McCain and Obama: Fannie, Freddie takeover needed

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McCain and Obama say Fannie, Freddie takeover needed | Politics | Reuters


WASHINGTON (Reuters) - Both presidential candidates Barack Obama and John McCain said on Sunday they see the federal takeover of mortgage finance companies Fannie Mae and Freddie Mac as necessary.


Obama, in Chicago, said that the step was necessary to prevent a deeper economic crisis and he would be reviewing the Treasury plan.
"Given the substantial role that Fannie Mae and Freddie Mac play in our housing system, I believe that some form of intervention is necessary to prevent a larger and deeper crisis throughout our entire economy," Obama said in a statement.
The U.S. government on Sunday seized control of Fannie Mae and Freddie Mac, quasi-public mortgage companies which own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt, in what could be the largest financial bailout in U.S. history.