McCain Opposed to Housing Bailout

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ROBERT SIEGEL, host:

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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