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Bush Proposed Fannie Mae / Freddie Mac Supervision In Sept 2003
New York ^ | Sept 11, 2003 | STEPHEN LABATON

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 ...


TOPICS: Breaking News; Business/Economy; Culture/Society; Government; News/Current Events; Politics/Elections
KEYWORDS: 109th; banksandmortages; barneyfrank; bushwasright; corruptdems; crooks; cultureofcorruption; demron; economicpolicy; fanniefreddie; fanniemae; federalregulation; franklinraines; freddiemac; housingbubble; jamiegorelick; johnmccain; nyt; presidentbush; sendodd
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The Democrats are trying to Blame Bush and the Republicans
1 posted on 09/17/2008 10:01:15 PM PDT by tallyhoe
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To: tallyhoe

Somebody needs to go after Franklin Raines’ ass and get our 90 million bucks back.


2 posted on 09/17/2008 10:03:29 PM PDT by FlingWingFlyer (Barack Hussein Obama is a liar!)
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To: tallyhoe
They are both at fault. This is getting ridiculous.
3 posted on 09/17/2008 10:03:46 PM PDT by BGHater (Democracy is the road to socialism.)
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To: tallyhoe

Barney Frank, Chris Dodd, Barack ACORN Obama....


4 posted on 09/17/2008 10:03:52 PM PDT by unspun (Mike Huckabee: Government's job is "protect us, not have to provide for us.")
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To: tallyhoe
"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."
5 posted on 09/17/2008 10:04:00 PM PDT by 1035rep (McCain/Palin 08)
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To: FlingWingFlyer

We need a mob with torches and pitchforks to decend on D.C.

They have flat out robbed us.


6 posted on 09/17/2008 10:05:32 PM PDT by Aria ("An America that could elect Sarah Palin might still save itself." Vin Suprynowicz)
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To: tallyhoe

Wow. That one should be posted far and wide. (I don’t like Bush, but if he did that, he deserves credit.)


7 posted on 09/17/2008 10:06:31 PM PDT by farmer18th (Iraqi Nation Building GWB-Style: "No law that contradicts.. Islam may be established")
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To: Aria

Yup! An now Raines is going to be able to do it again if Obammie is elected by the Obamanoids.


8 posted on 09/17/2008 10:07:04 PM PDT by FlingWingFlyer (Barack Hussein Obama is a liar!)
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To: tallyhoe
Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal.

Did I read that right?

9 posted on 09/17/2008 10:07:24 PM PDT by Defiant (Pacifism and Socialism: Death and Taxes, just more of it.)
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To: tallyhoe
And who, so far, is telling the American people this truth in a way they can understand?

Sadly, the entire congress is complicit in the destruction of my retirement nestegg, and, rhetoric aside, I don't see any masked men on white stallions on the horizon. Lots of good talk though.

10 posted on 09/17/2008 10:07:25 PM PDT by Chaguito
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To: tallyhoe

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.

worth repeating over and over..

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.

..and over..

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.

no collateral, no tickie.. no tickie no laundry..

who’s been taking who to the cleaners for years?

we know who always get blamed for it, regardless solid facts in evidence to the otherwise.


11 posted on 09/17/2008 10:07:37 PM PDT by NormsRevenge (Semper Fi ... Godspeed ... ICE's toll-free tip hotline 1-866-DHS-2-ICE ... 9/11 .. Never FoRget!!!)
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To: tallyhoe; SE Mom; Bahbah; silent_jonny; snugs; DollyCali; LUV W; NordP; MamaB; tommix2; ...
Thank you for posting this!

The Party of Incompetence is always at the bottom of every major screw up.

12 posted on 09/17/2008 10:08:20 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: tallyhoe
But, but, but all the talking heads say it is Bush's fault! Wah! Wah!
13 posted on 09/17/2008 10:08:43 PM PDT by originalbuckeye
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To: unspun

check out this article Dated Sept 11, 2008. http://www.bucksright.com/bush-proposed-fannie-mae-freddie-mac-supervision-in-2003-1141


14 posted on 09/17/2008 10:09:12 PM PDT by tallyhoe
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To: Aria

They have flat out robbed us.
:::::::::::
No doubt about it -— and it is not over yet. Radical government (mainly DemoRAT) corruption and malfeasance have brought this upon us. Bush tried to regulate/control FM and FM...and the DEMORATs stopped the effort....now look what we have. Now the scumbags that were hustling the institutions, are now “financial advisors” to Oba-Mao. Get the picture???


15 posted on 09/17/2008 10:09:33 PM PDT by EagleUSA
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To: tallyhoe

Paging Ms Pelosi.


16 posted on 09/17/2008 10:09:58 PM PDT by Hattie
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To: NormsRevenge
worth repeating over and over..

By whom to whom? The evidence is rock solid that this is a democrat debacle through and through, but the fear of losing an election, rather than saving a country, pervades the Republican cowards who infest the halls of government. So, the leftist demagogues win another round in the destruction of the most egalitarian econmomy the world has ever known.

You might discern that I have lost a substantial amount of retirement income in the last couple of days.

17 posted on 09/17/2008 10:12:19 PM PDT by Chaguito
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To: 1035rep

In June 2008 Wall Street Journal reported that Franklin Raines was one of several politicians who received below market rates loans at Countrywide Financial because the corporation considered the officeholders “FOA’s”—”Friends of Angelo” (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae. [5] Franklin Raines is currently one of Barack Obama’s chief economic advisers.


18 posted on 09/17/2008 10:13:14 PM PDT by tallyhoe
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To: tallyhoe
''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.''
19 posted on 09/17/2008 10:13:45 PM PDT by fso301
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To: farmer18th
Wow. That one should be posted far and wide.

Maybe McCain can just read the article for his opening statement at the first debate.

20 posted on 09/17/2008 10:15:13 PM PDT by BookmanTheJanitor
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To: Chaguito

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?


21 posted on 09/17/2008 10:17:14 PM PDT by NormsRevenge (Semper Fi ... Godspeed ... ICE's toll-free tip hotline 1-866-DHS-2-ICE ... 9/11 .. Never FoRget!!!)
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To: tallyhoe; Norman Bates

Unreal. I hope the GOP is working on some ads right now.


22 posted on 09/17/2008 10:17:38 PM PDT by 1035rep (McCain/Palin 08)
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To: FlingWingFlyer

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 Moody’s 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”.

http://www.freerepublic.com/focus/news/2083356/posts?page=5#5

~~~

I wanna see her in an orange jumpsuit so
bad, I can visualize the whole scene.
I despise this piece of dirt.


23 posted on 09/17/2008 10:17:40 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: BookmanTheJanitor

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.[1] On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson.[2] 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.[3] 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.


24 posted on 09/17/2008 10:17:44 PM PDT by tallyhoe
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To: farmer18th

If ?


25 posted on 09/17/2008 10:18:19 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: tallyhoe
People will see this problem has much more to do with Democrat policies than Republican. It is too bad though that this process was not stopped by Republicans. Of course the MSM will not look at any of this with objectivity.
26 posted on 09/17/2008 10:18:49 PM PDT by GOP Poet
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To: farmer18th
Wow. That one should be posted far and wide. (I don’t like Bush, but if he did that, he deserves credit.)

President Bush also urged lazy Louisiana authorities to order an evacuation long before Katrina hit. You don't hear much about that, either.

27 posted on 09/17/2008 10:19:52 PM PDT by JennysCool (A man who served his country well vs. a walking Che poster. Is it really that tough a choice?)
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To: administrator

why does the headline read “obama” proposed ....instead of Bush proposed?...more hijinks?


28 posted on 09/17/2008 10:19:52 PM PDT by cherry (SP for VP !!!)
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To: tallyhoe
The solution is simple, blame Bush. You know what? 50% of the country (the Dems) will buy that hook, line and sinker.

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.

29 posted on 09/17/2008 10:20:20 PM PDT by Cementjungle
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To: tallyhoe

Fannie and Freddie were a problem long before Bush took office.


30 posted on 09/17/2008 10:20:51 PM PDT by GOP Poet
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To: STARWISE

The damage Gorelick did to this country is going to take a long time to repair. She needs to be in jail.


31 posted on 09/17/2008 10:21:23 PM PDT by FlingWingFlyer (Barack Hussein Obama is a liar!)
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To: BookmanTheJanitor
I watched the State of the Union addresses and I remember, at least once, Bush touting the ever growing number of minority homeowners. I have been ticked off for a year and I've been saying that either Bush knew this was coming or he should have known this was coming.

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".

32 posted on 09/17/2008 10:22:02 PM PDT by Dianna
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To: NormsRevenge
Disclaimer: My post followed two stiff margaritas. I'm not a party animal after a couple of those babies.

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.

33 posted on 09/17/2008 10:22:09 PM PDT by Chaguito
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To: Dianna
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".

I'm with you. I've had it with spineless Republicans.

34 posted on 09/17/2008 10:24:37 PM PDT by BookmanTheJanitor
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To: STARWISE
If ?

Yes, if. Conservatives are being asked to believe John McCain really has the good of the country at heart--this after he issued direct hits against the Constitution and our border. George Bush has sent our boys to die in Iraq to create an Islamic republic. I don't trust the spin masters on either side, but IF he did this--John McCain should use it BIG TIME. You're going to have to pardon the if though. I don't trust GWB as being the author of anything sensible.
35 posted on 09/17/2008 10:25:03 PM PDT by farmer18th (Iraqi Nation Building GWB-Style: "No law that contradicts.. Islam may be established")
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To: tallyhoe
'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts..."The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'

Dumbass. The WSJ saw all this coming back in 98.

36 posted on 09/17/2008 10:25:20 PM PDT by Psycho_Bunny (By Obama's own reckoning, isn't Lyndon LaRouche more qualified? He's run since the 70's)
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To: JennysCool
President Bush also urged lazy Louisiana authorities to order an evacuation long before Katrina hit. You don't hear much about that, either.

 Because the New Media, libtards and FReeper trolls never give President Bush credit for anything.  

37 posted on 09/17/2008 10:30:02 PM PDT by 1035rep (McCain/Palin 08)
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To: tallyhoe
"The Democrats are trying to Blame Bush and the Republicans"

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....

38 posted on 09/17/2008 10:36:17 PM PDT by KoRn (Barack Obama Must Be Stopped!!!)
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To: tallyhoe

Good find!


39 posted on 09/17/2008 10:38:21 PM PDT by Anti-Bubba182
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To: KoRn

The McCain campaign reads Freerepublic they will probably be all over this tomorrow!


40 posted on 09/17/2008 10:39:42 PM PDT by tallyhoe
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To: KoRn

“…He put Fannie Mae’s [former] CEO, who helped create this problem in charge, of finding his vice president. That’s not change — that’s what’s broken in Washington,” said McCain.


41 posted on 09/17/2008 10:43:30 PM PDT by 1035rep (McCain/Palin 08)
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To: Chaguito

Carl Rove was on Hannity and Colmes tonight slamming these guys and naming names! He said Bush went to congress about Fannie Mae and Freddie Mac. But guys like Barney Frank and Chris Dodd killed the measure! Some Liberal Republicans were with the Dems.


42 posted on 09/17/2008 10:45:26 PM PDT by tallyhoe
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To: GOP Poet
Intelligent people will see that this crisis was caused mostly by leftist Democrats, but the sheeple who get their news from the MSM will be told that it's the GOP's fault. If a hurricane hits a city, and the local Dems don't evacuate it, and don't allow FEMA in for two days, it's the GOP president's fault. If leftists give out home loans to Democrat voters who lack the means to pay them back, and this causes a financial meltdown, it's the GOP president's fault.

That's the way it will be unless the GOP fights back. Bush just sat there and let himself be blamed for Katrina. If McCain just blames this meltdown on generic "Wall Street" types without identifying the culprits, including Gorlick, Schumer, Dodd, Frank, and Obama's crony Franklin Raines (the Ken Lay of Fannie Mae), then the very people who caused the crisis will benefit politically from it.

43 posted on 09/17/2008 10:48:04 PM PDT by puroresu (Enjoy ASIAN CINEMA? See my Freeper page for recommendations (updated!).)
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To: farmer18th; Admin Moderator

I never saw you before this post.
And I already I’ve formed a very
bad opinion of you.

If there’s anything I can’t stand
it’s a FReeper with BDS.

Sad. We might’ve been FRiends.

Please don’t respond back to me.


44 posted on 09/17/2008 10:48:58 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: tallyhoe

Thanks for the info. I was at grandson’s birthday party. Glad someone is naming names.


45 posted on 09/17/2008 10:52:30 PM PDT by Chaguito
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To: tallyhoe

Selling their souls and our solvency for Fannie/Freddie cash.
TERM LIMITS!


46 posted on 09/17/2008 10:52:30 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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To: STARWISE

bttt


47 posted on 09/17/2008 10:54:58 PM PDT by 1035rep (McCain/Palin 08)
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To: tallyhoe

Shout it loud from the rooftops: Obama’s pal Franklin Raines is THE KEN LAY OF FANNIE MAE!


48 posted on 09/17/2008 10:55:59 PM PDT by puroresu (Enjoy ASIAN CINEMA? See my Freeper page for recommendations (updated!).)
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To: STARWISE

You’re pathetic. You don’t want a dialogue. You’re little post to the Admin is the sort of whining I’d expectr from a RAT.


49 posted on 09/17/2008 10:56:59 PM PDT by farmer18th (Iraqi Nation Building GWB-Style: "No law that contradicts.. Islam may be established")
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To: nutmeg; Ernest_at_the_Beach; Dog Gone; All

This must get out .. please ping your lists. Thank you .. ;)


50 posted on 09/17/2008 10:59:16 PM PDT by STARWISE (They (Dims) think of this WOT as Bush's war, not America's war-RichardMiniter, respected OBL author)
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