McCain tried to reform Fannie Mae in '05

[2centsworth]

Seems like he tried to warn us, but the dems blocked the legislation.

http://bartonbulletin.wordpress.com/2008/09/17/mccain-co-sponsored-fanniefreddie-reform-in-2005/

[Nbadan]

Not this again!?!

:lmao

[2centsworth]

lets hear your spin. It's freakin obvious the Dems planned this crap from the beginning.

[Nbadan]

http://www.spurstalk.com/forums/showthread.php?t=105018

I'm not into fighting the same war over and over again...

[Mr. Peabody]

lets hear your spin. It's freakin obvious the Dems planned this crap from the beginning.

I think there's already two threads on this.....

[2centsworth]

The Barton Bulletin (http://bartonbulletin.wordpress.com/)

You don’t get the government you want, you get the government you deserve





McCain Co-Sponsored Fannie/Freddie Reform… In 2005 (http://bartonbulletin.wordpress.com/2008/09/17/mccain-co-sponsored-fanniefreddie-reform-in-2005/)

While the barbs fly back and forth between the McCain and Obama campaigns as to who can better manage the current financial crisis, one indisputable fact is John McCain has actively been seeking reforms that may have prevented the current situation. Congressional records show McCain Co-sponsored S. 190 the Federal Housing Enterprise Act of 2005. OnMay 25, 2006 (http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002 Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrm x002Fms20060525-16.xmlElementm0m0m0m)McCain made this impassioned plea on the floor of the Senate.

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
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.
The bill (http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary) included the following provisions:

(1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit non-mission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Where was Obama and what was his position on Freddie/Fannie while McCain was calling for reform? Obama was the beneficiary of hundreds of thousands of dollars from the lobbyists McCain mentions in this speech, making him the #2 recipient of Fannie/Freddie money (http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html).

[Nbadan]

..you can lead a horse to water but you can't make him drink it!

:lol

[cool hand]

too little to late.....

lip service.

[101A]

too little to late.....

lip service.

2005?

[cool hand]

yeah, 2005 lip service.

[jack sommerset]

..you can lead a horse to water but you can't make him drink it!

:lol

If O'bama wins he can force the horse to drink the water instead of just leading!

:lol

[obama the mesiah]

http://staging.michaelmoore.com/_images/splash/twofaced.jpgJohnny Two-Faced (http://www.michaelmoore.com/words/latestnews/index.php?id=12275)