John McCain has been trying to get Congress to address the Fannie and Freddie "situation" for years. Unfortunately for tax paying citizens, his words and almost prophetic declarations were ignored. Now you and I are having to pay to fix this horrible mess.

Had anyone listened to McCain's warnings, perhaps the mis-management at Fannie and Freddie would have been exposed. Furthermore, those responsible would have been indicted and now be serving out their sentences in Federal prison.

The latest revelation of another of Senator McCain's warnings are in a letter he sent to Richard Shelby in May of 2006. Shelby was the Chairman of the Banking,Housing, and Urban Affairs Committee.

In the letter McCain spoke of the vital need to ensure that Fannie and Freddie are operated in a safe and sound manner and that the American taxpayer is protected....

Here is a copy of the letter that McCain sent to Shelby.

In a preivious post I mentioned another of McCain's warnings to Congress regarding Fannnie and Freddie which was also in 2006. John McCain said:

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Hat Tip Human Events
(If you can not read my copy of the letter above. Click the Human Events link and see if theirs is any better. I'll also look for a transcript.