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. Emma, San Jose, CA

    He does not show the wisdom to make such a statement about financial institutions. Does he think he is God to the American people?

    On the Viagra theme, he comes off as though he is embarrased about talking about real human sexuality issues. As though he denies the sexual part (a natural thing) of life.

    July 10, 2008 01:42 pm at 1:42 pm |
  2. mk

    Think of our country as a huge bus kareening out of control headed straight for an abyss. McCain's eyes are completely scaled with bad judgement. Would you want this man at the helm?

    July 10, 2008 01:42 pm at 1:42 pm |
  3. Maggie Muggins From Selwyn

    In Canada when you get a loan or mortgage the lender is required by law to give you a sheet of paper stating the total principle, the interest rate, the amount of the monthly paymnet, the amount of interest and principle paid in this payment, the amount of principle paid off at the end of each year, the amount of interest paid each year and then the total of both interest and principle paid at the end of the term.

    Would this not be great legislation for these gougers in the U.S. to follow then people wouldn't get blind sided from the fine print on a loan or mortgage. Maybe this is just to simple for the simple to understand!!!!!!

    July 10, 2008 01:43 pm at 1:43 pm |
  4. Silent majority

    Why are most of the comments from Obama supporters?

    July 10, 2008 01:46 pm at 1:46 pm |
  5. Matt

    I re-read McCain's quotes after reading many of the comments on this article. The article could have been about McCain rescueing children from a fiery building and many of these comments would still be spiteful and angry. I call these commenters Hussein McPlainers. FYI.

    July 10, 2008 01:47 pm at 1:47 pm |
  6. Justin

    It doesnt matter who becomes President...Its all of our faults for being irresponsible with our finances. Living outside our means, and killing our kids by letting them become fat little pigs. Screw it all. Rome is gonna burn soon and WE are responsible for it...Or wait, "Can't our Government bail us out?" Tired of that comment from stupid stupid people.

    July 10, 2008 01:47 pm at 1:47 pm |
  7. Farrell, Houston, Tx

    Cindy has more than enough proof now that her husband is mentally incapacitated and needs to be in a nursing home. So do the right thing, take him home.

    July 10, 2008 01:48 pm at 1:48 pm |
  8. saga4obama

    lets not fail America again by electing John McCain!!!!

    July 10, 2008 01:48 pm at 1:48 pm |
  9. May - Arizona

    America is just in a mental recession. I paid $2/gal for my gas even though it read $4.15/gal – yeah let's tell big oil we're mental we'll pay what we want!

    Bomb, bomb, bomb Iran. Smoke them out!

    Yeah baby- McSame 2008

    July 10, 2008 01:49 pm at 1:49 pm |
  10. M.S. Indiana

    Sounds like big government to me McCain.. And a Flip Flop on your economic views..

    July 10, 2008 01:49 pm at 1:49 pm |
  11. Tim

    The McSame's camp has the nerve to call workers in this country whiners. It's easy to say everything is okay when your wife is a multi millionaire Mr McSame, but hard working people are struggling or are you so out of touch that you don't notice???? I have news for you McSame, we are not whiners and our votes will let you know that fact in November!!!

    July 10, 2008 01:51 pm at 1:51 pm |
  12. Susan

    Never a direct answer. It is amazing how the MSM lets him dance around the issues. He is not fit to be POTUS!!!

    July 10, 2008 01:57 pm at 1:57 pm |
  13. chas alabama

    Where IS HIS flag pin?

    July 10, 2008 01:58 pm at 1:58 pm |
  14. LA

    McBush can make Cindy foot the bill-if he hasn't gotten her mad by calling her names!

    July 10, 2008 02:01 pm at 2:01 pm |
  15. tom, boston


    to bail out the thieves who have run freddie and fannie like they were their personal candy jar!

    or else!

    July 10, 2008 02:01 pm at 2:01 pm |
  16. Jan From Boca Raton, Fl

    I really have to laugh. Jessie Jackson told it like it is, except he didn't think the mike was on.
    Good for you Jackson, I respect that you didn't cave into the black Obama people. I agree with Bill Clinton, your a man of honor.

    July 10, 2008 02:05 pm at 2:05 pm |
  17. Joe

    I don't think McSenile knows what he's talking about.

    July 10, 2008 02:05 pm at 2:05 pm |
  18. scotty

    THey already have Failed as much as Obamas Truths to the American public with his every changing veiws showing us yesterday how he votes when he finnally does vote. wasnt he originally going to fillerbuster the wiretapping. now he votes for it. been showing his CHange alot lately........But he is such a beatiful famley and after all thats what counts Wright

    July 10, 2008 02:06 pm at 2:06 pm |
  19. Dagwood

    Go Mccain, your my boy blue.

    July 10, 2008 02:07 pm at 2:07 pm |
  20. Not fooled by distractions

    I doubt he even knows what he's talking about.

    I thought Bush was the worst president in my lifetime, but I believe if elected, McCain could out do him. McCain is intellectually lazy and he uses his temper and sharp tongue to avoid discussion of subjects.

    I'm voting for brains this year – I've seen enough of McCains style bravado in Bush. We don't need another C- legacy admission in the white house.

    July 10, 2008 02:12 pm at 2:12 pm |
  21. frank O

    and that is not in anway to be misinterpreted as big government bail out. Same this is big government bail out when Barrack talks about it.

    July 10, 2008 02:13 pm at 2:13 pm |
  22. GG

    Great more socialized corporate lose from the Republicans. I thought we lived in a capitalistic nation. Remember the one that brought down communism. Why most our society bail out companies who can’t run their businesses???

    News flash John they have already failed. Foreclosures are up 147%.

    July 10, 2008 02:15 pm at 2:15 pm |
  23. Frank from Peterborough

    This mental midget has stated he no longer wants taxes paid by younger people to fund Social Security which in actuality means the elimination of Social Security. There in lies the answer just give that portion of the taxes collected for Social Security to these financial institutions and all will be well in la la land!

    July 10, 2008 02:16 pm at 2:16 pm |
  24. Foreclosing

    I'm all for saving them if it will save my house from foreclosure. I am truly desperate. I have heard so much about the mortgage melt-down and yet I have not had one concrete thing told to me that will prevent my losing my home. I will never again sign anything without the benefit of a lawyer. I am 64 years old and this is the 4th home I have purchased; I have never run up against anything like this. I guess retirement will be when I die. "Don't cry for me"

    July 10, 2008 02:19 pm at 2:19 pm |
  25. Jacob

    I just don't understand what this country is coming to.


    July 10, 2008 02:19 pm at 2:19 pm |
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