Gov. Timothy M. Kaine says the federal government's takeover of mortgage giants Fannie Mae and Freddie Mac is necessary, but long overdue.

"It's an important step that they've taken, but they're way too late," Kaine said yesterday on CNN's "Late Edition," moments after Treasury Secretary Henry Paulson announced the move.

Kaine said states had warned federal regulators of looming problems in the mortgage industry with private lenders and Freddie Mac and Fannie Mae. But he said the Bush administration has demonstrated "a laissez faire attitude" toward trying to protect homeowners and the credit markets.

Kaine said the "massive bailout" is an example of "chickens coming home to roost."

-- Andrew Cain