Sandwiched between two Democrats, Chirs Dodd and John Kerry, Obama was 2nd on the list ( $126,349) on taking campaign contributions from FM/FM. How is this so? Obama has only been in office for 4 years and hasn't done anything to speak of. How did he become so popular?
Also, Bush, McCain Tried To Reform Freddie Mac
September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.....
.... ”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.”
McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005
2 comments:
Last night Dick Morris called FM/FM what he thinks they really are: retirement homes for Democratic politicians.
He stated some number of appointments to those companies, all of which were Dems.
FM/FM and other lenders were encouraged (forced) to make loans to people who could not afford them. This was done through tax incentives.
The loans did not make sense, because these poor people could not possibly pay the loan after the initial teaser period, but the Dems did not care. The Republicans did. The reform proposed by the Republicans would have made it harder for the poor to get loans, and this was spun as "mean".
Now who are the mean ones? Who are the dastardly, blinded by their "Has/Has Not" political game? Who are the evil ones who played the Populist card, only to make things worse not only for those they pretended to care about, but also worse for those who made decent monetary decisions?
I heard they mastered the ninja loan. No income, no job and (no) assets. Very smart.
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