Tell me who knows more about economics now.. While Obama was taking cash from lobbiests to block the reform, McCain recognized the troubles ahead. John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005. A bill to overhaul supervision of mortgage finance giants Fannie Mae and Freddie Mac moves to the U.S. House floor for debate this week, but amendments may be offered that would significantly alter a bipartisan deal struck in committee, Reuters reported. A Republican plans to offer an amendment that would place limits on the companies' mortgage portfolios, as the White House and Federal Reserve Chairman Alan Greenspan have urged, Reuters said. On affordable housing, a key Democrat plans to propose a measure to strip from the bill a deal among Republicans that prohibits lobbying groups from receiving affordable housing funds, according to reports. McCain: For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Macâknown as Government-sponsored entities or GSEsâand the sheer magnitude of these companies and the role they play in the housing market. OFHEOâs report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEOâs report solidifies my view that the GSEs need to be reformed without delay. McCain: 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. Now who do you trust on economic policy? Huh? He shoots, he scores! and thats the ball game....
Maybe we ought to ask Barrack Obama's advisor on housing, Franklin Raines, ex-CEO of FNM, why Obama was the second largest recipient of campaign contributions in the Senate just in the last 4 years. Might be interesting to hear the answer. OldTrader
Also back in '03 the bush admin tried to reign in freddie and fannie. September 11, 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae By STEPHEN LABATON 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. http://query.nytimes.com/gst/fullpa...2575AC0A9659C8B63&sec=&spon=&pagewanted=print 2003 ''These two entities -- 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. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Great job barney! Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
What's interesting about Obama is that he received his money in the last 4 years. The list is a 20 year list! LOL. So Dodd got his over 20 years. I wonder what they saw in Obama? OldTrader
http://www.marketwatch.com/news/story/bush-against-more-mortgages-fannie/story.aspx?guid={550D5AFD-3900-411A-8EA4-8CD2E28AD678} <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=2074503>
Obama has asked former Fannie Mae CEO Jim Johnson to begin vetting potential vice presidential picks, Democratic officials said Thursday....
In 2003 it looks that the democrats were asking for "affordable" housing for lower income people through fannie and freddie. So, who is responsible for the (liars loans)? Do politicians know what the banks are doing? Is giving people with low income some big loans that they can not afford really the plan of the democrats, or was it done by banks who covered this up? Why blame politicians when they do not see the books of the banks? Or am I naive?