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 ...
Somebody needs to go after Franklin Raines’ ass and get our 90 million bucks back.
Barney Frank, Chris Dodd, Barack ACORN Obama....
We need a mob with torches and pitchforks to decend on D.C.
They have flat out robbed us.
Wow. That one should be posted far and wide. (I don’t like Bush, but if he did that, he deserves credit.)
Yup! An now Raines is going to be able to do it again if Obammie is elected by the Obamanoids.
Did I read that right?
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.
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.
The Party of Incompetence is always at the bottom of every major screw up.
check out this article Dated Sept 11, 2008. http://www.bucksright.com/bush-proposed-fannie-mae-freddie-mac-supervision-in-2003-1141
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???
Paging Ms Pelosi.
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.
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.
Maybe McCain can just read the article for his opening statement at the first debate.
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 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.
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.
If ?
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....
Good find!
The McCain campaign reads Freerepublic they will probably be all over this tomorrow!
“…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.
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.
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.
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.
Thanks for the info. I was at grandson’s birthday party. Glad someone is naming names.
Selling their souls and our solvency for Fannie/Freddie cash.
TERM LIMITS!
bttt
Shout it loud from the rooftops: Obama’s pal Franklin Raines is THE KEN LAY OF FANNIE MAE!
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.
This must get out .. please ping your lists. Thank you .. ;)
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