Posted on 10/03/2008 6:21:56 PM PDT by hecht
Biden said this a few times last night. This goes against Obama's Acorn background. It stretches credulaty, but if it is true, I'll give credit where credit is due. Anyone have any evidence?
Sounds like a bunch of bull to me...anyone got a youtube video, or news article that quotes him?
2 years ago the whole of the CBC was 1000% behind Fannie Mae and their lending practices.
he told Joe.
Is the FR Search function not working?
For that matter, is Google not working?
This is an easy thing to check out, and it’s been posted on at least two threads today. It doesn’t require a new thread.
I saw this on a thread earlier and did abit of searching, but I couldn’t find anything that indicates it to be true. I plan to call Obiden’s office Monday and ask for specifics.
HAR! If he did it was only because he hadn’t gotten enough Campaign donations from Fannie Mae.
The ONE said it to O’Biden 2 years ago at Katie’s Diner, before going to the Home Depot to pick up Illegal Aliens to work on their YARD!
/sarc
Obama has said in numerous stump speeches on the campaign trail that “two years ago I sent a letter to the Secretary of the Treasury warning against the problem with fannie Mae and Freddie Mac”.
This is an unprovable statement using information that is available in the public domain.
The fact that is claim is not easily disprovable is WHY Obama chose to claim that the letter he went to a Bush cabinet member.
Dear Chairman Bernanke and Secretary Paulson,
There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.
We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.
Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets.
The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:
What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.
How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty.
How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.
How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage.
How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.
How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.
Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation.
Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.
Sincerely,
U.S. Senator Barack Obama
Google, 30 seconds.
Fannie Mae? Is that another one of Obama’s friends he “doesn’t recognize” today?
Somebody lift up that bus. Another body coming in.
Obambi NEVER spoke out against Fannie Mae. He was second only to that New England cretin Dodd in the amount of contributions recieved from Fannie Mae.
Hey troll that letter issn’t dated ?
Could you provide a link please? My keywords are not picking it up.
Actually, if it’s real, doesn’t sound half bad.
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