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. K.C. Orlando

    if you win alot more will fail

    July 10, 2008 03:41 pm at 3:41 pm |
  2. Raymond Duke

    Let them fail. If they got themselves into bad shape by giving bad loans to people who should never have got them, then they need to go under as any other orgainization should. These loan sharks that promoted bad loans by deciet should go to jail and go broke. As far as these people who bought houses way over their budgets let them lose them. Only the truly shafted people should get relief. All those people thinking they deserved a fancy house but didn't have the means to pay for it, (no pity). Hit the street and recope and start all over again. I don't need my taxes raised to pay for your greed. I bought a house I could afford. Sure would have been nice though to buy a half- mil. house and have somebody to bail you out though.

    July 10, 2008 04:04 pm at 4:04 pm |
  3. steve Loudon, TN

    The Democrats are trying to shift the burden of the wasted money spent by those who couldn't afford to buy homes that they did, and didn't understand or care about adjustable rates......to the public citizens who were RESPONSIBLE with their money and housing purchases. The Senate approved letting Fannie Mae and Freddie Mac bear the burden (but you all know who gets the bill in the end when they fail...you and me). I think we should let those who fail learn from their mistakes.....after all, most great men and ideas had failure at one time, and most learned from it.....here we intend to subsidize failure and make it without consequence. Foreclose on those who fail to live up to their obligations, many of whom were speculators in the first place......neither Obama or McCain are willing to stand up and say the obvious. People need to bear PERSONAL RESPONSIBILITY for their actions, ignorance and quit looking for the easy way out (steal some money from someone else)

    July 10, 2008 04:06 pm at 4:06 pm |
  4. What if?

    McCain states “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 been in the senate for many years, is this the first time he heard that these two institutions were heading to fail? There are millions who has lose their homes due to foreclosures, unemployment and poverty.

    McCain is so out of touch with the American people....another example of no money woes.................

    President OBAMA

    July 10, 2008 04:13 pm at 4:13 pm |
  5. Bitter - New Orleans, LA

    Why isn't the Media asking Barack any of these questions? He knows less about the economy than McCain. I can see the future...any economic questions will be automatically deferred to the respective VP candidates.

    Regardless, can someone tell me the last US President who had a legitimate background in economics??? Maybe Mitt Romney would have been a decent choice.

    July 10, 2008 04:14 pm at 4:14 pm |
  6. What if?

    Sure Peter E, what ever you please...We the Obama supporters are understanding people.

    July 10, 2008 04:15 pm at 4:15 pm |
  7. Raymond Duke

    Crane you need to wise up. Republicans are usually people who have jobs and bank accounts and are invested in these institutions so that most people can get these loans that would not qualify else where. According to the democrat party most of their voters are blacks , women and uneducated blue collar racist . of course the last part comes from the Obama camp. So it would only stand to reason that the republicans would understand these institutions more. The democrat framed their own people. To hear the democrats talk about their voters they think they should all be getting goverment handouts social services and welfare checks. Except for their hollywood supporters.

    July 10, 2008 04:15 pm at 4:15 pm |
  8. Bitter - New Orleans, LA

    To Crane: If there were no republicans you'd be living in the Socialist States of America. Cradle to grave govt support under the UN's boot.

    July 10, 2008 04:16 pm at 4:16 pm |
  9. TonyNJHC

    In these times, anything is possible, so it is wise not to chance Providence.

    July 10, 2008 04:19 pm at 4:19 pm |
  10. What if?

    TO to have CHANGE-CHANGE..! July 10th, 2008 12:44 pm ET........
    Tell the truth, you are a republican that is seeking double pay from that stack of money the GOP is bragging about on CNN, to stop the mortgage foreclosure on your home. Never sell your soul…..

    July 10, 2008 04:21 pm at 4:21 pm |
  11. Gene

    Looks like CNN has only bleeding heart liberals watching their so called news programs, based on the e-mails I see today on this blog.

    Please report more details with facts and research to back them up. I am getting tired of "scare news".

    July 10, 2008 04:28 pm at 4:28 pm |
  12. 33/W/M in Ohio


    In my experience, a lot of people that vote Republican do it, not because of a handful of issues, but for NO reason at all other than the fact that they are "Republican". I ask self-proclaimed Republicans all the time what Republican stances they agree with and which ones they don't. The most common answer I get is "I don't really know their policies. I've just always been a Republican." Scary stuff, to be quite honest.

    I don't mean to make it sound like there are not politically educated Republicans and all Democrats know everything. That is certainly not the case. It's just that my personal experience has been that it is MUCH more predominant with Republicans to have no clue whatsoever as to what their party's policies, agendas, and theologies are.

    To any Republicans that I might have offended with the above observation, I'll appologize after you appologize for re-electing Bush. Maybe we can be good friends and make macaroni pictures together after your party leaders go to prison for war crimes, treason, etc.

    July 10, 2008 04:33 pm at 4:33 pm |
  13. Seam, Florida

    Jut looking at this picture makes me cringe. This guy is way too old to be President. His hair is so white, and his face is very frail.

    July 10, 2008 04:40 pm at 4:40 pm |
  14. Tim

    Open foot and insert foot McSame!!!! The bigger question is why would McSame get advice from and economic advisor to fix the ecomony for a bunch of whiners who are in a mental recession any way? Now we know just how your campaign It was a slap in the face of every hardworking American and is insulting.

    July 10, 2008 04:41 pm at 4:41 pm |
  15. Anonymous

    If you didn't put it in, you can't take it out.. This is a Priority for Home Owners alone... Nobody can solve problems for people, who leap before they look.... Talk to the Bank's, Building Companies... Then talk to John (Manof the Moment) McCain.... I know he has the Answer's... But you have to join in the search....

    July 10, 2008 04:45 pm at 4:45 pm |
  16. Glenn

    Who does McCain think he is fooling. He knows crap about the economy and how to deal with the growing issues facing Americans over soon to be $5 a gallon gasoline, rising unemployment, rising food costs, rising energy and utilities costs, American jobs and factories being outsourced overseas, growing national debt, social security and medicare stabilty, home mortgage scandal, national debt out of control and the list goes on and on and on. Likewise, with American troop deaths moving towards 5,000 killed and tens of thousands wounded and Osama Bin Laden still alive and laughing at Bush's "Mission Accomplished" message five years ago. Terrorism and terrorists inceasing makes us even more unsafe than before Bush. A vote for McCain, who voted 95% for Bush policiies, is a vote for another four years of Bush.

    July 10, 2008 04:46 pm at 4:46 pm |
  17. Enough Already!

    Who can afford to live in this country anymore? I personally know immigrants who are leaving the promise land to go back home. The irony! I no longer care who buys the presidency, I mean wins, sorry, gets elected, as long as they do something to improve life here for the average American. Why doesn't government just work together to re-evaluate our entire economic plan? Sharpen your collective pencils and fix this thing already.

    July 10, 2008 04:52 pm at 4:52 pm |
  18. WAR IS COOL!


    July 10, 2008 04:58 pm at 4:58 pm |
  19. Justmyopinion2008

    Sen. "Panderer" "Flip Flopper" McCain, how about saving poor voters who are fast loosing their jobs and homes? I guess your being in bed with lobbyist and big corporation makes you out of touch with ordinary people.

    July 10, 2008 05:00 pm at 5:00 pm |
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