McCain: Wall Street the 'Villain'

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Sen. John McCain is blaming Wall Street for the home mortgage credit crisis that has had a ripple effect throughout the economy.

"Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on,'' McCain said on ABC's "This Week."

McCain says he supports the housing bill that the Senate overwhelmingly passed over the weekend to stem foreclosures and aid Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies.

The deal would give people facing foreclosure the chance to refinance into more affordable loans backed by the federal government. President Bush is expected to sign the bill, however, he -- and some conservatives -- are concerned that it could cost taxpayers as much as $25 billion.

McCain also said Fannie and Freddie should not be able to lobby Congress and their executives' pay should be cut.

"We should eliminate the pay and bonuses that these people rake in,'' McCain said

Source: CBN News, Bloomberg

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