McCAIN PUSHED FOR FANNIE AND FREDDIE REFORM
John McCain Was Pushing For Reform Of Fannie Mae And Freddie Mac While “Obama Was Notably Silent“:
“In 2006, [McCain] Called For Tighter Regulation Of Fannie Mae And Freddie Mac, The Two Federally Chartered, Privately Run Mortgage Giants That The Government Now Has Taken Over.” (Steve Thomma, “Out Of Bounds! Obama Misstates McCain’s Position On Regulation,” McClatchy Newspapers, 9/20/08)
The Washington Post: McCain Pushed For Fannie and Freddie Regulation While “Obama Was Notably Silent.” “In 2006, he pushed for stronger regulation of Fannie Mae and Freddie Mac — while Mr. Obama was notably silent. ‘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,’ Mr. McCain warned at the time.” (Editorial, “‘Always For Less Regulation’?” The Washington Post, 9/19/08)
NOTE: In Just Four Years, Barack Obama Has Received More Money From Fannie Mae And Freddie Mac Than Any Other Member Of Congress In The Past Two Decades (Since 1989) Except Senate Banking Committee Chairman Sen. Chris Dodd. (Lindsay Renick Mayer, “Fannie Mae And Freddie Mac Invest In Lawmakers,” Center For Responsive Politics’ “Capital Eye” Blog, www.opensecrets.org, 9/11/08)
EVEN BILL CLINTON ACKNOWLEDGES DEMOCRATS BLOCKED FANNIE AND FREDDIE REFORM
Former President Bill Clinton Acknowledges Democrats Resisted Fannie Mae And Freddie Mac Reform:
Former President Clinton: “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.” (ABC’s “Good Morning America,” 9/25/08)
Filed under: The Government Engineered Mortgage Crisis , 700 billion, AIG, bailout, banks, Bear Stearns, Bill Clinton, Community Reinvestment Act of 1977, Democrats, Dow Jones, Fannie Mae, Franklin Raines, Freddie Mac, Government engineered mortgage crisis, House of Representatives, Jamie Gorelick, Jim Johnson, Jimmy Carter, minorities, mortgage, President Bush, stocks, subprime, subprime mortgage collapse
