[Rodm]

McCain is on the ball and the Democrats blocked reform sucked out millions in campaign funds and salaries out of Freddie/Fannie.

[padre35]

And McCain should beat the heck out of Democrats and Obama for not allowing any reform or oversight to be carried out on Fannie Mae.

[stocksthatgoup]

Sponsors
# Sen. Charles Hagel [R, NE]
* Sen. Elizabeth Dole [R, NC]
* Sen. John McCain [R, AZ]
* Sen. John Sununu [R, NH]

[maine-iac7]

and it was a Clinton program that gave mortgages to people without jobs, credit or other income - so they could "enjoy being home owners!"

then when Bush tried to reign it in - Barney Frank and gang nixed it.

Our side needs to get an ad going with these steps in it and end with, “Give us a congress and a senate that will work with us. Help us give Reed and Pelosi a pink slip. Vote “R” down the ticket//

[Rodm]

Sen. John McCain [R-AZ]: 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.

[VRWCmember]

Bill has been stuck in committee for three years.

[Norman Bates]

The McCain List.

Here is the housing reform McCain tried to enact in 2005 that was blocked by Democrats. This is definitely in McCain's favor.

[Always Right]

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

The United States Senate

May 25, 2006

 

Sen. John McCain [R-AZ]: 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.

[ronnie raygun]

obama should read more before he opens his trap, Your party created his mess!

[editor-surveyor]

Bump for Later

[silverleaf]

bookmark
Sean Hannity read John McCain’s comments on this bill that are in the Senate record. He was prophetic.

[antisocial]

BUMP

[GOPJ]

McCain is on the ball and the Democrats blocked reform sucked out millions in campaign funds and salaries out of Freddie/Fannie.

If the MSM had two brain cells to rub together, they would look into this.

[boycott]

Ding!!!

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

[ljswisc]

Why isn’t the McCain campaign putting this on commercials? They need to get on the ball here!

[ding_dong_daddy_from_dumas]

[blhblhblh]

This is a big deal.
O is pushing his expertise on the economy, and Mc saw this problem back in 2006.

Why is this not getting more coverage?

[MacPalin08]

Does someone have a link or McCain’s actual quote about the Regulatory Reform Act of 2005? I want to put this on my blog at:

http://everythingthatsright.forumotion.net/forum.htm

Thanks!

[11th_VA]

It’s good McCain spoke about this today, now he needs to beat Hussein Obama over the head with this ...

[slatkin]

Wow, September 16th seems so long ago.

What’s funny is that this article on FT.com predates even that:

http://www.ft.com/cms/s/0/8780c35e-7e91-11dd-b1af-000077b07658.html

The bill’s sponsor - Mike Oxley (not quite the torrid liberal) - seems to blame the White House and Greenspan for the failure of that bill. Democrats love regulation, remember!