Did McCain see the collapse of Fannie Mae and Freddie Mac 3 years ago?

Fannie and Freddy were set up as a way of subsidizing home ownership by transferring part of the risk to the government (taxpayers) and was a government agency until 1969, so everyone always knew the government would bail them out. McCain was trying to limit their participation in the market because he thinks the Private sector works better. Anyone who actually foresaw the crisis would have acted to try to curb the sub prime mortgage market. Fannie and Freddy hold half of all mortgages, and none of them are sub prime, but they account for only a tiny fraction of the loses. We would be better off if there had been more government involvement in the mortgage markets not less, and I think McCain's actions showed a lack of insight into the real problems because he was worried about the wrong thing.