Posted on 09/17/2008 10:01:15 PM PDT by tallyhoe
A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac. Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
(Excerpt) Read more at query.nytimes.com ...
BTTT!
Some how this needs to get into an ad in all the states.
“The truth is that reformers like McCain tried to prevent this from happening, but the Democrats and a few Republicans opposed him, and now we have a disaster on our hands. This could be a make or break issue for McCain, and it’s up to him to set the record straight.
John McCain speaking to the Senate on May 25, 2005:
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.
I urge my colleagues to support swift action on this GSE reform legislation.”
http://pawatercooler.com/?p=6336
video unearthed CEO of Fannie Mae telling Obama and the Democrats that they are the “Family” the “Conscience” of Fannie Mae.
http://www.youtube.com/watch?v=usvG-s_Ssb0
I just can’t say what I’m thinking
is the part of Fannie Mae I think
those criminals are.
BTTT
This should be run by EVERY Republican in the country. This is election turning stuff.
That should have it’s own thread. Thanks for posting.
ping.
Bttt
thanks, bfl
BUSTED.
Bush tried to fix this and so did McCain.
So of COURSE the Democrats blame them for what they themselves did.
Same here. I always thought they would do it via inflation though.
I think history will be kind to President Bush.
Sorry...wrong link.
I don’t know if this guy is legit or not.
But...it kinda made sense.
Mod...delete if necessery...I’m not up to speed.
I do too. I have to note that the quote above your post wasn’t mine.
documentation of dems muffing fannie
If he's got proof that he tried to rein in F&F, WTF is he standing there taking all the blame like some damn pinata?
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