Skip to comments.Bush Proposed Fannie Mae / Freddie Mac Supervision In Sept 2003
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 ...
We are getting a taste of how the Romans felt as their realm disintegrated before their very eyes as well.
I hear ya on the retirement income thing.
It’s no consolation but hopefully a lot of folks are going to be asking Why and How?
I wonder how many AARP members will re-think their allegiance to a leftist run party that could care less how much they also lose?
Unreal. I hope the GOP is working on some ads right now.
Don’t forget Jamie “The Wall” Gorelick.
That piece of human vermin lied about
the safety of financial instruments ..
and left with a $26 million package.
“Jamie Gorelick (Clinton dep AG) = $26 MILLION
Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there.
During that period, FNMA developed a $10 billion accounting scandal. One example of falsified financial transactions that helped the company meet earnings targets for 1998, a manipulation that triggered multimillion-dollar bonuses for top executives.
Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of Fanny Mae. Gorelick is quoted as saying,
We believe we are managed safely. We are very pleased that Moodys gave us an A-minus in the area of bank financial strength without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions.
One year later, Government Regulators accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses.
I wanna see her in an orange jumpsuit so
bad, I can visualize the whole scene.
I despise this piece of dirt.
Johnson has long been one of Washington’s most prominent leaders, holding leadership positions in business, the arts, and politics.
Johnson began his career as a faculty member at Princeton University, later moving on to the United States Senate as a staff member and to the Dayton-Hudson Corporation (now Target Corp.) as director of public affairs. He was executive assistant to Vice President Walter Mondale during the entire Carter Administration (1977-1981). Later, he founded and headed Public Strategies, a private consulting firm, from 1981 to 1985 before leaving for Lehman Brothers.
From 1991 to 1998, he served as chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae), the quasi-public organization that guarantees mortgages for millions of American homeowners. Previously, he was vice chairman of Fannie Mae (1990-1991) and a managing director with Lehman Brothers (1985-1990). On May 22, 2008, Democratic Party officials confidentially divulged that Obama had asked Johnson “to lead the process” for selecting Obama’s running mate. On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson. However, Johnson soon became a source of controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage lending crisis. Although he was not accused of any wrongdoing and was initially defended by Obama on the grounds that he was simply an unpaid volunteer, Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama’s campaign.
President Bush also urged lazy Louisiana authorities to order an evacuation long before Katrina hit. You don't hear much about that, either.
why does the headline read “obama” proposed ....instead of Bush proposed?...more hijinks?
The whole concept of giving loans to people who can't afford them was a huge push towards socialism, ushered in by Carter and built upon by people like Clinton. The Dem Congress covered up for this one while it was failing, and now they want even more control of the government. Their only way to fix this mess and others on the horizon will be to go all the way... to socialism. That would not be good at all.
Fannie and Freddie were a problem long before Bush took office.
The damage Gorelick did to this country is going to take a long time to repair. She needs to be in jail.
I'm glad to see that they did try to sound the alarm. But now is the time to pound this with FACTS and NAMES. I don't care how nasty and partisan they might sound. I'd rather go down in flames kicking and screaming from the rooftops, if that happens, than be "nice guys" and try to "get along".
But in a depressed state, I have lots of fantasies about what I would like to do to those criminals who are destroying our government and economy -- read D in 1993, 1999, 2003, 2005, etc.
I'm with you. I've had it with spineless Republicans.
Dumbass. The WSJ saw all this coming back in 98.
Because the New Media, libtards and FReeper trolls never give President Bush credit for anything.
While democrat finger prints are all over this, right into the Obama campaign. The GOP should be firing with both barrels at the dems on this, but they seem to be stuck on criticizing Wall Street instead....
The McCain campaign reads Freerepublic they will probably be all over this tomorrow!