McCain Opposed to Housing Bailout

Republican presidential candidate John McCain offered few immediate solutions for the nation's growing housing crisis Tuesday, though he did say the government should not be saving and rewarding banks or borrowers who behave irresponsibly.

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Today, Republican presidential candidate John McCain focused on the housing and credit crises.

Senator JOHN McCAIN (Republican, Arizona; Presidential Candidate): It's time to help American families.

SIEGEL: The Arizona senator called on the financial industry to hold meetings to address the problems.

Sen. McCAIN: The top mortgage lenders in this country working together, they should pledge to provide maximum support and help to their cash-strapped but credit-worthy customers.

SIEGEL: As for a government action, McCain did not offer specifics. He said he opposes bailouts for the irresponsible, and he called for more transparency and accountability.

Sen. McCAIN: When we commit taxpayer dollars as assistance, it should be accompanied by reforms and insure that we never face this problem again.

SIEGEL: That's Senator John McCain speaking today in California.

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