FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006 Section 16
McCain is qouted: "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."
This strikes me as a pretty big deal. Obama is ridiculing the idea of Mc regulating this mess, and in fact Mc saw the problem in 2006 (maybe earlier).
Meanwhile, O has 2 former CEO of Fannie/Freddie as economic advisors, and is a major recipient of campaign contributions
How much money has Obambi received from those folks anyway?
I heard this on Hannity today.
*I think it will be effective in the debate if some how McCain can put this out there when the economy comes up.
Here’s an article that talks about the oversight that the Bush Administration proposed in 2003.
I love the quote near the bottom by Rep. Barney Frank...
‘’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.’’
Here’s a couple of articles that (in addition to other stuff) talk about the repeal of the Glass-Steagall Act in 1999, and its impact on the housing market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDSFgf3DHR_A&refer=exclusive
http://www.prospect.org/cs/articles?article=the_bubble_economy
I love the quote near the bottom by Rep. Barney Frank...
‘’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.’’
The other scandal to that is Obama and Jack Reed of RI held up any serious reform of Fannie Mae in order to cut out a “low income trust fund” that Fannie had to pay money into to offer loans to bad credit risks.
The NILCH (National Institute for low income housing) had a press release that featured Reed and Obama talking about what a wonderful program that was...in May of this year...
They were buying votes with Fannie Mae all the while McCain was calling for divesture of some loans in order to shore up Capital Reserves.
That went...nowhere.
Ah, so Claire McKaskill was lying when she said that unlike McCain, Obama didn't have any CEOs or lobbyists or any big money men on his team. Why am I not surprised?
Meanwhile, as to the Fannie/Freddie relationship with Barack Obama...
http://www.freerepublic.com/focus/f-news/2083673/posts
“I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”
This is delicious! My sides are seriously splitting here. The Kos Kids have been going nuts about McCain’s former adviser Phil Gramm contributing to this mess. But it looks fairly indisputable that if McCain had been elected president in ‘04, none of this would have happened. :D
Love it!
the wsj had an editorial last week
laying barney frank responsible for a lot of the problems
with fanny and freddy dating back to the early 1990s.
The message needs to be simple.
Obama increasing taxes on small businesses will mean everyone pays more for goods and services, and more job losses.
The people advising and contributing to Obama’s campaign are wrong. Obama is wrong on the Economy. Obama will make things worse not better.
I believe he actually started this push in 2003.
In this case, McCain has been on the right side of the issue for some time. He can speak with authority to that part of the crisis.
The problem I see is that it’s hard to make the general public understand the connection between the FMs and Wall street.
Notice that Obama is not asking for an investigation...like Dems like to do.
Welcome to FR.
Here’s the real scoop:
http://www.ibdeditorials.com/IBDArticles.aspx?id=306370789279709
bttt
Even though he wasn’t in the Senate at the time, I’m sure The Lord Barack Obama wrote that legislation and not McCain because Obama is the Chosen One and McCain’s an evil Republican.
I just want to know, did Freddie give Fannie AIDS??
Bookmark for later reading.
I notice that back then McCain was not in favor of abolishing government interference in these entities, but was in favor of more ‘regulation’ just like the other day he slams wall street for ‘greed’. He is right when he says he is clueless about economics. He is also clueless about conservatism and basic fundementals of human freedom.
Obama has former CEO’s who walked away from Fannie Mae with hundreds of millions in compensation serving as his advisers, while McCain was urging for reform.
McCain needs to get this on the air.
Obama’s top two economic advisers’ mismanagement of FNM are single-handedly responsible for increasing the federal debt by almost $600 billion. Former CEO Raines even had to pay part of a $30 million fine for overstating FNM’s financial condition in order to receive greater compensation for his alleged “success” - such alleged “success” which ultimately saw FNM become insolvent.
CEO: Fannie/Freddie Bailout Makes America ‘More Communist than China’
Business Media | 09-08-08 | Jeff Poor
Posted on 09/08/2008 9:03:01 PM PDT by Dr. Marten
http://www.freerepublic.com/focus/news/2077876/posts
U.S. seizes Fannie and Freddie
CNN | 9/7/2008 | David Ellis
Posted on 09/07/2008 9:02:41 AM PDT by CodeToad
http://www.freerepublic.com/focus/f-news/2076709/posts
Fanny, Freddie, and Obama (They go way back)
The American Prowler | 9/8/2008 | The Prowler
Posted on 09/08/2008 12:13:06 AM PDT by nickcarraway
http://www.freerepublic.com/focus/f-news/2077144/posts
Sarah Palin fumbles on Fannie, Freddie
Chicago Tribune | Sept. 8 08 | Frank James
Posted on 09/08/2008 2:22:19 PM PDT by Rennes Templar
http://www.freerepublic.com/focus/f-news/2077636/posts