and we will do what's necessary to make sure that they continue that function.”

Asked if that meant he supported federal intervention to bail out the two mega-lenders as they cope with the housing slump, McCain re-iterated his position.

“I think that Freddie and Fannie have a vital role to fulfill and that they cannot and will not fail,” he said.

Filed under: John McCain
soundoff (144 Responses)
  1. Tired of W, OH

    That would be great if he had that kind of sympathy for the average homeowner.

    July 10, 2008 12:21 pm at 12:21 pm |
  2. jen

    Yes he is going to help them out because they aren't "whining" like the average American citizen, right Senator, married to a billionaire, McSAME...

    July 10, 2008 12:22 pm at 12:22 pm |
  3. Citizen

    McCain should never comment on any economic issues, and particularly ones revolving around banks, regulators, mortgage companies, etc. etc. etc. Just stop it right now.

    July 10, 2008 12:23 pm at 12:23 pm |
  4. not important

    Says the man whos economic advisor is Phil Gramm.

    July 10, 2008 12:24 pm at 12:24 pm |
  5. JA Cook

    We can fund them with the surplus left over from the Iraq war, the permanent tax cuts for the rich and more money borrowed from the Chinese.

    July 10, 2008 12:25 pm at 12:25 pm |
  6. Marie

    If he says it, then it is so.

    July 10, 2008 12:28 pm at 12:28 pm |
  7. Frank

    John McCain is correct!

    July 10, 2008 12:28 pm at 12:28 pm |
  8. saga4obama

    wait to all the McCain supporters...he says Obama wants to expand the Government and raise Taxes to do so when it comes to things like Universal health care and education and secular and faith base support....and thats bad. But "Freddie and Fannie ...cannot and will not fail"...i am confused here. he does not want to put money into things that are good for the American people but it is ok to put money into corporations that have failed the American people...we see now who McCain wants to be President for...and it is NOT the people but big business

    July 10, 2008 12:28 pm at 12:28 pm |
  9. Tye, MO

    But John will fail because he doesn't know anything about the economy.

    America 08/ Obama 08

    July 10, 2008 12:28 pm at 12:28 pm |
  10. The Austrian

    If the market requires them to fail then THEY MUST FAIL, John!!!! Actually, these institutions shouldn't have ever existed to begin with.

    July 10, 2008 12:30 pm at 12:30 pm |
  11. Connie

    He would not help the little guy who is losing their homes , but help the big mortgage companies. It's the repubs way.

    Connie 'Hussein'Sturgeon from Indian

    July 10, 2008 12:32 pm at 12:32 pm |
  12. Rise America Rise

    Can someone translate John McWeasel's answer so I can understand it? What is his position?????? Where is the straight talk????? Maybe he just forgot the question in the nano second between when it was asked and when he answered it, and in his confusion essentially said the same thing twice????

    July 10, 2008 12:32 pm at 12:32 pm |
  13. Broad street buddy

    If they file bankruptcy, does that mean I dont have to pay back the rest of my student loan??

    July 10, 2008 12:35 pm at 12:35 pm |
  14. Doris,Memphis,TN

    No one cares what John McCain says.
    He is not qualified to be President.
    He needs to learn how to pronounce

    July 10, 2008 12:36 pm at 12:36 pm |
  15. Mattk

    Why is it McCain never answers questions directly?

    July 10, 2008 12:39 pm at 12:39 pm |
  16. Anita from Arizona

    Another words. No Comment. He has no plans at all.

    July 10, 2008 12:43 pm at 12:43 pm |
  17. Mike

    Yeah, this guy is sharp as a tack on the economy. I wonder if he has started reading his book on economics yet.

    July 10, 2008 12:43 pm at 12:43 pm |

    Sen Obama is running out of change. He is changing he mind a lot of late. Now WITH all the change he does not remember who he changed into. Perhaps more change...and he will remember.!


    July 10, 2008 12:44 pm at 12:44 pm |
  19. Brian, Pittsburgh

    Isn't McCain always complaining about big government and spending too much money? At least Romney was good at pretending to be on both sides, McCain doesn't even remember which side he's on!

    Obama '08!

    July 10, 2008 12:46 pm at 12:46 pm |
  20. Richard, St. Paul, MN

    McClone probably thinks that Freddie Mae and Freddie Mac are part of the Osmond family, behind Donnie and Marie. In several of his more lucid moments, he's proclaimed loudly that economics are beyond him. Well, they've been beyond Bush and the Republicans for eight years. It's time to get someone who isn't asleep at the switch, or subservient to the corporations, to take control of our government and economy.

    Obama '08!

    July 10, 2008 12:47 pm at 12:47 pm |
  21. mitchell martin

    who can afford to own their own home?there's no need for these companies if we cant afford it.let them keep all the homes they have foreclosed on,but,dont bail them out!they are as much at fault as the people who fell for there marketing ploys.they are going under because of their own greed,just like credit card companies.

    July 10, 2008 12:48 pm at 12:48 pm |
  22. Brian G, Sugar Land, TX

    They have apready failed, you idiot!

    July 10, 2008 12:49 pm at 12:49 pm |
  23. MikeH

    If they do fail, you have your adviser Phil Graham blame.

    Or you can call it another instance of "Mental Recession".

    July 10, 2008 12:50 pm at 12:50 pm |
  24. Brian G, Sugar Land, TX

    They have already failed, you idiot! (Opps)

    July 10, 2008 12:50 pm at 12:50 pm |
  25. Saad from NJ

    McCain: ".... and we will do what's necessary to make sure that they continue that function".

    Answer is simple, PRINT more money. Some might wonder what's the other side of the General Ledger entry! Well, they don't know anything. Some might think of a silly word called inflation! Well, they don't know anything. Some might say this goes against the core basis of capitalism which functions on supply and demand theory! Well, it's time for that theory to go to a place called hell. We just have to do what's necessary to make sure they continue to function..... even if it is on faulty principles. I agree with McCain. LOL!!!!!

    July 10, 2008 12:50 pm at 12:50 pm |
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