On the subject of Chuck Hagel's bill (that McCain co-sponsored) - from the American Enterprise Institute...


H.R. 1461: A GSE "Reform" That Is Worse than Current Law

'HR 1461--a bill that was supposed to create a "world class regulator"--is in fact a world class failure. Not only does it fail to improve significantly upon the regulatory authority of the Office of Federal Housing Enterprise Oversight (OFHEO), but it actually increases the opportunities for Fannie and Freddie to exploit their subsidies in order to expand into other areas of residential finance. While the bill makes some modest improvements to the weak regulatory structure of OFHEO today, these improvements do not bring the authority of the new regulator of Fannie Mae and Freddie Mac to the level currently exercised by federal bank regulators. Moreover, the deficiencies of the bill so far outweigh its modest regulatory improvements that the taxpayers and the economy generally would be better off with current law. Under these circumstances, unless there is a reasonable chance that the bill can be strengthened on the House floor, in the Senate, or in conference, it does not deserve to proceed further in the legislative process.'

http://www.aei.org/publications/pubID.22705/pub_detail.asp


So had this bill become law, John McCain would have actually been responsible for weakening regulation of Fannie Mae and Freddie Mac, overall, rather than strengthening it.