Fannie Mae, Freddie Mac, Obama, Dodd, Biden, Biden’s Lobbyist Son Hunter & Bill Clinton
Another Obama Lie…He and The Liberal Socialist Democrats Are the Ones Causing Housing Crisis !!
The liberal socialist Barack Hussein Obama is lying again. Obama blames Sen. McCain and President Bush for the housing crisis, for the collapse of Fannie Mae and Freddie Mac. Ask Obama who received the 2nd highest campaign contributions in the last 3 years from Fannie Mae and Freddie Mac? The answer is the liberal socialist Barack Hussein Obama. The lying Obama that says he doesn’t take that kind of money.
Ask who received the most in campaign contributions during that same period. The answer is another liberal socialist democrat, Sen. Christopher Dodd from Connecticut. Also topping the list is Senator. Joseph Biden and his son, Hunter the Washington lobbyist. I haven’t heard the biased liberal socialist press tell you about this. Isn’t it funny how they pick and choose which parts to tell?
Here was the beginning of the demise of Freddie Mac and Fannie Mae, thank you Andrew Cuomo and President Bill Clinton.
On, Sept. 12, 2000 Housing and Urban Development Secretary Andrew Cuomo unveiled a new program that made the dream of homeownership achievable for more than one million working families that had been receiving HUD Section 8 rental assistance vouchers. Under the program, they allowed the Section 8 rental vouchers to be used to purchase homes.
“Homeownership is the best way to build strong, vital neighborhoods,” Cuomo said. “Under President Clinton’s leadership, homeownership rates in the U.S. reached record levels. Thanks to the legislation he signed, today we can tell 1.4 million families you don't have to be a renter forever, you can be an owner, and we're going to help you do it.”
This new program reflected years of work by the Clinton Aministration, Secretary Cuomo announced the program during a speech in New York at Columbia University’s prestigious Moran Weston Lecture Series.
The housing financial problems started under President Bill Clinton, not George W. Bush. President Clinton started the "home for everyone" philosophy, lenders were then put into position to make bad loans or lose other benefits under the Clinton’s administration.
Will the biased liberal socialist press tell you this? Never. The liberal socialist democrats now are circling their wagons. Sen. McCain said long ago Fannie Mae and Freddie Mac needed to be checked, that problems were brewing. President Bush tried to get some regulations passed for Fannie Mae and Freddie Mac but the liberal socialist democrats blocked any changes.
Is that because the liberal socialist democrats were being paid by Fannie Mae and Freddie Mac? I apologize, receiving large campaign contributions? The liberal socialist democrats created this problem. They rather than deal with it they keep the problem going. They would like to blame Republicans for the mess but it is the Democrats mess and the Republicans who tried to fix the problem.
America do you really want the liberal socialist controlling anything, never mind the country?
Speak Now America! we want to hear from you!
The liberal socialist Barack Hussein Obama is lying again. Obama blames Sen. McCain and President Bush for the housing crisis, for the collapse of Fannie Mae and Freddie Mac. Ask Obama who received the 2nd highest campaign contributions in the last 3 years from Fannie Mae and Freddie Mac? The answer is the liberal socialist Barack Hussein Obama. The lying Obama that says he doesn’t take that kind of money.
Ask who received the most in campaign contributions during that same period. The answer is another liberal socialist democrat, Sen. Christopher Dodd from Connecticut. Also topping the list is Senator. Joseph Biden and his son, Hunter the Washington lobbyist. I haven’t heard the biased liberal socialist press tell you about this. Isn’t it funny how they pick and choose which parts to tell?
Here was the beginning of the demise of Freddie Mac and Fannie Mae, thank you Andrew Cuomo and President Bill Clinton.
On, Sept. 12, 2000 Housing and Urban Development Secretary Andrew Cuomo unveiled a new program that made the dream of homeownership achievable for more than one million working families that had been receiving HUD Section 8 rental assistance vouchers. Under the program, they allowed the Section 8 rental vouchers to be used to purchase homes.
“Homeownership is the best way to build strong, vital neighborhoods,” Cuomo said. “Under President Clinton’s leadership, homeownership rates in the U.S. reached record levels. Thanks to the legislation he signed, today we can tell 1.4 million families you don't have to be a renter forever, you can be an owner, and we're going to help you do it.”
This new program reflected years of work by the Clinton Aministration, Secretary Cuomo announced the program during a speech in New York at Columbia University’s prestigious Moran Weston Lecture Series.
The housing financial problems started under President Bill Clinton, not George W. Bush. President Clinton started the "home for everyone" philosophy, lenders were then put into position to make bad loans or lose other benefits under the Clinton’s administration.
Will the biased liberal socialist press tell you this? Never. The liberal socialist democrats now are circling their wagons. Sen. McCain said long ago Fannie Mae and Freddie Mac needed to be checked, that problems were brewing. President Bush tried to get some regulations passed for Fannie Mae and Freddie Mac but the liberal socialist democrats blocked any changes.
Is that because the liberal socialist democrats were being paid by Fannie Mae and Freddie Mac? I apologize, receiving large campaign contributions? The liberal socialist democrats created this problem. They rather than deal with it they keep the problem going. They would like to blame Republicans for the mess but it is the Democrats mess and the Republicans who tried to fix the problem.
America do you really want the liberal socialist controlling anything, never mind the country?
Speak Now America! we want to hear from you!
Democrats created the Fannie Mae and Freddie Mac problems years ago, in a well intentioned but failed effort to allow low income groups to buy houses. They stopped ALL eforts at reform until it was too late. Now they are trying to blame Bush, McCain and Republicans, everyone but themselves. That's the Gods truth and here is the proof:
http://strategicthought-charles77.blogspot.com/2008/09/democrats-created-fannie-mae-and.html
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So true Charles they blame them for everything. I think that they are running scared they have no true platform to run on and therefore have had to resort to attacks and lies. We have to hope the American people see thru it all.
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I am a lifelong Democrat who believes that we should 'let the chips fall where they may.' I do not believe in bailing out financial institutions for what promises to be a trillion dollars. If someone paid too much and expected too much, then they should suffer the consequences through bankruptcy. If a lender loaned too much money to businesses OR homeowners without due diligence and common sense, then they too should suffer the consequences of their poor decisions. By no stretch of the imagination am I a fan of George Bush and his Republican administration. But that is not why I oppose the bail out. Deregulation has hurt a lot of people in unintended ways.
Yet at the heart of this is the human frailty for greed. The real problem happened when housing soared from $75 a sq ft to $300 a sq ft. And it is an uneven mess all across the country. There was not a single mayor in this country demanding that property taxes be lowered as housing costs were passed down from the greediest generation that has enjoyed social security, medicare AND selling their houses for ridiculous sums. That would be John McCains generation. McCain Can't and Republicans have never balanced our Government's check book like Bill Clinton did.
It is a fact of life that many do not come to terms with, "Why would you vote for someone that hates big government run big government? Republicans are quick to take aim at Democrats for being big spenders, but the facts speak for themselves.
So go on back to 1990 and hate anyone you want, but right I would imagine that you hate yourself for supporting an administration that cares less about you and more about themselves. This is a land grab in the waning days of the most ignorant presidency that I have witnessed in my lifetime.
'Let the chips fall where they may'
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butch morton wrote:
I am a lifelong Democrat who believes that we should 'let the chips fall where they may.
WHAT a surprise to know that, did you read the article you were commenting on? You didnt bother to address the fact that Bill Clinton's administration was the one who made it easy for people to buy homes with Sec. 8 rent vouchers and to say he balanced the budget? Are you for real? Yea ok, when you take the SS surplus and add it to the deficit it comes out positive is that what you mean?
Oh and in the article it was mentioned 2 times the Republicans tried to deal with the problems and who blocked it? Read the blog Friday you will learn about the greed of the Dems and specifically your beloved candidate.
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I think you're missing the point of the post: butch explains that the argument in the article simply doesn't make sense. The problem was not created by affordable housing, so much as the foreclosures in the middle. I speak from personal experience when I say that middle America, the mid-west, has been treated shamefully by Republican industry and economic policies. Businessmen have left behind shell companies and stolen the 401k's of their staff. Companies have been sold so many times their workers have lost count -- each time their term and conditions are eroded so that in a single working lifetime --doing the same job now as their father-- they have gone from a good income that you can raise a family to being paid as a temp or on piece work. They are laid off by the company each year and forced onto benefits so that the company can get a tax break when it puts them back on. Middle class workers in the midwest are being turned into paupers by Republican policies, Republican businessmen, Republican fraudsters, And even as the banks saw it coming--the business consultants advising on the growing divide--they honed their predatory lending strategies, called them business models. No wonder there were foreclosures.
This is the greatest insult to working Americans--this lie that the great Republican enterprise has not cut the life blood out of American manufacturing, taken the energy out of working people, and left nothing for a lifetime of work. Be angry about the bail-out. This will be the second time that the American workers pay for the privilege of those inspiring Manhattan towers, but do not forget why people who lead basically productive lives now find themselves with little in the bank.
Bankers, realtors, mortgage sellers--republicans to a man--you can tell by their plastic hair cuts and their fake smiles--all of them driven by greed and a pathological need to keep up appearances--all of them selling, selling, selling--driving up the prices of the houses, inflating the bubble, and driving down the quality of everything they sell. An expensive shell is all that is left behind...an expensive shell game. If the republican party has a shred of decency it should walk away from its toxic supporters who are intent on destroying community. But it won't because it can't. The party has been taken over by those same fake smiles and plastic hair that inflated the bubble--now it's car salesmen as congressmen, litigation lawyers as senators, desperate housewives and amateur televangelists as mayors and sheriffs, and you can see that they have their eyes now set on the destruction of the community on a much larger scale. And why not when the rapture (or the golden parachute) will save you from the chaos you've created? Just leave behind your throw-away society for good. But here's the question for any real patriot--Why put people who hate government in charge of government? You might as well put Dracula in charge of the blood bank. Intention matters
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Macka,
I think though you miss the point. Even your beloved Bill Clinton blames the democrats for the Fannie Mae/Freddie Mac crisis. It was the democrats who with social engineering tactics lowered standards for borrowing.
The golden parachute tied to this crisis is also the democrats. Please don't get me wrong, plenty of republicans have also been baffoons. There are bad apples on both sides. The difference is when a republican does something; the liberal socialist press hangs them. When democrats like Charlie Rangel do something you can't even find it on page 4.
Many have suffered and many more will, I don't like that and I can't stop it. But, how many of the businesses left town because of repressive taxation and regulation? The same businesses Obama and the democrats want to raise the taxes on even more and regulate the workplace even more. How many people stopped buying American products because foreign products were cheaper? I didn't and I haven't. My car is American and every product I can buy American I do. Do you do the same? If you don't then don't complain about the businesses you don't even buy from.
Over and over Barack Hussein Obama has lied to the public. Have you seen the liberal socialist press call him on it? NO. Obama has very strong ties to socialist and socialist polices. Obama says he won't raise your taxes. That is a lie. Already this year he voted for a tax increase on those earning $42,500 a year. Obama will take from you for socialist schemes. He has sponsored 1 piece of legislation this year, legislation to take your tax dollars to end world poverty. The millionaire lets his brother and grandmother live in poverty and wants you and me to support them. Wake up; quit listening to the liberal socialist proganda.
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If you are going to blame the Clintons 'for everything', you may as well blame Abraham Lincoln for Section 8 Vouchers since he freed the slaves and won the Civil War.
The foreclosures in our newspaper come out on Sunday and they are as thick as as thieves. It's own 'special section'. But guess what? It is full of million dollar homes that fools bought on speculation. Anything under 200K disappears in the foreclosure notices. The people that are bailing out on their bank loans are middle incomers that overextended themselves with 2nd mortgages, SUVs, credit card debt and spoiled children.
Should have picked your own cotton.
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From what I am hearing from you is that you have issues well beyond this topic of discussion.
I am neither Republican nor Democrat - I am a conservative though as well as a Born again Christian that has had to work for everything she has ever gotten in life - both good and bad.
Yes, I am educated with a degree in Business and have extensive business creds. beyond my education. I also have a background in Law and Psychology. Like I said - I have worked very hard for everything. Therefore I am not stupid. Clinton and the Dems did, in fact, create this, made lots of money, and refused to acknowledge much less fix the problem before it became a nightmare of vast proportions affecting 401 "nest" eggs of hardworking people who have sacrificed the now to invest in the future.
You couple this with the deregulation of Industries like power/gasoline/communications/etc. during the Clinton Administration - you have a HUGE disaster in the making...HELLO!? are you listening out there people?
The ball was let loose and started rolling down hill long before Bush came into office. And the democrats greased the hill with lobbyists dollars and huge incentives to keep that ball rolling as long as possible.
Mr. Obama and his "Friends" as well associates through the years have had their own little party going as well. He's so deep in it he's starting to smell pretty bad.
I am impressed with McCain and Palin because they both have can do attitudes that believe that America can become the great nation it once was - through hard dilligent work for the right reasons.
Let's just say this.....if they say that we can be the best cotton-pickers in the world.....they will be the first out in that field getting the job done. My question to you is this....where will you be, Mitch?
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Republicans are the biggest government spenders period.
http://www.lafn.org/politics/gvdc/Natl_Debt_Chart.html
The deregulation argument goes back to Reagan with the Savings and Loan debacle (and Nixon before that)
http://en.wikipedia.org/wiki/Savings_and_Loan_crisis
Don't confuse privatization with deregulation
http://en.wikipedia.org/wiki/Deregulation
The Republican mantra is ,'Socialize losses and Privatize Gains'. This chart indicates that principle at work.
http://www.marksdailyapple.com/welfare-queens/
Republican administrations have ALWAYS run the government into the red. They enjoy Govt. contracts but hate to pay the taxes that make those contracts possible.
At least Clinton balanced the budget AND HAD A SURPLUS LEAVING OFFICE.
http://en.wikipedia.org/wiki/Bill_Clinton
The facts speak for themselves. Republicans are very good at stealing from the government. It is happening right now. Again. And it will happen again and again as long as we vote for the fools.
Case Closed
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Seriously I can make charts too Butch, you do not address the issues of the original topic which was the downfall of Fannie Mae which Bill Clinton had a big part of and even admitted to in his interview with ABC that the Dems continued resistance of the Republicans efforts to add more standards in place to tighten up Fannie Mae/Freddie Mac lent to the fall. I am not even going to address some of your sources as they are not credible, however the last one about Clinton leaving a surplus is one I can't resist answering.
Bill CLinton showed a surplus because the Social Security Trust Fund was added to the budget which showed a surplus without it he would not be making the claim he is so proud of.
CASE CLOSED
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Dear Ms Deena
If you do not agree with my sources or links, my graphs and charts, where are yours?
Look at the root of this evil. A Republican from Texas is responsible for the bill that Bill Clinton signed into law while Republicans held a majority in the Senate and the House. Surely you can trust the congressional record link .
http://www.govtrack.us/congress/bill.xpd?bill=s106-900#votes
Senate Vote: The totals were 90 Ayes, 8 Nays, 1 Present/Not Voting.
House of Represenatives: The totals were 362 Ayes, 57 Nays, 15 Present/No Voting
452 elected officials for and 58 against. Yet you act as if there is no separation of powers in our country. You think that Bill Clinton drew up this law and declared it rule of the land as if a king. Think again.
(Rep) Phil Gramms statement
http://banking.senate.gov/prel99/1112gbl.htm
OR IMMEDIATE RELEASE:
CONTACT: CHRISTI HARLAN
Friday, November 12, 1999
202-224-0894
GRAMM'S STATEMENT AT SIGNING CEREMONY FOR GRAMM-LEACH-BLILEY ACT
Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement today in a ceremony at the Eisenhower Executive Office Building, where President Clinton signed the Gramm-Leach-Bliley Act into law:
"The world changes, and Congress and the laws have to change with it.
"Abraham Lincoln used to like to use the analogy that old and outmoded laws need to be changed because it made about as much sense to continue to impose them on people as it did to ask a man to wear the same clothes he did when he was a child.
"In the 1930s, at the trough of the Depression, when Glass-Steagall became law, it was believed that government was the answer. It was believed that stability and growth came from government overriding the functioning of free markets.
"We are here today to repeal Glass-Steagall because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom.
"I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that that is the wave of the future, and I am awfully proud to have been a part of making it a reality."
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Butch I agree with you that the foreclosure clog has been caused by people living beyond their means the banks being greedy enough to lend to them however, it was Clinton who encouraged strongly those lenders to do exactly the same thing, lend to those who are not qualified. It is certainly not a Republican issue and the fact that several attempts at making changes were blocked is bothersome. What would be the reasoning behind that?
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Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit
Thursday, March 22, 2007
FOR IMMEDIATE RELEASE
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.
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.
* 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 promo
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MCCAIN'S LATEST RICK DAVIS PROBLEM.... Last week, John McCain decided Barack Obama's associations with former Fannie Mae officials were extremely important, worthy of attack ads and overheated speeches. But I might remind the Republican nominee that people who live in seven glass houses shouldn't throw stones.
Senator John McCain's campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
Mr. McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies.
But last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae's former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain's campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000.
Robert McCarson, a former spokesman for Fannie Mae, told the New York Times, "The value that [Davis] brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again."
In other words, Fannie and Freddie paid Davis $35,000 a month, for years, so they could get access to Senator McCain, and ultimately, President McCain. Why? Because the companies hoped to continue to avoid government regulations of their business practices.
Just last week, McCain, with unusual incoherence, went after Obama with this line: "While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington."
Um, John? Those leaders of Fannie and Freddie were lining Rick Davis' pockets with $2 million, and you made him your campaign manager. Is that "change"?
Obama met Franklin Raines once, for about five minutes, and McCain thinks the association is scandalous. Given this, shouldn't McCain necessarily feel compelled to fire his campaign manager immediately?
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JOHN MCCAIN’S GLASS HOUSES
John McCain Has Deep Ties to Fannie, Freddie
McCain Has Deepest Ties To Fannie, Freddie. According to the New York Times, “More than Mr. Obama, Mr. McCain’s circle of advisers and contributors includes current and former lobbyists or directors for the companies, although since July he has called for a ban on any lobbying by the two firms. Among the companies’ past advocates are Mr. McCain’s campaign manager, Rick Davis, a longtime lobbyist; Mr. McCain’s confidant and adviser Charlie Black, whose firm worked for Freddie Mac for several years ending in 2005, and the deputy campaign finance chairman, Wayne L. Berman, a vice president for Ogilvy Worldwide and a former Fannie Mae lobbyist.” [New York Times, 9/10/08]
McCain Campaign Manager Rick Davis Led Efforts To Fight Off Regulations For Fannie And Freddie. “Davis previously was head of the Homeownership Alliance, a coalition of banks and housing industry interests led by Fannie and Freddie to stave off regulations. The group was formed to counter another organization, FM Watch, an alliance of financial institutions and lobbying associations that wanted to even the playing field against Fannie Mae and Freddie Mac, by challenging the implicit government guarantee that allowed the two firms to borrow funds at lower interest rates.” [New York Times, 9/10/08]
* Davis and Homeownership Alliance Fought Against Effort to Impose “Burdensome Regulatory Process” on Fannie & Freddie. “It shouldn’t have come as a surprise to anyone when the Homeownership Alliance announced its opposition last week to legislation by Rep. Richard Baker, R-Baton Rouge, to strengthen regulatory oversight for Fannie Mae and Freddie Mac, the two giant agencies that buy home mortgages to expand homeownership opportunities. Rick Davis, president of the Homeownership Alliance, said that ‘we are concerned that Rep. Baker’s bill would break the first rule of any legislation related to housing — that is, to do no harm to the greatest housing system in the world.’ He said the bill ‘presents the potential for a burdensome regulatory process that could lead to less consumer choice, reduced availability of financing and higher prices for home purchases and multi-family construction.’ What Davis didn’t say is that Fannie Mae and Freddie Mae are both members of his alliance, which also includes the National Association of Home Builders and National Association of Real Estate Brokers. Baker, chairman of the House Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee, has said that Fannie Mae and Freddie Mac have gotten so big, and have piled up so much debt, that more oversight is needed. If either of them failed, it could do major damage to the U.S. economy, he said.” [Times Picayune, 4/15/01]
19 McCain Fundraisers & Advisers Lobbied For Fannie Mae Or Freddie Mac. Nineteen McCain advisers and fundraisers lobbied for Fannie Mae and Freddie Mac.
Six of his advisers and fu
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McCain's Campaign reads like a who's who of Fannie Mae/Freddie Mac
Campaign manager, Rick Davis, a longtime lobbyist. (previously was head of the Homeownership Alliance, a coalition of banks and housing industry interests led by Fannie and Freddie to stave off regulations.)
Adviser Charlie Black -Firm worked for Freddie Mac
Deputy campaign finance chairman, Wayne L. Berman, a former Fannie Mae lobbyist.
Campaign co-chairman Tom Loeffler, lobbied for Fannie Mae
McCain economic advisor Aquiles Suarez, a Fannie Mae executive
McCain advisor Dan Crippen, lobbied for Fannie Mae (and Merrill Lynch)
McCain's VP search committee member Arthur B. Culvahouse, lobbied for Fannie Mae
In all, McCain has 19 people who are either advisors or fundraisers who lobbied for either Fannie Mae or Freddie Mac.
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A former member of Barack Obama’s VP search team, James A. Johnson, served as chairman of Fannie Mae. Although the Obama campaign doesn’t take contributions from lobbyists, it has received significant donations from both companies’ employees and PACs.
John McCain’s connections to the two mortgage companies are more numerous. His campaign manager, Rick Davis, headed the Homeownership Alliance, an advocacy group for the two lenders. His close adviser, Charlie Black, is a long-time lobbyist whose firm represented Freddie Mac.
Two of McCain’s bundlers, supporters who help raise large amounts of money for the campaign, have ties to Fannie Mae. Robert H. Holt is a lobbyist for the firm, and Wayne Berman is managing director of Ogilvy Government Relations, which also represents the company.
A third McCain bundler, Geffrey T. Boisi, is a director of Freddie Mac.
Both Fannie Mae and Freddie Mac have spent millions on lobbying; they each number among Washington’s top 20 lobbying spenders.
In an op-ed piece in The Wall Street Journal yesterday, McCain and his running mate
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Yes, true some people may have been lobbyists or attorneys but it is not comparable to Obama's friends, getting multi millions as they ran and eventually destroyed Fannie Mae. Come on, wake up now even former President Bill Clinton has said the Democrats were to blame by continually blocking the Republicans attempt to help the situation years ago.
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The crisis in the housing market predates the Bush Administration. Check out this article from the NYT.
http://tinyurl.com/4j9owy
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Yes and aren't you so sick of them blaming everyone but themselves? This economic crisis has Democrats written all over it. Thanks Lee for the article more confirmation of what we know is right. We will keep reporting it as we see it. Thanks for visiting the site come back often.
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