Obama and Dems blocked a bill by McCain that would have addressed housing problems

[spurster]

False..it passed in the House. It got shot down in the Senate...by the Democrats....and don't let the date mislead you, this bill was on the docket until 2007. It most certainly was the ing Democrats that shot it down.

whottt, did you ever pass any reading comprehension test? The House bill was different from the Senate bill (please note the key word "different"). The House bill never, ever went anywhere in the Senate after it arrived. Come up with the link that proves otherwise, or shut your lying mouth.

Apparently [whottt] don't know how Congress works.

Fixed that for you.

[whottt]

whottt, did you ever pass any reading comprehension test? The House bill was different from the Senate bill (please note the key word "different"). The House bill never, ever went anywhere in the Senate after it arrived. Come up with the link that proves otherwise, or shut your lying mouth.

Asshat...I know it never went anywhere in the Senate. The Democrats would not let anyone interfere with FanFred.

Fixed that for you.

What ever...your guy is completely dirty...ignore that at your own peril.

[hitmanyr2k]

Asshat...I know it never went anywhere in the Senate. The Democrats would not let anyone interfere with FanFred.

Apparently the Bush administration didn't want anyone interfering either. They opposed the bill calling it weak.

http://www.whitehouse.gov/omb/legisl...r1461sap-h.pdf

[Aggie Hoopsfan]

Apparently the Bush administration didn't want anyone interfering either. They opposed the bill calling it weak.

http://www.whitehouse.gov/omb/legisl...r1461sap-h.pdf

So you're saying Obama was on Bush's side on this? I thought Obama was supposed to bring about change, not the same...

[spurster]

Note the dates. The Senate bill was passed by the Senate committee and went nowhere. Later, the House bill (to spell it out for whottt, the two bills were dee-iii-eff-eff-eee-arr-eee-enn-tee) was passed and went nowhere in the Senate. My take is that neither party at that point in time thought this issue was serious enough to solve. The differences between what the two parties wanted were not that great.

from http://www.govtrack.us/congress/bill.xpd?bill=s109-190

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005

Last Action: Jul 28, 2005: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a subs ute favorably.

from http://www.govtrack.us/congress/bill.xpd?bill=h109-1461

H.R. 1461 [109th]: Federal Housing Finance Reform Act of 2005

Passed House 331-90 Oct 26, 2005

Last Action:
Oct 31, 2005: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

[spurster]

Here is some info on what happened in 2007: a Senate bill, a House bill, and rumors about GOP Senators' opposition to the House bill. The Senate bill was introduced by the GOP, roughly the same as the 2005 Senate bill. The House bill was bipartisan by all appearances. The site reporting the rumor is a pay-for site so all I have is the first 1 1/2 sentences.


http://www.govtrack.us/congress/bill.xpd?bill=s110-1100

S. 1100: Federal Housing Enterprise Regulatory Reform Act of 2007

Last Action: Apr 12, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


http://www.govtrack.us/congress/bill.xpd?bill=h110-1427

H.R. 1427: Federal Housing Finance Reform Act of 2007

Passed House 313-104 May 22, 2007

Last Action: May 24, 2007: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


http://www.housinganddevelopment.com...od=spub&str=60

GSE Reform Facing Mounting Senate Opposition Over Trust Fund

Senate Republican staffers have used the Memorial Day holiday week-long recess to gather opposition to the House-passed government-sponsored enterprise (GSE) regulatory reform bill, HR1427. Sources tell us key staffers have marching orders from their bosses to find a way to deep-six the affordab... 06/06/2007 12:55 PM

[whottt]

Note the dates. The Senate bill was passed by the Senate committee and went nowhere. Later, the House bill (to spell it out for whottt, the two bills were dee-iii-eff-eff-eee-arr-eee-enn-tee) was passed and went nowhere in the Senate. My take is that neither party at that point in time thought this issue was serious enough to solve. The differences between what the two parties wanted were not that great.

And my take is that it was killed in the Senate in Commitee by the Democrats on the Finance Commitee....namely Chris Dodd the #1 recipient of contributions from Fannie Mae.

My take is that the leading Democratic Politicians were so obviously and clearly being bought to not interfere with Fannie Mae that you have to be a complete and total idiot to not see it.


What the leading Democrats were saying:

''These two en ies -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.'

How dare you guys blame the Republicans this..you lying pieces of .

Democratic politicians were being bought by these guys. The culprits behind it are on Obama's staff.


McCain is on record as warning against it, introducing legislation to prevent it...

Then..which is the source of this thread:


And now(right before it happened):


McCain in July of 2008:


Americans should be outraged at the latest sweetheart deal in Washington. Congress will put U.S. taxpayers on the hook for potentially hundreds of billions of dollars to bail out Fannie Mae and Freddie Mac. It's a tribute to what these two ins utions — which most Americans have never heard of — have bought with more than $170-million worth of lobbyists in the past decade.

With combined obligations of roughly $5-trillion, the rapid failure of Fannie and Freddie would be a threat to mortgage markets and financial markets as a whole. Because of that threat, I support taking the unfortunate but necessary steps needed to keep the financial troubles at these two companies from further squeezing American families. But let us not forget that the threat that Fannie Mae and Freddie Mac pose to financial markets is a tribute to crony capitalism that reflects the power of the Washington establishment.

Fannie and Freddie buy home loans from lending ins utions and reissue them as marketable securities — creating a liquid market for mortgage debt that lowers borrowing costs for prospective homeowners. The two ins utions have easy access to borrow at low interest rates because they were originally government agencies and continue to be viewed as being backed by the government. The irony is that by bailing them out, Congress is about to make that perception a reality, even though government backing is no longer needed for their original mission. There are lots of banks, savings and loans, and other financial ins utions that can do this job.

Fannie and Freddie are the poster children for a lack of transparency and accountability. Fannie Mae employees deliberately manipulated financial reports to trigger bonuses for senior executives. Freddie Mac manipulated its earnings by $5-billion. They've misled us about their accounting, and now they are endangering financial markets. More than two years ago, I said: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose." Fannie and Freddie's lobbyists succeeded; Congress failed to act. They've stayed in business, grown, and profited mightily by showering money on lobbyists and favors on the Washington establishment. Now the bill has come due.

What should be done? We are stuck with the reality that they have grown so large that we must support Fannie Mae and Freddie Mac through the current rough spell. But if a dime of taxpayer money ends up being directly invested, the management and the board should immediately be replaced, multimillion dollar salaries should be cut, and bonuses and other compensation should be eliminated. They should cease all lobbying activities and drop all payments to outside lobbyists. And taxpayers should be first in line for any repayments.

Even with those terms, sticking Main Street Americans with Wall Street's bill is a shame on Washington. If elected, I'll continue my crusade for the right reform of the ins utions: making them go away. I will get real regulation that limits their ability to borrow, shrinks their size until they are no longer a threat to our economy, and privatizes and eliminates their links to the government.

It's time to get America on the right track by creating the jobs that will build a strong foundation under our housing markets. We need to address the high cost of gasoline and other energy sources, and transform health care to be cheaper, higher quality and built around the needs of patients. But most of all, we need to reform Washington and wrest control from the special interests that have created this problem.

John McCain, a U.S. senator from Arizona, is the presumptive Republican candidate for president.




http://www.tampabay.com/opinion/edit...icle735638.ece






What a bunch of liars Democrats are.

[Anti.Hero]

The dem politicians make the money, the dem supporters hate bush, life is good for dem politicians.

[spurster]

Most House Democrats voted for the House 2005 bill, so a Barney Frank quote from 2003 hardly speaks for the Democrats or how they viewed the situation in 2005. If you still want to pick on Barney Frank, he did vote against the 2005 bill, but was a co-sponsor of the House 2007 bill (both Republicans and Democrats sponsored that bill), which was apparently killed by Senate Republicans. Why don't I see your outrage at the GOP killing reform in 2007 at a time when the situation was clearly worsening?

[obama the mesiah]

Johnny Two-Faced

[DarkReign]

Most House Democrats voted for the House 2005 bill, so a Barney Frank quote from 2003 hardly speaks for the Democrats or how they viewed the situation in 2005. If you still want to pick on Barney Frank, he did vote against the 2005 bill, but was a co-sponsor of the House 2007 bill (both Republicans and Democrats sponsored that bill), which was apparently killed by Senate Republicans. Why don't I see your outrage at the GOP killing reform in 2007 at a time when the situation was clearly worsening?

you do realize who youre arguing with, right?

There shouldnt be any wondering about why his "outrage" is partisan.