McCain: Obama backs Fannie Mae and Freddie Mac

The Presidential campaign for John McCain issued a release questioning Barack Obama and his opinion on Freddie Mac and Fannie Mae and subprime mortgages.

John McCain had said in an editorial during the October 7 presidential debate that Obama had encouraged Freddie Mac and Fannie Mae to make the risky loans. Obama denied the backing and replied saying “Two years ago I said that we’ve got a subprime lending crisis that has to be dealt with.”

Obama went on to say he had written to Henry Paulson the US Treasury Secretary and also the Federal Reserve Chairmen Ben Bernanke, and told them that this is something that we have to deal with, and nobody did anything about it. The journal did then point out to Obama that to solve a problem you need to deal with it not just write about it in a letter.

Source: newsmax