Get Drunk and Vote 4 McCain has a letter showing McCain "warning" about the possible risk Freddie Mac and Fannie Mae's posed to US Taxpayers. This is supposed to support McCain's debating point that he was warning the country about the current financial crisis.
The problem is that its not "McCain's Letter", its Chuck Hagel's letter and its written in support of Chuck Hagel's bill S190. 19 other Republican senators signed the letter. As for Senate bill 190, the bill that was to reform Freddie and Fannie, it died in committee. The history of this bill, shows Hagel introduced the bill in January 2005. It was voted down in committee in July 2005. McCain didn't co-sponsored the bill until May 2006 with 3 other senators & McCain did not co-sponsor the bill in the next Congressional session (Jan 2007).
The other key point is that the Republican Senate killed S190. And I see no evidence that Bush supported it.
McCain's supporters can talk all they want - but the fact is that Republicans controlled the Executive branch and Congress from Jan 2003 to Jan 2007 and did nothing to rein in Freddie Mac and Fannie Mae. McCain other than co-sponsoring the letter has no record of warning against the current crisis or sub-prime mortgages.