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quack quack · 09-30-2008, 10:05 AM

Read the facts people!!!!!!

John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005! « Beltway Snark

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Home About Beltway Snark Another Prime-Time Palin InterviewThe Big-Ticket PUMAs Start DefectingSeptember 16, 2008...6:51 pm
John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005!
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In Sept. 2003 President Bush proposed a new agency to oversee regulatory reforms of Fannie Mae and Freddie Mac. Here is an excerpt form the above linked article from Sept. 11, 2003.

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Then in 2005 John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005.

The Bill was never passed. John McCain addressed the floor on May 26th, 2006. Here is an excerpt:

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.

I urge my colleagues to support swift action on this GSE reform legislation.

This bill was shot down by the Democrats and some Republicans in Congress.

John McCain fought two years ago to shield the American people from the crisis some of us are facing.

What was Barack’s vote??

Update: 09/17/08 5:48am EST (yeah, I dont’ sleep much)

We asked the question: “What was Barack’s vote?” We had the answer on Monday, but didn’t link it here until now. I like dramatic pauses.

As reported here, since 1989, Barack Obama is second only to Sen. Chris Dodd in most amount of Lobbyist money accepted from Fannie Mae and Freddie Mac.

Are you hearing this? He has been in the Senate less than four years and only Dodd has taken more money than he has. Since 1989. No wonder he wanted to keep Fannie and Freddie under Senate oversight.

And no wonder there isn’t an “Enron type” investigation going on. Nobody wants to investigate themselves.

Hopeandchange certainly sounds like sameoldcrap.

Barack Obama: he loves hates the lobbyists!

09-30-2008, 10:05 AM	#10 (permalink)
quack quack Old Salt Join Date: Nov 2005 Location: lake worth Best Catch: 25lb codfish 5 yrs old first hanger Posts: 6,219	Read the facts people!!!!!! John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005! « Beltway Snark Beltway Snark Home About Beltway Snark Another Prime-Time Palin InterviewThe Big-Ticket PUMAs Start DefectingSeptember 16, 2008...6:51 pm John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005! Jump to Comments Ads by Google Consolidate Debt-Save 50% More Than $15,000 Debt? Payoff In 12-30 Months. Save Or Pay No Fees. www.Freedom-Debt-Relief.comCongress: No Blank Check Sign our petition telling Congress to oppose the Wall Street Bailout! No Wall Street Bailout \| In Sept. 2003 President Bush proposed a new agency to oversee regulatory reforms of Fannie Mae and Freddie Mac. Here is an excerpt form the above linked article from Sept. 11, 2003. The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios. The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. Then in 2005 John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005. The Bill was never passed. John McCain addressed the floor on May 26th, 2006. Here is an excerpt: I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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. I urge my colleagues to support swift action on this GSE reform legislation. This bill was shot down by the Democrats and some Republicans in Congress. John McCain fought two years ago to shield the American people from the crisis some of us are facing. What was Barack’s vote?? Update: 09/17/08 5:48am EST (yeah, I dont’ sleep much) We asked the question: “What was Barack’s vote?” We had the answer on Monday, but didn’t link it here until now. I like dramatic pauses. As reported here, since 1989, Barack Obama is second only to Sen. Chris Dodd in most amount of Lobbyist money accepted from Fannie Mae and Freddie Mac. Are you hearing this? He has been in the Senate less than four years and only Dodd has taken more money than he has. Since 1989. No wonder he wanted to keep Fannie and Freddie under Senate oversight. And no wonder there isn’t an “Enron type” investigation going on. Nobody wants to investigate themselves. Hopeandchange certainly sounds like sameoldcrap. Barack Obama: he loves hates the lobbyists! __________________ Amagansett means “place of good water” in one American Indian tongue, and for generations of Lesters who have lived here, it’s been true in the most literal way.