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The Democrats' Cozy Relationship with Fannie Mae

This video will put into perspective how much influence the Democrats, especially Barack Obama and the Congressional Black Caucus, had on Fannie Mae. In this video, you'll see Fannie's CEO tell the CBC that they are Fannie's "family" and "conscious." Watch. Learn.


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<a href="http://dy... (Below threshold)
Brian:
To The Editor:

Yesterday, Senator John McCain released a television commercial attacking Barack Obama for allegedly receiving advice on the economy from former Fannie Mae CEO Franklin Raines. From the stump, he has recently tried tying Senator Obama to Fannie Mae, as if there is some guilt in the association with Fannie Mae's former executives.

It is an interesting card for Senator McCain to play, given that his campaign manager, Rick Davis, was paid by Fannie Mae and Freddie Mac several hundred thousand dollars early in this decade to head up an organization to lobby in their behalf called The Homeownership Alliance. ...

I worked in government relations for Fannie Mae for more than 20 years, leading the group for most of those years. When I see photographs of Sen. McCain's staff, it looks to me like the team of lobbyists who used to report to me. Senator McCain's attack on Senator Obama is a cheap shot, and hypocritical.


Sincerely,

William Maloni
Fannie Mae Senior Vice President for Government and Industry Relations (1983-2004)


Davis was president of the Homeownership Alliance, a Fannie Mae and Freddie Mac-led advocacy group which has tried to fend off regulation sought by large private banks and mortgage lenders.

The front story of the Homeownership Alliance is that it sought to make home ownership affordable to the broadest possible range of people and feared that that this mission would be compromised if Congress stepped in with too many rules.

The back story, according to critics, is that Fannie Mae and Freddie Mac feared that Congressional meddling would lower their healthy profits.


...

For years, banks' Hill allies, mostly Republicans, including Richard Baker, of Louisiana, have sought 'reforms' to level the playing field.

Davis, who has a 25+ year pedigree as a lobbyist and Republican political consultant, was hired in 2000 and the Homeownership Alliance was ginned up, to help Fannie and Freddie build support to rebuff Baker's efforts. The organization dissolved about two years ago.

Read. Learn.

Brian,FannieMae su... (Below threshold)

Brian,

FannieMae sure did spread some cas around. Like Jamie Gorelick (the gal who made 9/11 possible...or at least easier)

and yes, some Republicans! You can even find some if you scroll far enough down the FannieMae BRIBES LIST!

Top of the list:
#1 Dodd, Christopher D $165,400
#2 Obama, Barack D $126,349
.
.
.
#70 McCain, John R $21,550

as they say: FOLLOW THE MONEY!

as they say: FOLLOW THE ... (Below threshold)
Brian:

as they say: FOLLOW THE MONEY!

OK.

"Several hundred thousand dollars" > $126,349

OT: Apparently, they've pun... (Below threshold)
Son Of The Godfather:

OT: Apparently, they've punished O'Reilly for reporting on the Sarah Palin Yahoo! e-mail hack...

They've hacked his website and posted members personal info.

John McCain "Opening up the... (Below threshold)
jmc:

John McCain "Opening up the health insurance market to more vigorous nationwide competition, AS WE HAVE DONE OVER THE LAST DECADE IN BANKING, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.>


Spin,Spin,Spin.

You must be so proud of you... (Below threshold)
wbgonne:

You must be so proud of your Republican party. Really. Only a truly dominanant --- ruff! does that get you excited? -- group could have brought the United States to its knees. You know what? Why don't you fools just go away so the people who care about this country -- instead of you greedy losers -- can get to work. Get out of the way. Please.

they've punished O'Reill... (Below threshold)
wbgonne:

they've punished O'Reilly

Not yet they haven't. But they will.

Lee, is that really you?</p... (Below threshold)
epador:

Lee, is that really you?

To my Lord and lie... (Below threshold)
To my Lord and liege Lucifer:

Been checkin' out dis guy, Obama, boss. He's new age but he's from my old digs and when it comes to destroyin' his enemies, he's got style. I know he's doin' your work up there, but I really need a lieutenant an' dis kids got class. I just can't wait for talent like that. I mean, even his church was hooked up with us, CLASSIC!

Always your fateful servant, "Chi-Town" Al Capone

Think. See. Receive. And yes, read(your Bible). Then you may learn. But probably not.

(end rebuttal to butt...er, brian ;()
WATCH FOR FALLING BLAH BLAH UNDER THIS POST

Let's see......how much mon... (Below threshold)
ODA315:

Let's see......how much money did Obama receive from Fanny and Freddy???? $100K+ ...and only in 2.5 years in office?

Must be a true friend and "partner" indeed.

btw jmc, this had nothing to do with "banking" regulations, except the loosening up of lending standards by the Clinton Admin so the "everybody could be a homeowner". Of course the fact that many of those granted the loans couldn't afford them didn't seem to bother anyone. Especially not Clinton or his OMB pal Mr Raines.

When voices of reason such as McCain spoke up about the low lending standards, low CAP requirements, and lack of SEC oversight they were quickly squashed by who else but those honest and forthright democrat legislators, you know the ones I'm referring to, you'll find their names at the top of the fanny and freddy campaign contribution list (let's see, #1 Dodd, #2 Obama, #3 Clinton, #4 Kerry......well, you get the idea)

Any clue why Dodd, Barney Frank, and the rest of the crooks high-tailed out of town so quickly? Of course leaving a mess for others to deal with. But hey, they'll be back after the election. If there's any justice, there'll be a special prosecutor waiting for 'um when they get back.

So much for the "most ethical congress ever"

But I digress. It's still Bush's fault.

<a href="http://ne... (Below threshold)
Brian:
McCain noted the Illinois senator had taken large campaign contributions from both Fannie Mae and Freddie Mac...

The Arizona senator neglected to say that some of his closest advisers had ties to or lobbied for the home loan giants.

Let's see......how much ... (Below threshold)
Brian:

Let's see......how much money did Obama receive from Fanny and Freddy???? $100K+ ...and only in 2.5 years in office?

And how exactly did that contribute to the current crisis? Did Obama lobby for them, as McCain's advisors did?

Rick Davis said:

Still others have and will try to make the argument to OFHEO that Fannie Mae and Freddie Mac create systemic risk. Those that say that do so either because they are hostile to homeownership or because they have competitive needs to try to hamper the two most efficient private sector engines for homeownership. The Homeownership Alliance hopes that OFHEO will scrutinize the motives of those who make such claims.

Any objective analysis of the roles played by Fannie Mae and Freddie Mac would show that they in fact reduce systemic risk while anchoring a housing finance system in which consumers have the upper hand.

It seems Davis was against McCain before he was for him.

McCain got campaign contrib... (Below threshold)

McCain got campaign contributions from Fannie Mae? Has people who were connected to Fannie Mae in the past on his committee? And he STILL has a history of trying to get government to impose regulations on them and exercise oversight of the company?

This might have something to do with why he's called a Maverick. And it might have something to do with why he became #70 on the list while Obama soared to the top.

Think. Learn.

wb ["Mr Spittle")gonne - <e... (Below threshold)
marc:

wb ["Mr Spittle")gonne - "You know what? Why don't you fools just go away so the people who care about this country -- instead of you greedy losers -- can get to work."

Who might that be, the dem congress who rather than stay in session and face the problem is sent home by it's "illustrious" leader Nancy "Nine Percenter" Pelosi?

Or would that be the people, mostly Republicans, who tried through various means to avert this mess as far back as 2002.

Most attempts have been noted here in the last few days, however I think this one has slipped through the cracks:

Note the following passage from the Bush's 2005 budget proposal to Congress, Fannie, Freddie and other GSEs "are highly leveraged, holding much less capital in relation to their assets than similarly sized financial institutions. ... A misjudgment or unexpected economic event could quickly deplete this capital, potentially making it difficult for a GSE to meet its debt obligations. Given the very large size of each enterprise, even a small mistake by a GSE could have consequences throughout the economy."

That was published in February 2004, those with a slightest bit of intellectual honesty can find it on Page 82 of the budget's Analytical Perspectives.

In addition you can review this years State of the Union address, Bush the potential GSE meltdown during the address.

This past summer, when housing prices had peaked and the mortgage market had started to seize up, Sen. Dodd called on Bush to "immediately reconsider his ill-advised" reform proposals.

Rep. Barney Frank, D-Mass. (possible mentor to Congressman Larry Craig?), chairman of the House Financial Services Committee, said that the president's suggestion for a strong, independent regulator of Fannie and Freddie was "inane."

If you break into my house ... (Below threshold)
Zelsdorf Ragshaft III:

If you break into my house and steal money from me it is a crime, yet if the government, led by greedy democrats, hungry for power do it I am supposed to sit by and do nothing? People like Brian, and others here can spread the BS as far and wide as they wish. It is still BS. This whole mess falls right at the feet of the Democrats trying to buy the black vote while enriching themselves. I am writing the White House to insist the Justice Dept. does something about this before we citizens have to. Gorelick, Raines and Johnson should be treated the same as the CEO and CFO of Enron. ACORN needs to be investigated as well as the Black Caucus in Congress. The only house I will pay for is mine. I am mad has hell about this.

To paraphrase the Obamaphil... (Below threshold)
epador:

To paraphrase the Obamaphiles:

"Ignore the man behind the curtain. Pay attention to Me, the Wizard of BO."

"Nothing to see here, go down the street and look at someone else."

Paltry diversionary tactics.

The O man is dirty. Dirty with trying to double deal our troops, dirty with home grown unrepentant terrorist support, dirty with this Fannie and Freddy graft. When you sling mud in response to an attack, you verify you are sitting in one big mudpile of your candidate and party's making.

I figured that the demacree... (Below threshold)
Spurwing Plover:

I figured that the demacreeps would want to bail out one of their biggist financers at tax payers expense

And listen to this asshat s... (Below threshold)
marc:

And listen to this asshat sen,. Dodd remarking on the dressing down he and others got and prompted the lastest bailout:

""We have got to deal with the foreclosure issue," Mr. Dodd said. "You have got to stop that hemorrhaging..If you don't, the problem doesn't go away. Ben Bernanke has said it over and over again. Hank Paulson recognizes it. This problem began with bad lending practices. Those are his words, not mine, and so this plan must address that or I'll be back here in front of a bank of microphones at some point explaining the next failure."
Yeah lets go with that idea senator, lets have you grab that microphone and explain where you were in 2003 when your committee was scuttling a bill that would have stopped the worst of this debacle.

Then you can explain the $775,000 in sweetheart loans you got from Countrywide Financial the very same company that benefited from the shit loans issued by fanny mac/mae.

Do tell, step up to the microphone, show you have some honor vice having your hand out and a ball sack devoid of any working parts.

Hell, you could even educate us on what being a "Friend of Angelo" really means.

But I think I'm asking too much. He's too busy ducking for cover and hoping to save his phony-baloney job.

You're right again Brian, h... (Below threshold)
ODA315:

You're right again Brian, how insightful of you.

Just like there's absolutely NO connection between Michelle Obama's salary being nearly trippled 60 days before her employer receives a $1M earmark from Obama.

I've got an idea I'm SURE you'll agree with. Let's let a special prosecutor determine if there's any connections. It's entirely possible that fanny and freddy gave him more $ over a shorter time period than anyone else 'cause they just "liked" him. Or as his running mate would say "he's clean and articulate".

The old saying contnues to ring true "FOLLOW THE MONEY..........and you'll find the crooks"

I agree, haul everyone of t... (Below threshold)

I agree, haul everyone of them up before investigators, Dem, Repub, I don't care - and let the chips fall where they may. We've got some cleaning to do.

Just like there's absolu... (Below threshold)
Brian:

Just like there's absolutely NO connection between Michelle Obama's salary being nearly trippled 60 days before her employer receives a $1M earmark from Obama.

Wait a minute... there you're alleging a causal connection between two specific actions. Fine.

Now do that again. You are suggesting there's a causal connection between Obama receiving lobby money and.... what other action?

This might have somethin... (Below threshold)
Brian:

This might have something to do with why he's called a Maverick.

Hmm, so with Kerry, it's called flip-flopping; with Obama, Jay calls it holding two positions simultaneously; with McCain, it's being mavericky. Got it.

Get out of the way... (Below threshold)
LaMedusa:
Get out of the way.

No, that is what Obama wants to do:

From your "buddy", GET REAL:

"If Americans can't see a "Present" vote is a vote to stay out of the way, then America has become a nation of morons and it's no wonder America is where it is."

http://wizbangblog.com/content/2008/09/18/barack-obama-votes-present-on-the-aig-bailout.php#comment-791431

Oyster @ comment 20, much a... (Below threshold)
LaMedusa:

Oyster @ comment 20, much agreed.

brian - "Wait a minute.... (Below threshold)
marc:

brian - "Wait a minute... there you're alleging a causal connection between two specific actions. Fine."

You can cry, whine and generally stomp your feet about casual relationships 'til blue in the face... but THAT is the problem and it has occured on both sides of the isle AND in the cases of all the companies involved in this scam AND dates to Clinton and his dem buddies that pushed the "everyone must own a home" BS.

From there it spiraled out of control, if you want to point to shiny objects on the Rep side to divert attention, feel free.

But at least be semi-honest and admit it has been the Dems, leftists, far-leftists, libtards, libturds and progressives that far out number any on the right when talking about sounding the alarm or offering solutions.

"Hmm, so with Kerry, it'... (Below threshold)

"Hmm, so with Kerry, it's called flip-flopping; with Obama, Jay calls it holding two positions simultaneously; with McCain, it's being mavericky. Got it."

You use another's words to compare to my words in order to prove what exactly? That I'm a hypocrite?

Let's also look at the exact scenario to which I referred:

McCain received donations from a company yet STILL supported more regulation and oversight for that same company. It simply shows that he couldn't be bought and I suggested that was why he was so far down the list in contribution amounts.

Please explain why another person's descriptions 'flip-flopping' or 'holding two positions', of two other people in regards to completely different scenarios should be foisted on me.

Brian, that's what the spec... (Below threshold)
ODA315:

Brian, that's what the special prosecutor is for.....

Brian, let me make this as ... (Below threshold)
ODA315:

Brian, let me make this as simple for you as possible.

1. Large, bloated, semi-govt entity is held to lower regulatory standards than the evil Worldcom and Enron, BY LEGISLATORS ACTION.

2. The large, bloated, semi-govt entities leadership is found to have overstated earnings to initiate bonuses valued in the 10's of millions. Franklin Raines, Jamie Gurelik, Jim Johnson, Roger Mudd's kid come to mind. Hmmm didn't see any of them marched out of court with Bernie Ebbers and Ken Lay. Must have missed that. Well of course not! All are deeply involved in the Democrat party as former cabinet members, advisors, wall-builders, etc.

3. Said LEGISLATORS receive large amounts of campaign contributions (otherwise called CASH). Some (OBAMA) receive a huge amount in relation to their time and experience in office in relation to their fellow legislators. What could he possibly have done (or is doing) to deserve such treatment (other than being clean and articulate)?

4. Current president and presidential candidate push for regulatory changes to bring the entity under better oversite. Said LEGISLATORS quash effort.

5. Entity near failure causing the yoke of a multi-billion $ bailout to be hung around the US taxpayers neck while said LEGISLATORS either flee Washington OR blame the president and/or the presidential candidate.

I'll bet Dipshit Duke Cunnigham wished he'd been this good running his scam.

One other thing to be conce... (Below threshold)
LaMedusa:

One other thing to be concerned about is the Global Poverty Act, written by Obama that stipulates that the American taxpayer will be footing the bill for a $845 billion dollar give-away to other countries. Sound familiar...?

Urg. That would be "consci... (Below threshold)
Brian H:

Urg. That would be "conscience", not "conscious". That's a really common and really dim malaprop, and I'm getting tired of seeing it.




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