In 2006 John McCain and 19 other Senators (all Republicans) wrote a letter asking for the Senate to discuss Fannie Mae and Freddie Mac’s practices [1]. Observing their combined $1.5 TRILLION in combined debts:
With the fiscal challenges facing us today (deficits, entitlments, pensions and flood insurance), Congres must ask itself who would actually pay this debt if Fannie or Freddie could not?
Well I guess we now know the answer to that question.