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
click here to read article
Pass it on ..BTTT!
Please ping your list Norman.
The U.S. Department of Housing and Urban Development (HUD) has oversight responsibilities for the housing mission of Freddie Mac.
Under the GSE Act, Freddie Mac also must obtain the approval of the Secretary of HUD for any new programs we undertake that are significantly different from programs that have been previously approved.
Pass it on ~~PING!
Exactly. One of a zillion reasons why Barack Hussein Obama MUST NOT become President.
Wow... good stuff. I’ll ping everyone I know here... thanks!
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.
Thank you !
Some how this needs to get into an ad in all the states.
“The truth is that reformers like McCain tried to prevent this from happening, but the Democrats and a few Republicans opposed him, and now we have a disaster on our hands. This could be a make or break issue for McCain, and its up to him to set the record straight.
John McCain speaking to the Senate on May 25, 2005:
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Macknown as Government-sponsored entities or GSEsand the sheer magnitude of these companies and the role they play in the housing market. OFHEOs report this week does nothing to ease these concerns.
In fact, the report does quite the contrary. OFHEOs report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.”
video unearthed CEO of Fannie Mae telling Obama and the Democrats that they are the “Family” the “Conscience” of Fannie Mae.
I just can’t say what I’m thinking
is the part of Fannie Mae I think
those criminals are.
This should be run by EVERY Republican in the country. This is election turning stuff.
That should have it’s own thread. Thanks for posting.
Bush tried to fix this and so did McCain.
So of COURSE the Democrats blame them for what they themselves did.
Same here. I always thought they would do it via inflation though.
I think history will be kind to President Bush.
I don’t know if this guy is legit or not.
But...it kinda made sense.
Mod...delete if necessery...I’m not up to speed.
I do too. I have to note that the quote above your post wasn’t mine.
documentation of dems muffing fannie
If he's got proof that he tried to rein in F&F, WTF is he standing there taking all the blame like some damn pinata?
Hah, I was just getting ready to post that youtube.
Let’s me know FReepers are always on it! :)
Oops! Sorry about that. I'll opt for the "too early in the morning, haven't had first cup of coffee" excuse.
farmer18th, the Oxygen thief.
The tone of your post is entirely suspect of a libtard suffering from BDS.
Go back to farming your 18 little green Bud plants in your hyponics lab.
First, she helped cause 9-11 with her asinine “wall”, and THEN she steals 26 million dollars from us? I’d say she should more jail time than Martha Stewart. I am so with you on treating her as the felon she is. People like her are a cancer in our country.
I’m so outraged, I can’t even find non-profane words to express myself!
After the SPECIAL PROSECUTOR is finished. First things first.
What is ridiculous are the Bush Haters on this forum pretending to Republicans and taking shots at him when he tried to do what was right.
Its the Corruption Stupid!! This was caused by the Dems in DC.
Pray for W, McCuda and Our Troops
“You might discern that I have lost a substantial amount of retirement income in the last couple of days.”
I will be 70 in November, and I can’t tell you the number of times the market has dropped even worse then the past few days. I stayed invested and particuliarly in funds with the S&P and other indexes until Pelosi and Reid took over congress. We started getting out of most mutual funds after Reid and Pelosi took over. In May of their first year of terror, we had auto sell on our index funds set at 6% losses fortunately. That May dip converted our index funds to money markets.
We are basically in CDs, AAA Bonds (no Fannie nor Freddie), two good mutual funds, and enough GLD (the gold index)that we could live a year or more if the bottom drops out.
My advise to my early 40 something sons, nieces and nephews, fund the maximum you can with your 401’s and IRA. Buy SPY, DIA and MDY or funds based on those indexes.
These index funds will weed out the crap and BS, and when the market rebounds they will rise in value.
Stay away from Bond Funds as they are often loaded with Fannie and Freddie and worse.
If you are really concerned about your retirement savings, make sure that Obami and his thugs don’t get elected.
Hang in there and be glad you don’t live in Russia where the markets have been closed for at least 2 days.
Because the New Media, libtards and FReeper trolls never give President Bush credit for anything.
“Because the New Media, libtards and FReeper trolls never give President Bush credit for anything.”
Now these bastards, who stabbed him in the back 24/7/365 are blaming him for what he tried to avoid years ago.
Thanks for posting this.
You're not part of the solution if you, like McCain, keep insisting this is not a Democrat scandal. Look at the top 3 recipients of $$$ from Fannie Mae. They are Democrats. And Obama is #2 on the list of receiving the most money from them, even though he's only been in the Senate for 3 or 4 years!
They have flat out robbed us.
I could not agree with you more. However, most Americans do not care. They have to get the beer, popcorn, pizza ordered, stock up on smokes, and get ready for the big games this weekend. No time for this stuff. Most think that the thieves in D.C., formerly known as politicians, are going to screw up anything they get involved with anyway. So, never mind.
You are correct - there is blame on both sides. But you had the Chosen One come out and take a direct shot at Republicans and is trying to lay this totally on Bush. If ever there was a need for a full investigation, this is it.
Where’s the Special Prosecutor when you really need him. Half of Congress and all of Obama’s Moneymen should be under indictment for fraud and bribery.
“Fearing that mortgages would no longer be available to people who were unable to pay them back”
At that point, it’s not a mortgage, it’s a handout.
***What is ridiculous are the Bush Haters on this forum pretending to be Republicans and taking shots at him when he tried to do what was right.***
You’re absolutely right, Grampa. And let’s remember that Jamie Gorelick was the same person who made it impossible for the FBI to share information with the CIA and yet managed to make millions for herself from Fannie and Freddie. With people like that involved in the mortgage industry, Bush was absolutely right to ask Congress for an overseer.
Im so outraged, I cant even find non-profane words to express myself!
I’m in the same boat ... deep breathing
to prevent neck vein explosion.
In every case, he got ridiculed and the discussion stalled and faded away as something to fix.
I like the idea of the mobs with lighted torches marching on up to the steps of Congress.
We need to do what Sarah Palin did in Alaska...fire 'em all, and re-interview them for their jobs. That way we can keep the good (and they'll have to prove themselves) and permanently get rid of the bad.
W's talking on TV now - He's got my fav lucky tie on, too...orange!