Did McCain ring the alarm bell about Fannie and Freddie?
McCain can take credit for warning about problems at Fannie and Freddie, but he did not play a leading or especially early role. McCain has repeatedly pointed to a statement that he issued in May of 2006 after regulators released a blistering report about a long-brewing accounting scandal at Fannie and Freddie. “For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac and the sheer magnitude of these companies and the role they play in the housing market,” McCain said. “If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.” But the congressional debate over regulating Fannie and Freddie goes back years and years. McCain did sign on as a co-sponsor in 2003 and 2006 to bills by Nebraska Republican Chuck Hagel and others to toughen regulations, curb risk and limit the massive investment p
