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Mortgage Giant Rescue
Both candidates supported the federal government takeover of the mortgage insurance giants since they're central to the housing market.

· Called for reform of corruption at Fannie Mae and Freddie Mac two years ago.

· Wants to clarify and unify regulatory authority of financial institutions, including the mortgage insurers.

"These quasi-public corporations lead our housing system down a path where quick profit was placed before sound finance...And now, as ever, the American taxpayers are left to pay the price for Washington's failure. -- McCain*
· Wants to void any inappropriate windfall payments to outgoing CEOs and senior management.

· Says shareholders should not benefit in takeover.

· Had said companies should either operate as goverment agencies or as private businesses.

"I recognize that intervention is necessary to maintain liquidity for the housing market so that homeowners can continue to get affordable mortgages and homes can be bought and sold in neighborhoods across the country." -- Obama**




NEXT: Mortgage Fraud
Last updated October 29 2008: 12:15 PM ET
Source:
*Sept. 19, 2008 speech, Arlington, Va.
** Sept. 9, 2008 letter to Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart

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