John McCain tried to save America in 2005.
John McCain was one of the 3 co-sponsors to S190. A bill that would have saved America a lot of money ache that is happening now. All the Democrats in the Committee voted against the bill and killed it.
Below is part of McCain’s speech in 2005 on the Senate floor. Too bad, they did not listen to him.
“For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market.”
“I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.”