September 6, 2008
Posted: 03:50 PM ET
A sign posted in front of a bank owned home that is for sale in Richmond, California.
TERRE HAUTE, Ind. (AP) – Barack Obama laid out benchmarks Saturday for a government takeover of troubled mortgage giants Fannie Mae and Freddie Mac, but said he'll withhold judgment until The Democratic presidential nominee said Treasury Secretary Henry Paulson briefed him Friday night by phone on the mortgage crisis and the administration's steps toward a government takeover of the two financial companies. Watch: Obama addresses mortgage crisis Speaking to reporters during a campaign stop, Obama said any plan must put taxpayers first and not reward investors and speculators "who relied on the government to reap massive profits." Obama also urged President Bush and Republican presidential nominee John McCain to reconsider their opposition to a second government spending bill to reinvigorate the economy. McCain and his running mate, Alaska Gov. Sarah Palin, addressed the crisis briefly at a rally in Colorado Springs, Colo. McCain cited the problems at Fannie Mae and Freddie Mac as another example of the nation's economic woes. "Today, we're looking at a federal bailout of our home loan agencies," he said. Palin, at the same rally, said of the two companies that together hold or back half of the nation's mortgage debt: "They've gotten too big and too expensive to the taxpayers. The McCain-Palin Filed under: AP Barack Obama John McCain Sarah Palin
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