Skip to comments.
Fannie-Gate...Where's The Investigation
NRO Online ^
| 9.9.08
| Byron York
Posted on 09/15/2008 6:38:11 PM PDT by paul in cape
click here to read article
Navigation: use the links below to view more comments.
first previous 1-20, 21-36 last
To: paul in cape
There wasn't an individual thread on this one, but I feel it needs to be included here because it is definitely relevant:
From the NYT - 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
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.
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan
================================================
Fannie Mae, which was previously known as the Federal National Mortgage Association, and Freddie Mac, which was the Federal Home Loan Mortgage Corporation, have been criticized by rivals for exerting too much influence over their regulators.
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''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.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
21
posted on
09/17/2008 1:46:47 PM PDT
by
bamahead
(Few men desire liberty; most men wish only for a just master. -- Sallust)
To: paul in cape
22
posted on
09/17/2008 1:48:39 PM PDT
by
WOBBLY BOB
(Conservatives are to McCain what Charlie Brown is to Lucy.)
To: paul in cape; All
23
posted on
09/17/2008 1:59:13 PM PDT
by
Wuli
To: paul in cape
Another question is: Where’s the investigation of StallTroopWithdrawalGate?
To: paul in cape; All
25
posted on
09/17/2008 2:13:07 PM PDT
by
Wuli
To: paul in cape; All
26
posted on
09/17/2008 2:22:29 PM PDT
by
Wuli
To: Wuli
- Clinton administrations White House Budget Director Franklin Raines ran Fannie Mae Raines and obtained $90,128,761 in compensation from 1998 to 2003. Of this amount, $52,815,708 was derived from components tied to attaining EPS goals. Raines is due more than $1 million annually for life.
- CFO Timothy Howard (D) received $30,155,029 in compensation from 1998 to 2003.
- Jamie Gorelick, Clinton Justice Department official,remember the wall of separation that denied agencies to share intelligence on terrorists, worked for Fannie and received $26,466,834 in compensation from 1998 to 2003.
- Executive Vice President Robert Levin received $26,418,623 in compensation from 1998 to 2003.
- Richard Syron, the CEO of Freddie Mac, is getting $14.1 million.
- Democrat Jim Johnson, recently on Obamas VP search committee, has hauled in millions from his Fannie Mae CEO job.
Barack Obama: No. 2 on the Fannie/Freddie list of favored politicians.
Obama`s campaign is littered with the like-minded:
- Penny Pritzker, Obamas national finance chair was, with her family, the half owner of Superior Bank, which was shut down in 2001 by the FDIC after it had lost nearly all of its more than $2 billion of assets on bad loans to high-risk borrowers.
- Valerie Jarrett,Obama advisor, a former political operative for Mayor Richard M. Daley, and the CEO of a housing and development company based in Chicago with ties to Obama going back to his Illinois legislature days.
Comment #28 Removed by Moderator
To: paul in cape
Dems rarely go to jail even with great corruption. Pubs resign, go for a trial and get nailed. And for lesser problems. The Net, Fox may put this story out but I doubt that the MSM will give a fig for this because it ruins their story. Now if McCain and Sarah would actually mention it, who knows if it will gain traction. My guess is, John is still too nice to Dems with only 40 days to go. And they are his and America’s enemy.
To: paul in cape
Democrat Party Corruption Bump
30
posted on
09/17/2008 4:40:46 PM PDT
by
HP8753
(Live Free!!!! .............or don't.)
To: paul in cape
Franklin Raines AND Jamie Gorelick need to be in PRISON!
31
posted on
09/17/2008 4:57:03 PM PDT
by
Ann Archy
(Abortion.....The Human Sacrifice to the god of Convenience.)
To: paul in cape
Jamie Gorelick and the wall of silence. How did they let this woman near the 9/11 commission?
To: GSWarrior
Jamie Gorelick and the wall of silence. How did they let this woman near the 9/11 commission?
Who else would folks with the character of Chris Dodd, Dick Durbin, Barney Frank, Harry Reid and Nancy Pelosi consider for a 'good soldier?' John McCainneeded a good soldier and chose Sarah Palin. Character counts. Never forget that we are in a culture war.
To: bamahead
2003: ''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.''
34
posted on
09/18/2008 9:39:52 PM PDT
by
Lexinom
To: paul in cape
35
posted on
09/18/2008 10:05:46 PM PDT
by
Lexinom
To: Lexinom
36
posted on
09/18/2008 11:10:34 PM PDT
by
Lexinom
Navigation: use the links below to view more comments.
first previous 1-20, 21-36 last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson