FACTBOX: McCain, Obama react to Fannie and Freddie rescue

(Reuters) - Democrat Barack Obama called the U.S. government's takeover of mortgage finance companies Fannie Mae and Freddie Mac a necessary move, and his Republican presidential rival John McCain views it as an good step but wants eventual privatization, advisers said.

The U.S. Treasury Department plan announced on Sunday would place the two government-sponsored enterprises into federal conservatorship. Fannie Mae and Freddie Mac own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt.

Below are responses on Sunday from Obama, his vice presidential running mate Sen. Joe Biden, and McCain's campaign:

DEMOCRATIC NOMINEE SEN. BARACK OBAMA OF ILLINOIS:

"Given the substantial role that Fannie Mae and Freddie Mac play in our housing system, I believe that some form of intervention is necessary to prevent a larger and deeper crisis throughout our entire economy," Obama said in a statement.

"I will be reviewing the details of the Treasury plan and monitoring its impact to determine whether it achieves the key benchmarks I believe are necessary to address this crisis."

He said any plan needed to focus on strengthening the economy, helping struggling homeowners, and protecting taxpayers. The plan must also make clear to investors that they are not putting money in a risk-free proposition.

DEMOCRATIC VICE PRESIDENTIAL NOMINEE SEN. JOE BIDEN OF

DELAWARE, ON NBC'S MEET THE PRESS: