Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: mathprof

GOP needs to shout the following from the roof tops...

McCain sponsored a bill in 2005 to rein in out of control
Fannie May & Freddy Mac (F&F). That bill lost because of
most democrats and a few repubs in the senate. McCain warned
that abusive practices by F&F will come home to roost.

Above is well documented in congressional record.

The plutonium core behind the housing debacle traces back
directly to F&F. It was F&F who bought most of those sub-prime
mortgages thus keeping that market alive. Mortgage brokers
sprouted all over the country and gave mortgage loans to anybody
since they could turn around and re-sell it to F&F.


12 posted on 09/18/2008 6:28:27 PM PDT by ajay_kumar (Obama liked EVERY tax increase...he voted 94 times for tax increases!)
[ Post Reply | Private Reply | To 1 | View Replies ]


To: ajay_kumar

From the Congressional Record, John McCain touting the FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 — (Senate - May 25, 2006):

“Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were ``illusions deliberately and systematically created’’ by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s 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.”

http://thomas.loc.gov/cgi-bin/query/D?r109:16:./temp/~r109bH76BX::


30 posted on 09/18/2008 6:40:46 PM PDT by zipper
[ Post Reply | Private Reply | To 12 | View Replies ]

To: ajay_kumar

FOX’s low IQ Shep allowed a democrat congress critter lie repeatedly on the FOX show before O’Reilly. The big typical demcorat lie was exactly opposite of the truth ... the lying critter stated emotionally that McCain was against regulations in the financial arena and was responsible for the current downfall of the financial markets. Poor Shep is too stupid to even know he’s being lied to, much less call the demcorat liars on their treachery.


53 posted on 09/18/2008 7:09:21 PM PDT by MHGinTN (Believing they cannot be deceived, they cannot be convinced when they are deceived.)
[ Post Reply | Private Reply | To 12 | View Replies ]

To: ajay_kumar
GOP needs to shout the following from the roof tops...

They will very soon. My belief is while the McCain campaign will allude to this they are waiting until the first debate (on the economy, Sept. 26, 8 days away) to start the onslaught. In the meanwhile they are letting Obama lay out his general strategy to the issue and then will hang him with those statements/positions plus McCain's being out front with his 2005 bill, statements from the likes of Barney Frank, Mudd, Raines etc. plus money Obama received in only four years to take second place in Fannie Mae money in just four years of 19 years that took Dodd to be King and Kerry to place bronze.

60 posted on 09/18/2008 7:26:27 PM PDT by torchthemummy (Preserve Youtube Clips Before They Disappear - www.keepvid.com)
[ Post Reply | Private Reply | To 12 | View Replies ]

To: ajay_kumar

In addition to the congressional record, here’s an article I found in Fortune from 2005:

http://www.freerepublic.com/focus/news/2084407/posts?page=7#7

This thread that the above post is on is a compilation of the Freddie and Fannie debacle in case you haven’t seen it.

Mathprof may want to add a link to this thread on that one.


79 posted on 09/18/2008 8:01:45 PM PDT by Seattle Conservative (God Bless and protect our troops and their CIC)
[ Post Reply | Private Reply | To 12 | View Replies ]

To: ajay_kumar

As one of the original “Keating Five,” McCain is not going to make TOO much noise about government misfeasance and malfeasance...


110 posted on 09/21/2008 12:31:34 PM PDT by Redbob (W.W.J.B.D. - "What Would Jack Bauer Do?")
[ Post Reply | Private Reply | To 12 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson