Topic: Who warned us about Freddie Mac and Fanny Mae?

[Blade]

The History of a Financial Disaster

1993

*   Congress and President Clinton loosen Home Loan Requirements.[ed.]

1995

*   Fannie Mae is a GSE (Govt. Sponsored Entity) regulated by CONGRESS.
*   Fannie Mae buys mortgages from other companies.
*   It is backed by the TAXPAYERS for all losses, but keeps all profits.


1998

*   Banks begin making thousands of bad loans, zero down, no
documentation, for 120% (1998-2008).
*   Executives at Fannie Mae receive huge bonuses if loan targets are
met.
*   Franklin Raines & Jamie Garelick from the Clinton Administration are
appointed to run Fannie Mae.

2003

*   President Bush proposes a new oversight committee to clean-up Fannie
Mae, Congress derails the effort.

(Rep. Melvyn Watt {D-NC} Committee on Financial Institutions & Consumer Credit, stated, "I don't see much other than weakening the bargaining power poorer families to get affordable housing.")

*   Raines receives $100 million in bonuses.
*   Garelick receives $75 million in bonuses.
*   In 2004, ENRON collapses, Congress investigates, Executives Skilling
& Lay go to jail, for fraudulent bookkeeping.
*   Congress responds with the Sorbanes-Oxley Act, more heavy regulation
of Corporations.

2004

*   An OMB investigation finds massive fraudulent bookkeeping at Fannie
Mae.
*   False numbers triggered executive bonuses every year.
*   Congress held NO hearings, NO ONE goes to jail, or is punished.
*   WHY NOT?

1999 - 2005

*   Fannie Mae gives millions to Democratic causes, examples: Jessie
Jackson & ACORN!
*   Fannie Mae pays millions to 354 Congressmen and Senators from both
Parties.
*   Who got the most money?

1.   Sen. Christopher Dodd, {D-CT} Chairman Banking, Housing, & Urban
Affairs Committee.

2.   Sen. Barack Obama {D-IL} Federal Financial Management Committee.

3.   Sen. Chuck Schumer {D-NY} Chairman Finance Committee.

4.   Rep. Barney Frank {D-MA} Chairman House Financial Services Committee.

2005

*   Franklin Raines & Top Execs are forced to resign from Fannie Mae.
*   They do not go to Jail.
*   There is NO Media "perp. walk."
*   They keep their bonuses.
*   They finally pay $31.4 million in Civil Fines.
*   The Federal Housing Enterprise Regulatory Reform Act is sponsored
by:
*   Sen. John McCain {R-AZ} Armed Services, Commerce, Science, and
Transportation.

1.   The Senator is 325th on the Fannie Mae Pay List.

   2.   He stated, "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."

*   None of the top Four on the Fannie Mae Pay List supported the
legislation.
*   The Reform Act is blocked by Democrats, never even making it out of
the committee.
*   None of the Politicians on the Fannie Mae Pay List return any of the
money, tainted by Fraud.

2008

*   Fannie Mae & Freddie Mac go bankrupt and the Govt. Takes them over
COMPLETELY.
*   Lehman Brothers, goes bankrupt from investing in bad mortgages.
*   AIG gets 85 million in Loan Guarantees, after insuring bad Loans and
Projects.
*   Taxpayers will ultimately pay BILLIONS.
*   Franklin Raines is now an advisor to the "OBAMA CAMPAIGN" which
wants the govt. to take over more of the economy.
*   Did Government involvement in the mortgage market work out?
*   How will even MORE government involvement make things better?  Do
you want to be Sweden?
*   McCain favors revising regulations and loan standards and selling
off Fannie and Freddie.

[DJdaHERDfan]

Very good write up of information.

Questions:

#1 How much money did McCain get from Acorn?

#2 What is the total detailed description of the The Federal Housing Enterprise Regulatory Reform Act ?

#3 In 1993, what kind of Congress did we have? What did McCain vote for?

#4 In 1995, what kind of Congress did we have? What did McCain vote for?

#5 in 1998, were there any republicans helping to run fannie mae? freddie mac?

#6 In 2003, what kind of Congress did we have? What did McCain vote for?

#7 In 2004, what kind of Congress did we have? What was McCain in favor of?

#8 On that list of the highest paid that you state, what were the money amounts and who was the highest republican? And, how many republicans compared to dems on that list?

#9

The Senator is 325th on the Fannie Mae Pay List.

When you say this, does that make him innocent in your eyes? And what exactly was his money amount he was recieving? If Obama was 325th on this list and McCain 4th, would you be still very critical of Obama being on the list at 325?

#10 Do you think Obama is solely to blame for this entire crisis? Should McCain have some kind of blame for this as well?

[Huffnagel]

Blade, once again you posted a very informative and referencing post. But I believe that no matter what, some still want to overlook the FACTS and believe the second hand information that they hear.

Thanks for ADDING to this thread.

[Blade]

Questions:

#1 How much money did McCain get from Acorn?

None.  Obama, however, donated $832,598 to the ultra liberal organization.

#2 What is the total detailed description of the The Federal Housing Enterprise Regulatory Reform Act ?

Look it up.

#3 In 1993, what kind of Congress did we have? What did McCain vote for?

Democratic.  McCain couldn't vote.

#4 In 1995, what kind of Congress did we have? What did McCain vote for?

Democratic.  McCain voted against but it passed 70-26

#5 in 1998, were there any republicans helping to run fannie mae? freddie mac?

I don't know.  Why?

#6 In 2003, what kind of Congress did we have? What did McCain vote for?

Republican.  McCain abstained but it passed overwhelmingly 79-16

#7 In 2004, what kind of Congress did we have? What was McCain in favor of?

If favor of what?

#8 On that list of the highest paid that you state, what were the money amounts and who was the highest republican? And, how many republicans compared to dems on that list?

I don't know why?  It's irrelevant to Obama/McCain

#9  
When you say this, does that make him innocent in your eyes? And what exactly was his money amount he was recieving?

The point, which you missed, is that money from special interests and lobbyists is commonplace in Washington, be it right or wrong.  However, the most money goes to the senators that support their cause/stance.  In this case, Fannie and Freddie execs appear to have gained more support from Obama (4th) then McCain (325th)

If Obama was 325th on this list and McCain 4th, would you be still very critical of Obama being on the list at 325?

Are you calling me racist again?  Unfortunately, I can't ignore the facts, so naturally I would have to say in that scenario, McCain would have been more in bed with FM/FM.  Perhaps you can teach me how to ignore the facts in the name of race?  If only you knew my background and my circle of friends, you would never play the race card with me.

#10 Do you think Obama is solely to blame for this entire crisis? Should McCain have some kind of blame for this as well?

I don't think either are directly to blame.  I do know that Obama showed more support and gained more financially from the two housing brokerages.  I also know that Obama has one of the people who are directly responsible deep in his campaign.  I also know by reading Obama's platform that he has promised to submit legislation to allow more citizens access to house ownership by use of subprime loans and lower credit ratings.  Isn't that the same thing that got us into this mess to begin with?

DJ, you shouldn't volley facts with me.  Your guy just doesn't stack up.  Just pull the lever, enjoy the win and raise your fist in adoration of socialism.  It's worked quite well for Europe, Canada and the Soviet Bloc.  Heck, I guess that's why we're the richest and most powerful country in the world.  Oh wait.  That's capitalism.


[/quote]

[DJdaHERDfan]

If Obama was 325th on this list and McCain 4th, would you be still very critical of Obama being on the list at 325?

Are you calling me racist again?  Unfortunately, I can't ignore the facts, so naturally I would have to say in that scenario, McCain would have been more in bed with FM/FM.  Perhaps you can teach me how to ignore the facts in the name of race?  If only you knew my background and my circle of friends, you would never play the race card with me.

Are you serious? Listen, Brian, Just asked a question. I have spoken on race and made it clear. I don't need to repeat that.
But if you wanna bring it up again we can.

Yes I will enjoy the win while you keep bringing up these wonderful facts and wollow in your sore losing misery.

Play the race card? Wow LOL you are special.

My whole point of the questions was for you to just provide what McCain did as well.
But for some reason, you just wanna bring up Obama.

How about that felon friend of McCain? And what of the dealings with the Kremlin? And what about money coming from the middle east to McCain's camp?
What exactly is McCain's plan for healthcare? the current financial crisis?
Does he even have a clue what to do?

Enlighten me............but if you do not wish to, I understand.

[Blade]

No facts.  Just rhetoric.  It's difficult to have a discussion with folks that won't acknowledge or produce facts.

Sorry if I misunderstood you on race.  It certainly read from your post like that was your intention.

Special?  Never thought I was.  Some folks think they are though.
 

[DJdaHERDfan]

Special?  Never thought I was.  Some folks think they are though.

You got that right. Some people do think they are and try to act bigger than what they are. Only to be living in a much smaller world of reality. Eventually, they are outed by their friends and coworkers and exposed for what they really are.
I have seen things like that take place.

Good thing that we are not those special kind of people, Brian.