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Guess who was covering for Fannie Mae and Freddie Mac in 2004?

Hint: it wasn't Republicans.

Not surprising, considering that the top five recipients of campaign contributions from Fannie and Freddie were -- shockah -- Democrats! 17 out of the 25 top recipients were Democrats. No wonder they weren't willing to reform Fannie Mae and Freddie Mac. It would've killed their cash cows.

And, surprise surprise, look who's sitting pretty at number three. And that's not even with a full term in the Senate completed yet. Imagine that. And, as Gateway Pundit points out, Fannie Mae chairman Jim Johnson is still advising Obama. Change we can believe in? Don't count on it.

Every time majority Republicans tried to pass legislation to reform Fannie and Freddie, Democrats blocked it. Now we're seeing the repercussions of their actions. Yet -- unsurprisingly, if I may say -- they refuse to take responsibility for their screw-up. They're much more fond of finger-pointing and sticking taxpayers with the bill.

Hat Tip: Gateway Pundit


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Comments (16)

Burning Down The House: Wha... (Below threshold)
Ted:

Burning Down The House: What Caused Our Economic Crisis?

Please watch this youtube and pass it on!!!


http://www.youtube.com/watch?v=H5tZc8oH--o

And the media says nothing.... (Below threshold)

And the media says nothing. Not one word.

But don't ever refer to them as being biased.

This proves nothing other t... (Below threshold)

This proves nothing other than by 2004 many in the business community were disgusted with the rotten business environment under Bush and began to contribute to the opposition party instead. Mr. Bush was the first president with an MBA, but you wouldn't know it from his extremely poor economic leadership.

Legitimate home loan giants also had little to do with scammer home loan companies that sprung up due to deregulation under the Reagan years or by lax consumer protections under Bush that allowed cheats to establish crooked subprime loans to lower income home buyers so that they would fail and could take back the home. Hundreds of thousands of home buyers were set up to fail by crooked home loans.

Dustin Diamond, the actor who played "Screech" on SAVED BY THE BELL was such a victim of one of these subprime scams. He had a child with significant health problems and had huge medical bills and had a low credit rating because of this debt. The only business that would make him a home loan was a scammer business. Diamond made all of his payments on time. But a huge unknown balloon payment clause put Diamond in a situation where he stood to lose his home. Such scams had nothing to do with Fannie Mae or Freddie Mac, yet only poisoned the market and created wider problems.

The Bush Administration certainly could have cracked down on such home loan scams but didn't. It took state government to go after "payday loan" scams or other crooked deals that ripped off the economically vulnerable of society, but it was the home loan scams that helped to ruin the home market and the economy.

I had to take a $130,000 loss on one of my homes earlier this year after bad renters did $70,000 damage to the property and it took too many days to take them to court, get a judgement against them, and get the sheriff in to kick them out of the house and sell this property valued at $350,000 for just $220,000. But many well qualified buyers and investors could not even get a loan to buy this property as a fixer-upper due to the tight money market. I have a very good team of lawyers, however the legal process still gives the worst of tenants the right to hang around and destroy a property more than enough time to completely wreck the home and leave many landlords with big property losses like my experience this year.

The tenants not only broke massive windows in the property, painted graffiti on the walls, but brought in 25 people and many big dogs. The dogs did so much damage to floors with urine that floor boards were warped. The fireplace was broken. Parts were removed from the furnace and sold for scrap metal. Garbage was thrown down the oil tank. Huge amounts of weight were stacked in the garage and caused it to lean at an angle, etc. Even with great lawyers, the legal process is often too slow to remove problem tenants. And problems finding a buyer who could get financing was equally tough. Some buyers bought close to ten homes earlier in the year, but could not get the financing to buy one more property like the one I was selling off because I didn't want to deal with all the renter damage issues.

In the interests of fairnes... (Below threshold)
M:

In the interests of fairness, shouldnt you also mention the way Mccain's manager has been receiving payments from Freddie Mac? I think both candidates sound like complete hypocrites when they are talking about this issue.

Did McCain's "manager" do a... (Below threshold)

Did McCain's "manager" do anything to influence or bring this issue to the forefront like McCain or did he bury things like Franks,Dodd and Waters did whenever more oversight was proposed?

Fair point Steve but surely... (Below threshold)
M:

Fair point Steve but surely it still seems a bit rich for Mccain to slam those guys while Rick Davis was getting rich off them?

You give the dems this ammo... (Below threshold)
Jo:

You give the dems this ammo on a silver platter and people like Paul humiliate themselves trying to poo-poo it.

Too funny. President McCain it will be. Get use to it!

Paul: sorry that happene... (Below threshold)
MF:

Paul: sorry that happened to you.
Some people are just plain sick.

Seems that I recall when the clintons were on their way out of the white house folks destroyed items they shouldnt have.

the diff here is one expects any one in positions especially in high US positions to behave themselves and be ethical/act honorably.

hosoon - You're out of your... (Below threshold)
marc:

hosoon - You're out of your ever-bush-hating' mind.

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac." - Bill Clinton (ABC's "Good Morning America," 9/25/08)

"In the interests of fai... (Below threshold)
jpm100:

"In the interests of fairness, shouldnt you also mention the way Mccain's manager has been receiving payments from Freddie Mac? I think both candidates sound like complete hypocrites when they are talking about this issue."

Yeah he worked for a firm FM hired. Doesn't even come close to those who actually ran FM [into the ground] being part of Obama's campaign.

I know, everything's Bush's... (Below threshold)
C. B.:

I know, everything's Bush's fault. NOT.
The president DOESN'T MAKE LAWS the Congress does. Bush along with other Republicans tries repeatedly to get Fannie Mae and Freddie mac
regulated. They were stopped repeatedly by Democrats. The facts are laid out right in front of you and you still can't accept it. I can sure accept the fact that some of the Republicans were in on payoffs and were greedy. I want all politicians Democrat or Republican who thinks that going to washington is to line their pockets instead of watching out for ours, out, out, out. But the attitude of its Bush's fault is why some of these corrupt politicians keep getting re-elected.
Knock it off and grow up. Vote for whoever you want but make sure their not a crook and for God's sake get off of this juvenile mantra...
It's Bushes fault. Whine Whine Whine

An Obama reminder:... (Below threshold)

An Obama reminder:

His biggest Chicago supporter (well, legal supporter) is Penny Pritzker, whose Superior Bank failed while Obama was gaining all of that presidential experience as an Illinois State Senator.

Obama cares, and more to the point doesn't even comprehend, not a wit about the cureent banking crisis with one exception: he knows who and what profited from the debacle and how to access their funds.

Listening to Maxine the Moo... (Below threshold)
ODA315:

Listening to Maxine the Moonbat put Raines on a pedestal while saying the hearing should be focusing on the rgulators is insanity. Is this a clip from Alice in Wonderland?

I can't WAIT until the FBI gets dug into this and a fed prosecutor get's on board. Some of the nitwits seen on this clip will be front and center for a little question answering of their own.

ODA315 -Alice in ... (Below threshold)

ODA315 -

Alice in Wonderland? No - it's far worse than that. This is what happens when you substitute 'reality-based' progressive thinking for tested strategies for dealing with actual reality.

"Legitimate home loan gi... (Below threshold)

"Legitimate home loan giants also had little to do with scammer home loan companies that sprung up due to deregulation under the Reagan years or by lax consumer protections under Bush that allowed cheats to establish crooked subprime loans to lower income home buyers so that they would fail and could take back the home. Hundreds of thousands of home buyers were set up to fail by crooked home loans."

Newsflash, Hooson. Who created the atmosphere? Who mandated that home loans go out to people who couldn't pay them back by accusing banks of 'redlining'? Who fought to keep the biggest purveyors of these loans free from oversight?

Be honest for once in your life.

Let's all be honest. Both ... (Below threshold)
SR:

Let's all be honest. Both sides of the aisle have had a hand in the present situation. No one stands blameless. Once you open the door to corruption, both sides rush in. We all need to stand up and say no. Unfortunately, it's always someone else's Senator or Representative of the other party that is to blame. Until we get rid of that attitude, nothing will change.




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