Saturday, September 6, 2008

US lenders 'face state takeover'

It is good that we have two candidates who agree that we should not reward the white collar criminals at the mortgage companies. Maybe McCain is not an ordinary Republican.
Jim
From BBC News
"We've got to keep people in their homes," said the Republican candidate, John McCain.
"There's got to be restructuring, there's got to be reorganization, and there's got to be some confidence that we've stopped this downward spiral," he added, saying that the takeover of Fannie Mae and Freddie Mac must not benefit executives at the two companies.
The Democratic Party candidate, Barack Obama, said any action should be focused "on whether it will strengthen our economy and help struggling homeowners".
"We must not allow government intervention to protect investors and speculators who relied on the government to reap massive profits," he said, adding "we must protect taxpayers, not bail out the shareholders and management of Fannie Mae and Freddie Mac".
http://news.bbc.co.uk/2/hi/business/7601701.stm

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