McCain must simply own this Fannie/Freddie crisis. It is the face of DC corruption, and the role of the politicians in this is damning. It is precisely what McCain (and Palin) are running on.
So, today, he must make an address that clearly establishes his bona fides on this matter, with reference to the 2005 legislation of which he was a co-sponsor. He must name names (Dodd, Frank, etc.). He must make it clear that Obama was second only to Dodd in cash received from FM/FM, reaching that lofty height in a mere three-plus years in the Senate. He must explain how buying off politicians worked to stave off the kind of regulations he was co-sponsoring, and how these bastards, having feathered their campaign coffers and personal accounts, have stuck the hundreds of millions of normal Americans with the bill. He must name complicit members of his own party as well.
Finally, he should announce that, as President, he would appoint an independent commission with Mitt Romney as chairman. Review Mitt's record managing the Salt Lake City Olympics. Tout his business acumen. Have Mitt ready to make a speech of his own, outlining the problem and giving some ideas on how he will clean up the mess. Get to it!