Candidates to tackle mortgage crisis

As the race to the White House heats up, the contenders for the Presidency have aired their reactions to the mortgage crisis, with Democrat Barack Obama mocking Senator John McCain for urging government restraint in responding to the mortgage mess.

Speaking in Greensboro, N.C., where he's been campaigning, Senator Obama is quoted as saying, 'We've been down this road before. It's the road George Bush has taken...for the last eight years and would just sit back and watch' as millions of Americans lose their homes.

While Obama and Hillary Clinton have urged direct federal intervention to help affected homeowners, including a $30 billion fund for states and communities, McCain had earlier warned against vigorous government action to solve the deepening mortgage crisis and the market turmoil it has caused, saying that 'it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.'

His comments also led to a quick, pointed rebuke from Clinton, who criticized McCain's hands-off, market-oriented approach, saying it would lead to a 'downward spiral that would cause tremendous economic pain and loss' for Americans.

The race continues.