Not just "no", but &%#_*^@! NO!!!!!!
Freddie and Fannie, the two big quasi-govt mortgage banks that HAVE ALREADY RECEIVED HUGE federal bailouts, had huge lobbying budgets that they used for political contributions to keep regulators off their backs. So which politicians get Fannie and Freddie political contributions.
The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats and number two was then-Senator Barack Obama who had only been in the Senate little over 2 years, but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd then-chairman of the powerful Senate Banking Committee.
Fannie and Freddie were creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some many many who couldnt afford them. Fannie and Freddie have also been places for big Washington democrats to go to work in the semi-private sector and pocket millions.
The Clinton Administrations White House budget director -—Franklin Raines-— was appointed by Clinton to run Fannie........ and collected $50 million dollars. Jamie Gurilli Gorelick (now BPs attorney), a Clinton Justice Apartment Official, worked for Fannie and took home $26 million dollars in mfg bonuses.
Big Democrat Jim Johnson, recently on Obamas VP search committee hauled in millions from his Fannie Mae CEO job. Now remember, Obamas ads and stump speeches attacked McCain and Republican policies for the financial turmoil.
It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggys lined up at the Fannie and Freddie trough for campaign bucks.... - FoxNews, Sept. 2008
The Office of Federal Housing Enterprise Oversights report reported that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives.
Franklin Raines, Fannie Maes former chief executive officer, OFHEOs report shows that over half of Mr. Raines compensation for the 6 years through 2003 was directly tied to meeting earnings targets (by cooking the books).
Ex-Fannie CEO Franklin Raines (Clinton appointee) is a parasitic crook of the first order. This thief cooked the FM books precipitating losses of $9BILLION (that we know of) for the single purpose of creating $50 million fraudulent bonuses for himself (and millions for other F/M insiders).
The SEC said Raines broke accounting rules by playing with risky derivatives. The US Government filed suit against Franklin Raines when the depth of the F/M accounting scandal became clear.
READ IT HERE http://housingdoom.com/2006/12/18/fannie-charges/
The Government noted, The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public.....explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.
These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the misstated Fannie Mae profits. (Soon going to trial?)
On top of the $50M he looted from the govt (for cooking the books for which he was fired), Raines also walked away with a tax-paid exit package worth $90 million.