McCain 2006 letter demanded action on Fannie and Freddie

Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis.

McCain's letter -- signed by nineteen other senators -- said that it was “...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail.”

The letter was dated May 5, 2006.

Sen. Obama did not sign the letter, nor did any other Democrat.

Click here to see the letter.