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. aaron from minneapolis

    repulicans at work, bail out the corporations that show bad financial judgement. AFter all it was the lenders that gave arms to individuals with bad credit. I work for a lender and we would allow borrowers with bad credit to go up to 55% monthly debt to income. Borrowers with good credit could only go to 45%. It was stupid underwriting rules like this that lead to so many forclosures. So republicans want to bail out the lenders like they did Bear Sterhns but not help american citizens. It's crap and anyone who votes of McCain is an idiot. Unless of course you run a major corporation because then its in your best interest.

    July 10, 2008 02:28 pm at 2:28 pm |
  2. NickNas

    LOL McCain has a plan..and they know it . He just isn't going to tell US the plan because even the Repubs will turn on him.

    If you don't think he is getting HUGE $$$$ In order to plan a tax payer paid BAILOUT your Nutts.

    Keating 5 ring a Bell?

    July 10, 2008 02:31 pm at 2:31 pm |
  3. Loretta from California

    and while your at it......come and bail me out too. California's Central Valley is suffering and we need to be bailed out as well.


    July 10, 2008 02:33 pm at 2:33 pm |
  4. Debbie,Ewing,Nj

    Let them fail for mismanaging their business like the gov't feels about individuals who are losing their homes, jobs, pensions, etc...You don't want to bail us out. Fannie Mae, Freddie and whoever have ripped off the people with their high interest rates, and now everything is backfiring and they are failing. That' what they all get for exploiting the people. The Bush admin, including McCorpse is going to get theirs too. They allowed big business to exploit the people.

    July 10, 2008 02:34 pm at 2:34 pm |
  5. Old Stradlater

    Too big to fail... just like Bear Stearns, right?

    July 10, 2008 02:35 pm at 2:35 pm |
  6. Steve

    You mean McCain is actually going to show at the Senate and vote for a bill. Doesn't he first have to have Joe Lieberman explain to him what he is voting for before he votes.

    July 10, 2008 02:37 pm at 2:37 pm |

    Remember Murphy's law.

    July 10, 2008 02:38 pm at 2:38 pm |
  8. JA Cook

    Stay the Course!

    McCain '08

    July 10, 2008 02:39 pm at 2:39 pm |
  9. G,Pa 3 times removed McShame

    Peter E /You can call them as you see them but if you lack memory as McCain you will either forget to call ,never remember that you called or what you have said in last 5 minutes .
    Remember McShame belongs to "The Bird Brain Club"

    July 10, 2008 02:41 pm at 2:41 pm |
  10. smile!!!!

    someone posted what follows:

    maybe he doesnt take it, or he doesnt want to run around with sex on his mind all the time, he is running for President, heck, would you want to risk having a hard on for 4 hours if you were in his position

    and it was a woman, mind you.....good for her RISE UP WOMEN

    and why are the pukes so quite today? no one to smear, insult?

    July 10, 2008 02:42 pm at 2:42 pm |
  11. David from Ohio

    To answer the question above, it's been some time since it was possible to discharge a student loan in bankruptcy. If it were any other year, you'd think McCain was running for the Democratic nomination for president. It must be hard to sound progressive and please the wing nuts at the same time.

    July 10, 2008 02:43 pm at 2:43 pm |
  12. ProundToBeDemocrat

    Mcshame tell what you are going to do so they do not fail. Saying they will not fail is not enough, why do you think that and what are you going to do to help that is what the American people want to know, talk is cheap show as in action your double talk express is losing its bearing again time for inspection.

    July 10, 2008 02:43 pm at 2:43 pm |
  13. Nick

    K... so we're in a capitalist society. Companies are failing.

    New ones will take their place, I'm sure of it.

    July 10, 2008 02:46 pm at 2:46 pm |
  14. Chris McMah

    They'll fail.

    July 10, 2008 02:52 pm at 2:52 pm |
  15. Ken

    Once again the tax payer is being called upon to bail out a private entity, with out appropriate oversight over its day-to-day operating procedures. Providing financial support to a company whose executives awarded themselves hundreds of millions of dollars in bonuses, while they made decisions that placed their company in financial peril. The only fair way to do this, is for the Government to take over the functions of these companies, while their stock holders are wiped out. Perhaps then stock holders, really big institutional ones, will begin to exercise appropriate oversight of management. Someone needs to feel pain, or this will continue ad infinitum.

    July 10, 2008 02:59 pm at 2:59 pm |
  16. Tommy

    Apparently his mind and another body part have failed, since he needs Viagra. McLimp!

    July 10, 2008 02:59 pm at 2:59 pm |
  17. Puma=Republicans Posing as Democrat Bloggers

    How many failed institutions would a McCain administration be responsible for creating, THEN bailing out at taxpayers expense?

    July 10, 2008 03:00 pm at 3:00 pm |
  18. Deb, IN

    If they have alreay failed why is it that I'm still paying my mortgage?

    July 10, 2008 03:08 pm at 3:08 pm |
  19. Mike, FL

    With all do respect, what do you know about Freddi mac and Fannie Mae? Just six month ago, Senator McCain has said that "I don't understand the economy".

    July 10, 2008 03:09 pm at 3:09 pm |
  20. H-ROD

    MCcain=Bush Mccain=Bush Mccain=Bush Mccain=Bush Mccain=Bush thats not change we can Belive in !!!! (yes Obama can)!!!

    July 10, 2008 03:15 pm at 3:15 pm |
  21. Crane

    If McCain bails out Freddie and Fannie, it won't really matter. Bush bailed out Bear Sterns and I guarantee you 50% of Americans don't even know what Bear Sterns (or Fannie or Freddie) is!!!

    The real problem for Obama is sheeple who vote Republican for one of a handful of issues (you know, guns, abortion, gay rights)...


    July 10, 2008 03:17 pm at 3:17 pm |
  22. steve Marshall, MN

    It's sad that when americans are struggling and need some help, they are just being lazy and should just be left to suffer, right? Well, if we do not have a govt to help the hard working americans in the times of difficulty, why should there be one anyway. We can bail out the rich companies that their CEOs have mismananged with my hard earned tax money but not my fellow americans? And when we need help the republicans try to brand that as socialism, GIVE ME A BREAK, SENATOR MCCAIN. Americans need all the help they can right now!

    July 10, 2008 03:23 pm at 3:23 pm |
  23. JoanG

    McCain should let Freddie and Fannie fail. Then we'll see how many people can get a mortgage. Might drive down home prices a bit. Then we can buy a house for cash (if we have the cash).

    July 10, 2008 03:24 pm at 3:24 pm |
  24. Ryan, New York, NY

    Of course they won't fail. The government will bail out it's own to the tune of $1 trillion.

    July 10, 2008 03:25 pm at 3:25 pm |
  25. Puffin

    Bail out = $5 trillion + $10 trillion US National debt = taxes on $15 trillion debt only

    July 10, 2008 03:29 pm at 3:29 pm |
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