Skip to comments.Devastating!... Dems Refuse to Reform Freddie & Fannie in 2004
Posted on 09/27/2008 10:26:32 AM PDT by Para-Ord.45
Here you go-- Video proof that Democratic leaders refused to reform over Fannie Mae and Freddie Mac. ...Don't expect to see this on the nightly news.
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis:
http://ca.youtube.com/watch?v=_MGT_cSi7Rs . .
At this 2004 hearing Democrat after Democrat, including Rep. Barney Frank and Rep. Maxine Waters, covered up for Fannie Mae and Freddie Mac. Democrats covered up and killed legislation that would reform their cash cows. Obama has received $105,849 from troubled mortgage giants Freddie Mac and Fannie Mae.
http://gatewaypundit.blogspot.com/ . . .
For the life of me, I don’t know why McCain didn’t rattle off the many times that he and Bush warned about the current financial crisis. And Obama wrote a letter! Give me a break. Perhaps if he had spent more than 147 days in the senate, he might have heard one of the warnings.
Whoever put that together did a great job
Too bad Bush and the GOP won’t use it or can’t use it because the MSM won’t cover it
A McCain ad would be great
Countdown to being pulled from YouTube.....10-9-8-7-6......
There is more footage like this if it can be found. I attended this hearing and many others on the GSEs. There was one in which Richard Baker was shaking with anger because Fannie had threatened to sue him to keep him from releasing a table of Fannie’s executive compensation. He released it anyway. Chris Shays also went ballistic in that hearing.
I´m in Chile, and saw that comment on the local news. Obama’s comment about a failed 8 years of economy was about it for coverage of the debate. John McCain said something, but I can’t remember what it was, so if I can’t remember it, imagine the Chilean population. All they got from it was, “Obamana (or whatever his name is) agrees with me in my hatred for Bush. If the US doesn’t elect him, it’s because they’re racist.” They also stated that Obama won the debate. Come on McCain! Don’t let him get away with that!
Tell your friends that there has not been 2 consecutive quarters with negative GDP growth under Bush and the whole crisis began with the Community Reinvestment Act under Carter/Clinton and Fannie Mae/Freddie Mac run by Democrats.
This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they were ill-equipped to handle.
Once housing prices declined and economic conditions worsened, defaults and delinquencies soared, leaving the industry holding large amounts of severely depreciated mortgage assets. * * *
So what should the government do? Eliminate those policies that generated the current mess. This means, at a general level, abandoning the goal of home ownership independent of ability to pay. This means, in particular, getting rid of Fannie Mae and Freddie Mac, along with policies like the Community Reinvestment Act that pressure banks into subprime lending.
I would add, in addition, the government should reform other lending policies.
Example: They ought to make it illegal for mortgage lenders to pass accounting responsibilities on to third parties. Mortgage servicing companies often earn money by defrauding home buyers. This type of fraud includes manufacturing bogus records, piling on late fees, penalties, surcharges and bogus legal fees.
My freeper page has more examples posted near the bottom.
Unfortunately I just was on this thread
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