Posted on 09/16/2008 8:27:46 AM PDT by DFG
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. . . . ''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.''
(Excerpt) Read more at query.nytimes.com ...
excellent!!!!
Bush tried this in 2004. It was voted down by Obama, Dodd, and Kerry. Hard to believe.
Wonderful find.
Now, as long as paper and green ink are in good supply.
Bump for later. Nice find!
We need links to the votes against the Bush proposals!
They will solve our problem.
Just as they solved our energy crisis and found more oil.
Just as they solved our school crisis.
Just as they solved our crisis in auto manufacturing.
Just as the di...............
Will we never learn?
Please do not tell me the man, our President, who almost singlehandedly stands steadfast in winning the WOT- was outmaneuvered by Barney Frank and Chris Dodd, Democrat bootlickers Franklin Raines, Jim Johnson, Chuck Schumer, Jamie Gorelick (rewarded with a seat on the 9-11 Commission and permitted to grill Bush admin staff- what next, a seat for MZZ Gorelick to investigate FNMA abuses?)
Mr President and GOP- forceful exposure and more effort to throw bleach on the moldy culture of skunks draining our treasury would have been greatly appreciated by the American people
Nice memories!
Why NO investigation?...
Do you have a link to the votes for this bill?
Problem is that the GOP controlled both the House and Senate in 2004. The GOP controlled the legislature throughout Bush’s term except this last two years.
Our argument is a lot more inclusive then those terrible Dem’s. We have been screwed by the GOP for years now. The GOP refused to go nuclear on judges, and refused to reform Social Security and has not acted on immigration and gave us the largest ever entitlement program with the Perscription Drug Program and put together the single largest Gov’t Agency with Homeland Security and has run up historic defecits.
We have to stop the Dems but clean house in the GOP. Palin is a good ideological start but she is running for the least powerful office in Washington. I’d love to see her campaigning along side of REAL Conservatives for House and Senate so we can make a clean sweep of this.
House Approves Overhaul at Fannie Mae and Freddie Mac
By STEPHEN LABATON
Published: October 27, 2005
WASHINGTON, Oct. 26 - Responding to the accounting scandals at Fannie Mae and Freddie Mac, the House of Representatives approved legislation on Wednesday overhauling the regulatory oversight of the two huge mortgage financing companies.
...SNIP...
But the measure was sharply criticized by the Bush administration and differs significantly from legislation moving through the Senate.
...SNIP...
By a voice vote, the House also approved an amendment supported by Fannie and Freddie and opposed by the Bush administration that would continue letting the White House select a number of board members. In the past, investors have inferred that such political appointments mean that the federal government will rescue Fannie and Freddie in case of default. It is that belief that has enabled Fannie and Freddie to pay lower interest rates on their bonds than most other companies pay.
...SNIP...
Differences between the House and Senate versions, however, could doom the legislation if not reconciled. The Senate bill would require the companies to slowly divest most of their $1.5 trillion investment portfolios. The House bill leaves portfolio limits to the discretion of the new Federal Housing Finance Agency.
Fannie Mae and Freddie Mac have lobbied against the imposition of such limits, particularly since their portfolios account for most of their earnings.
The strict limits on portfolio size in the Senate version have been sought by the Bush administration and by Alan Greenspan, who is stepping down soon as chairman of the Federal Reserve. Mr. Greenspan and administration officials have said that the enormous portfolios of the companies - nearly a quarter of the home mortgage market - posed significant risks to the nation's financial system should either company face major problems.
...see more HERE
See my Sarah Palin inspired designs HERE
Ha! Barney Frank must be on to something. High severance packages and large donations to politicians. Flush with money. Maybe he missed the meeting where he was to not to say anything.
bump
They had majorities in Congress not control. You need 60 votes in the Senate to pass anything. The Democrats have been using the Mac twins as cash cows for years. They were not about to cut off the gravy train.
Bump — Thanks for that....
Why isn’t the MSM shouting this one from the rooftops? Okay, I guess I don’t really need an answer for that one...
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