Obama, McCain economic plans hit Wall St.

WASHINGTON, Sept. 16 (UPI) -- The collapse of two Wall Street giants led the two major-party U.S. presidential camps to articulate their views on economic stewardship, observers said.

Democrat Barack Obama and Republican John McCain both criticized, among other things, lack of oversight for creating conditions that led to Lehman Brothers to declare bankruptcy and Merrill Lynch to merge with Bank of America.

Obama proposed a federal definition of mortgage fraud and providing funding for state and federal prosecutions, USA Today reported Tuesday. He also proposed requiring a specific timetable detailing what borrowers owe and when they need to pay.

McCain economic adviser Carly Fiorina said his goal is "to require more transparency and more accountability" to help lenders and borrowers. He also wants to increase required down payments for home purchases, so buyers have more equity invested.

Both campaigns also complained about the collage of federal regulatory agencies overseeing financial institutions.

Mark Bloomfield, president of the think tank American Council for Capital Formation, said Obama and McCain don't necessarily mesh with their parties concerning the financial markets, USA Today said. McCain advocates more regulation than many Republicans, while Obama has more of a free-market bent than other Democrats.