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John McCain On Fannie Mae And Freddie Mac

by Lupe Lasano in politics

This post has been tagged: John McCain

John McCain wants to save Fannie and Freddie

On a day where the Dow Jones Industrial Average has slipped below 11,000 for the first time in two years due to the bad performance of Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM), John McCain says the companies are worth saving.

McCain was on the campaign trail today in Michigan when he commented on the troubles at Fannie and Freddie.

"Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes, and they will not fail, we will not allow them to fail," McCain said to supporters in Livonia. "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."

Of course McCain is right about that. Fannie Mae and Freddie Mac basically guarantee more than half of the nation's mortgages. A failure of these two companies might spell disaster for the U.S. mortgage industry, which is already reeling from scandals and heavy losses.

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