McCain Warned of Scandal, Sought Reform of Fannie Mae in 2006

There’s been a lot of posturing by the Obama campaign the past couple of days over the hits to the financial industry, and questioning of whether John McCain “gets it.” He got it, all right. The following is a statement made by Sen. McCain on the floor of the Senate on May 25, 2006, regarding the need to reform the housing finance industry, and particularly to bring greater accountability to Fannie Mae.

In summary, the bill, S. 190, of which John McCain was one of only four co-authors (Sen. Obama being none of the other three), proposed to amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish an independent Federal Housing Enterprise Regulatory Agency which would have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Source: Race 4 2008 (read the rest of the article over there)

I will say that John McCain has a solid record on seeking reform, and is willing to take on members of both parties to do it. Barack Obama, however, is content to work with the dirty Daley machine in Chicago, and has since the 1980's.

Later today, or tomorrow since I have a live web cast at 12.15 today to prepare for, I will be posting some links and audio regarding who is to blame for the Federally-subsidized mortgage market failure...this could hurt the Democrats big time as the big players were Democrats.