McCain wants new federal agency to deal with financial crisis.(Inside Track)(John McCain)(Brief article)

Speaking in Green Bay, Wisconsin, on September 19, Republican presidential candidate John McCain said he would create a new federal agency, called the Mortgage and Financial Institutions Trust (MFI), which would work to head off the financial crisis. "The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets," McCain said according to CNN.

CNN also reported that during his speech, McCain blamed the financial crisis on "the corruption and manipulation of our home mortgage system," claiming the culprits were Fannie Mae, Freddie Mac, Congress, and Senator Barack Obama. Freddie and Fannie, said McCain, "led our housing system down a path where quick profit was placed before sound finance." With regard to Congress and Obama, he said, "The crisis on Wall Street started in the ...