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.