March 25, 2008: During a speech in Santa Ana, California, candidate John McCain strongly criticized government plans to bail out "irresponsible" banks and borrowers hurt by the subprime mortgage crisis.

The speech came a few days after the Federal Reserve cut the interest rate and provided significant loans to help salvage Bear Stearns, and also provides a response to Democratic candidate Hillary Rodham Clinton, who has recently called for Congress to contribute $30 billion to particularly hard-hit states and communities.

McCain believes that if mortgage lenders want or expect government help, they must agree to help out individuals or families in danger of losing their homes, citing as an example a post-9-11 General Motors agreement to offer customers zero-interest financing.

• Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

• I will not play election-year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

• Official Site: Transcript: John McCain Addresses the Housing Crisis (March 25, 2008)
• Topix.net: McCain Mortgage Speech Santa Ana
• Google News: McCain Mortgage Speech Santa Ana
• The New York Times: McCain Warns Against Hasty Mortgage Bailout (March 25, 2008)

• CNN: McCain: 'Complacent' lenders led to mortgage crisis (March 25, 2008)
  • Obama campaign's response: "It's deeply troubling that John McCain is suggesting that the best way to address the housing crisis is to sit back and watch it happen..."

• CBS News: McCain Receives Reagan Endorsement, Offers Economic Plan (March 25, 2008)
• The New York Times: Clinton Calls for $30 Billion for Home Mortgage Crisis (March 25, 2008)
• Associated Press: McCain Addresses Housing Crisis Options (March 25, 2008)
• FoxNews.com: McCain dismisses Clinton plan to fix housing crisis (March 25, 2008)