McCain tried to reform Fannie Mae 3 years ago. Obama was AWOL as he took $126,349 from Fannie Mae
Senator John McCain tried to reform Fannie Mae and Freddie Mac several years ago. Senators Dole, Hagel, McCain, and Sunnunu sponsored “The Federal Housing Enterprise Regulatory Reform Act of 2005“. This bill would have created a new oversight board for the agencies that would have had more authority to investigate and discipline them. Naturally the Democrats blocked this bill in committee as they did everything they could for years to prevent Fannie and Freddie from being held accountable for their mismanagement and fraud.
NY Times in 2002: Bush Admin tried to reform Fannie & Freddie; Democrats opposed reform.
Still trying to blame the Bush administration for the implosion of Fannie Mae and Freddie Mac as Obama and his lackeys are? The right-wing rag The New York Times reported in 2002 the Bush administration tried to reform the agencies while placing them under more adult supervision.
….The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. ……
…..The company is also likely to lobby against the efforts that give regulators too much authority to approve its products…..
…..”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”……
Thinking of blaming Bush?:
http://kingfish1935.blogspot.com/2008/09/thinking-of-blaming-bush-for-fannie.html
McCain tried to reform Fannie Mae 3 years ago. Obama took $126,349 from Fannie Mae:
http://kingfish1935.blogspot.com/2008/09/mccain-tried-to-reform-fannie-mae-2.html
2006 OFHEO report warning of Fannie/Freddie abuses and reckless management:
http://kingfish1935.blogspot.com/2008/09/mccain-tried-to-reform-fannie-mae-2.html
More evidence of the Democrats/Fannie Mae incest and abuse.
One little fact about the AIG bailout….
The bailout is a LOAN. The interest rate is nearly ELEVEN percent. Nice juice if you can get it. With an 80% equity stake, the government makes money on this deal.
Magnolia Tribune
