Posted on 09/30/2008 7:43:49 AM PDT by mnehring
WASHINGTON -- A bevy of House Democrats urged President Bush to reconsider his administration's criticisms of the housing-related government-sponsored enterprises and instead work with Congress to strengthen the mission and oversight of the GSEs.
The 76 House Democrats made their case in a letter to the president Tuesday. The housing GSEs are Fannie Mae, Freddie Mac and the Federal Home Loan Bank System. Legislation to strengthen regulation of these huge enterprises ran out of gas on Capitol Hill this spring.
Complaining that "the Administration has turned to attacking the GSEs publicly," the House Democrats said, "We are very concerned that the Administration would work to foster negative opinions in the financial markets regarding the GSEs, raising their cost of financing."
"If the intent is to get pro-housing members of Congress to weaken their support of the GSEs" mission, it is a mistaken strategy," the House Democrats said.
Among those signing the letter were Reps. Nancy Pelosi (D., Calif.), the House Democratic leader, and Barney Frank (D., Mass.) the ranking Democrat on the House Financial Services Committee, and Paul Kanjorski (D., Pa.), the ranking Democrat on the House Capital Markets subcommittee. The Democrats said their position isn't based on institutional loyalty but rather on concern for the GSEs affordable housing function.
(Excerpt) Read more at online.wsj.com ...
Send to Hannity....Send to Glen Beck.
We need to start a campaign of how this really got started.
DEMOCRATS...FANNIE,FREDDIE,FRANK,BLACK CAUCUS,ACORN AND OBAMA....TIE TO FRANKLIN REIGNS
Send to Hannity....Send to Glen Beck.
We need to start a campaign of how this really got started.
DEMOCRATS...FANNIE,FREDDIE,FRANK,BLACK CAUCUS,ACORN AND OBAMA....TIE TO FRANKLIN REIGNS
Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income."
Snip
That June Post story focused its critical reassessment of HUD's affordable-housing goals on the department's 2004 decision—during the Bush re-election campaign—to juice them up again, pushing the target to 56 percent by 2007.
ping
I have a lot more where this came from.. next one is even more damning..
Keep an eye on new articles for (Flashback).
GREAT FIND!
MORE PROOF PING!
I have been sending everyt article I can find to my extremely liberal sister to try and explain that George Bush is not th reason this happened. She can not see outside her BDS and accept that CRA and the Dems refusal to rein in Fannie and Freddie caused this failure.
I go for Newt’s ideas:
“Gingrich’s four-point plan includes:
(1) suspending immediately mark to market provisions (the accounting practice of valuing a financial position in an investment at its current market price) in the hopes of stopping the downward spiral in asset values and eventually replacing it with a three year rolling average;
(2) repealing immediately Sarbanes-Oxley, the 2002 accounting law Gingrich described as “an enormous drag on small business”;
(3) setting the capital gains tax rate at zero “matching the Chinese and Singapore” (to encourage private capital to flood into the market picking up properties without the taxpayers being at risk); and
(4) passing an “extraordinarily powerful” energy bill (”to return $500 billion a year to the American economy that are currently going overseas”).”
http://www.npr.org/templates/story/story.php?storyId=94900671
I know the story. Same here.
Looking forward to it. Do you have a ping list?
I’ll ping you on them...
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.