Skip to comments.Fact Check: "Obama tried to reign-in Freddie Mack and Fannie May in 2006"
Posted on 10/06/2008 2:23:54 PM PDT by pabianice
Fact check needed. That red-haired Obama Suck-up is on Fox proclaiming that in 2006 Obama introduced legistation in the US Senate to rein-in and better control sub-prime loans backed by Fannie May and Freddie Mack. Can anyone corroberate this or is this just another Obama lie? (I also note that she looks rather distressed at the moment -- a result of today's wailing of Obama by McCain and Palin?)
Video: "Explosive Audio Unearthed: After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people WHO COULDN'T AFFORD THEM was a GOOD IDEA!!" (Added October 4, 2008)
McCain went on the senate floor on May 26, 2006 and tried to pass legislation to reign in Freddie and Fannie...the democrats didn’t let it out of committee...she’s confusing McCain’s action versus Obama’s inaction...
My memory is that the talking head asked what kind of legislation Obami had introduced that she said he "contacted Paulson" (or it might have been that he contacted the Treasury secretary). The talking head didn't follow up by asking if it was a letter, a phone call, something said on the floor, etc.
My impression was she had gone beyond spin and was outright lying.
The media confused? Nah..
Either that or she’s flat out twisting it knowing people won’t bother to check.
Oh yeah, right. Not
They’re all over the networks saying that Obama tried to reign it in in 2006, even personally requesting that Paulson hold a summit.
She also said that McCain said it was “above his pay grade”.....That was Obama. What are the dems up to? Twisting the words really bad here.
I believe she was refering to a letter barak sent to the treasury secretary, not any legislation.
Didn’t Obama brag about having written a letter to Paulson about subprime lending (though probably the ‘predatory’ aspects of it) in 2006?
I know...McCain introduced the legislation in May 2006 so I don’t know what this woman was talking about...
“FactCheck” is lying again...
Not that it hasn't been done before but I can't recall anything as bare and brazen as this time around.
Biden said in the VP debate that Obama wrote a letter to the Secretary of the Treasury. Wow ... that sure made a difference.
No, she tried to infer that by saying that Obama went to Paulson trying to get together a “summit” to address the issue, but it never happened.
They “claim” he wrote a letter to Paulsen. Why he would do that instead of introducing or supporting legislation is silly. I call BS.
He is the most dangerous man ever to run for president in American history..
Obama didn’t write no letter to anyone about Fannie and Freddie in 2006 being in trouble. If he said this he’s lying again.
when I see one of these for Obama (see above), then I’ll believe him
I did find a letter from 2007 here.
A quick read tells me that it's about a whole different topic; that is keeping people in foreclosed homes.
Maybe Mary Mapes can provide a ginuwine copy.
SHOW US THE LETTER BAMBI!!
shes confusing McCains action versus Obamas inaction...
No, not confused. That's they're tactic.
S. 2433 Global Poverty Act 2007.
Please...! Why would he care?
I really doubt it. Almost all of Obama’s older statements on the issue focus on keeping people in houses (they can’t actually afford), nothing seems to address the financial impact of sub-prime lending.
So Obama’s input was to make the situation worse by pushing more liar loans? Cool.
His request would make it worse!
I think she is under the influence of drugs.....or kool aid.
“So the old terrorist radical, Ayers, gets a grant from the Annanberg Foundation to radicalize Chicago youth. That foundation is evidently run by a bunch of left wingers.”
Guess who funds Factcheck.
Here is the letter Obama keeps refering to:
I broke it down paragraph by paragraph. It isn’t a warning about financial meltdown. It is a warning that we need MORE sub-prime loans.
Read it. It is amazing they can get away with saying Obama warned about the current crisis. Had they followed the advice in Obama’s “warning” letter, the crisis would have been WORSE.
So much for “reaching across the isle.” If this were true, which it isn’t, Obama can’t even get his own party to support his legislation.
okay, my mistake, I neglected to specify the 109th Congress. But still nothing that I can see for fannie, freddie or GSE
So this is the one "fact" that Biden didn't misstate?
He must have taken care to carefully memorize this because they needed an unprovable fig leaf.
Here’s a fact check suggestion: McCain should propose to Obama at tomorrow night’s debate that each one of them be wired to a lie detector which in turn is wired to an electrode attached back on their individual torsos. A lie would be “shocking” to the perpe’trait’or. I.E., you lie, you fry. Watching Obama dance around the stage would be great entertainment!
Hmm. My experience is that if you write a letter to your Senator about, say, “my kid says Army food stinks,” your Senator forwards it to the Secretary of the Army and eventually receives a bland reply which he in turn forwards to you, along with a covering letter that says “if I can be of any further assistance....”
So I gotta wonder: did Obama write a letter to Paulson or did he just forward a constitutent’s letter for which he’s now trying to take credit?
No kidding! Which idea sounds better Obama's in Oct 2006 or McCain's from May 2006? (no need to answer - we all know how it turned out)
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 - John McCain on the floor of the Senate May 25, 2006
But here's the deal:
1) Obama's letter was completely ineffective -- no surprise there.
2) If this is the letter, and it was really written in 3/2007, then McCain had him beat on the topic by about two years.
3) AND ... McCain actually proposed legislation; i.e., something concrete ... and BEFORE he was a candidate for president.
4) Obama just yapped, as usual -- AFTER he was a candidate for president.
They’re counting on the majority of America to assume it’s the truth, “I heard it on the news, so it must be true.”
And too many people are intellectually lazy enough to do just that.
He did write a letter to Paulson, which is posted on his Senate website. The letter does not say what he is claiming it says, however. In the letter, he is kvetching about how the poor people need protection against lenders who don’t tell them the whole truth about their sub-prime loan.
Obama never warned anybody that there was a financial crisis coming. Never. Obama is a compulsive liar and a poser. (And a poseur as well.)
I got that impression too..she was really tap dancing. But to uninformed voters she probably made sense.
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