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Fact Check: "Obama tried to reign-in Freddie Mack and Fannie May in 2006"
Fox News | 10/6/08 | vanity

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?)

TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections; Your Opinion/Questions
KEYWORDS: areliars; factcheck; obama; obamarecord
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To: savedbygrace


61 posted on 10/06/2008 3:05:49 PM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: Diogenesis
Re: 32

Hah! At first I thought you forged this letter as a joke (a la, the Onion). Then after I read the posts below I realized this is for real... I still half think I'm falling for the joke letter -- but this letter says to ease loan restrictions. Its proposing a solution by tossing more gasoline on the burning embers... May work when trying to 'burn-out' a fire (a technique I can't say that I completely grasp -- but the experts seem to pull it off) -- but not the wisest course to steer when dealing with a Financial crisis...
IF that letter is real -- these people are insane if they think it shows Mr. Obama was providing any useful warnings. He was as useful as an arsonist gone mad at the start of fire...

62 posted on 10/06/2008 3:06:20 PM PDT by El Cid (Believe on the Lord Jesus Christ, and thou shalt be saved, and thy house...)
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To: just me
Barack Husssein Obama is a liar, he wants to take your money. silence free speech, grab your guns, and kill your babies..

He is the most dangerous man ever to run for president in American history.

63 posted on 10/06/2008 3:06:20 PM PDT by combat_boots (God, gun and babies. Justices, taxes and sovereignty. Otherwise known as White Trash. Count me in.)
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To: pabianice
Not reading the responses yet but if the claim is that he introduced legislation, it will be on Thomas. But that's right, Obama doesn't know that stuff is already out on the Internet.

Also, isn't it true that Obama never introduced substantial legislation? Or is he equating signing on as a co-signer an "introduction?" That's like jumping out in front of a marching band marching down the street and yelling out "follow me!"

64 posted on 10/06/2008 3:07:55 PM PDT by NonValueAdded (don't worry, they only want to take water out of the other guy's side of the bucket.)
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To: Red Steel

Thanks, I will—and he really should be called on it!

65 posted on 10/06/2008 3:07:57 PM PDT by 9YearLurker
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To: Diogenesis

Wow! He’s really concerned. A whole 30 words! That’s hard hitting. (Oct. 3, 2006)

And he really is asking “to further ease the availability of low-interest, high risk loans.” Yeah, that’s going to help.

66 posted on 10/06/2008 3:09:11 PM PDT by Right Wing Assault ("..this administration is planning a 'Right Wing Assault' on values and ideals.." - John Kerry)
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To: Proud_texan

It’s a lie.

McCain tried to reign them in in 2006, not Obamanation.

67 posted on 10/06/2008 3:12:27 PM PDT by Salvation ( †With God all things are possible.†)
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To: combat_boots

Thanks for the edit. :-)

68 posted on 10/06/2008 3:13:24 PM PDT by just me (JELLY BEANS AND WINKS...)
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To: pabianice

Fact check is a left wing PROPAGANDA site. Let’s see Obama talk about Odinga, I can’t wait to see the stuttering and stammering.

How about Obama openly campaigning for his communist cousin Odinga who signed a pact with Muslims to enact Sharia Law if elected and started riots when he lost. Obama campaigned for an openly Anti-American candidate in a foreign country in 2006.

69 posted on 10/06/2008 3:14:34 PM PDT by word_warrior_bob (You can now see my amazing doggie and new puppy on my homepage!! Come say hello to Jake & Sonny)
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To: Proud_texan
Just heard “whats her name” say something about Obama recommended a financial summit in 2006. No mention of legislation.

That was one of B Clintons tricks. When he was on the wrong side of an issue he would recommend a summit to get problems resolved. Remember him talking to union loggers in Oregon in 1992. They were concerned about restrictions to logging because of the spotted owl. Clinton said if elected he would hold a summit to get that resolved. Bush (elder) said he would do everything he could to make sure the the endangered species act was not used as a weapon to prevent logging. The union leaqders supported Clinton much to concern of the union members.

70 posted on 10/06/2008 3:14:59 PM PDT by TruthWillWin
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To: just me
"silence free speech"

In all fairness, so does Comrade Juan McNuts.

71 posted on 10/06/2008 3:16:09 PM PDT by Uncle Miltie (Bushonomics: Privatize Gains, Socialize Losses......."PAULSON'S THEFT")
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To: pabianice

At this point I figure that anything positive about BO is probably a lie. The guy has about as much redeeming value as John Kerry or Al Gore.

72 posted on 10/06/2008 3:19:36 PM PDT by Busywhiskers (Delinda est Democrats)
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To: Diogenesis

Scooooorrrre! Excellent find!

73 posted on 10/06/2008 3:23:53 PM PDT by papasmurf (I ain't your Daddy's Conservative, OK?)
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To: pabianice

Any democrat that introduced any kind of bill to reign in Fannie Mae would be hated by all the other democrats.

The only thing Obama was concerned about was keeping people in their homes at the expense of the American taxpayers.

74 posted on 10/06/2008 3:48:04 PM PDT by sazerac
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To: Brookhaven
Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit
Thursday, March 22, 2007

Contact: Ben LaBolt

WASHINGTON, DC -- U.S. Senator Barack Obama today sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market.

(this is a warning?) The text of the letter is below:

Dear Chairman Bernanke and Secretary Paulson,

There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.

We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.

Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets.

The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:

What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.

How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty.

How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical. (read ACORN)

How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage.

How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.

How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.

Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation. (it didn't)

Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.


U.S. Senator Barack Obama

So the Messiah asked for it. If he is so persuasive, why didn't anyone listen to his punk ass?

75 posted on 10/06/2008 3:50:44 PM PDT by Bommer (Who was Obama's diction coach? Bevis or Butthead? Uhhhhhh.....)
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To: gov_bean_ counter

Didn’t he sponsor the Global Poverty something or other where he wanted to GIVE more of our tax money to the UN?

76 posted on 10/06/2008 3:51:21 PM PDT by IM2MAD
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To: Diogenesis

Ooh! That’s gonna leave a mark.

77 posted on 10/06/2008 3:54:34 PM PDT by IM2MAD
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To: queenkathy
I also heard her say that McCain said “above his pay grade”. I don't think she was confused, I think she said that for the people who weren't paying attention before when nObama said it.
78 posted on 10/06/2008 3:55:46 PM PDT by Ditter
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To: Longstreet63

“....she’s confusing McCain’s action versus Obama’s inaction...”

No confusion .... the traitor party is panicked, that’s an outright lie, again.

The lights have just been turned on, the rats will run.... off at their moths, and lie about anything.

79 posted on 10/06/2008 3:56:03 PM PDT by Gator113 ("Noli nothis permittere te terere.")
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To: pabianice; Diogenesis; All
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

What bovine excrement. He wanted more risky loans.

Dear Secretary Paulson,

I fear there will be a serious financial crisis among those Americans most in need if immediate action is not taken to further ease the availability of low interest high-risk loans.

Barack Osama

80 posted on 10/06/2008 4:08:18 PM PDT by McGruff (Read my lips, NO NEW BAILOUTS!)
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