Posted by: Maysman | September 20, 2008

Why was action NOT taken in 2003 …

when it would have been much cheaper for us [the American taxpayer] and… might [?… we will never know, will we] have avoided the current mess we Americans find ourselves in…

—-Very clear, concise article here… Read it…  Rein in Fannie or Freddie… I don\’t think we will do that in 2003…

—-Who said this… “I have a lot of questions about where was the administration over the last eight years.”

—-Who said this… A certain Senator [not Obama] as recently as last summer, when housing prices had clearly peaked and the mortgage market had started to seize up, ______called on Bush to “immediately reconsider his ill-advised” reform proposals.. and… __________ the  chairman of the House Financial Services Committee, said that the president’s suggestion for a strong, independent regulator of Fannie and Freddie was “inane.”

—-How did Fannie and Freddie counter such efforts over the years ? They flooded Washington with lobbying dollars, doled out tens of thousands in political contributions and put offices in key congressional districts. Not surprisingly, these efforts worked. Leaders in Congress did not just balk at proposals to rein in Fannie and Freddie. They mocked the proposals as unserious and unnecessary.

—-As I researched which party got the most $$, it seemed “fairly” even with a slight edge to Dems… However, the top 4 recipients are interesting… Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

Name

Office

Party/State

Total

1. Dodd, Christopher J

S

D-CT

$133,900

2. Kerry, John

S

D-MA

$111,000

3. Obama, Barack

S

D-IL

$105,849

4. Clinton, Hillary

S

D-NY

$75,550

And think about it… Senator Obama has had a mere 3 1/2 years to gain that #3 rating… Do they give him that $$ for nothing?  To be fair, given the multi millions$$ he has raised, this seems like small potatoes as far as donations go…

—-Well, what is… is… We are stuck with the tab and I have this simpleton theory… We American taxpayers are not stuck with nothing… Even if we have mortgage paper that has gone down in value, do we not still own SOMETHING???… That is, if we own a house with a mortgage of $100,000 and we can sell it for only $70,000…  we will lose $30,000… NOT the entire $100,000…. Am I wrong here???

—-Btw, next time you see a Country Wide TV commercial…or ad… They just followed the rules… made crappy loans to people who could not afford the mortgage… Sold the paper [therefore, not responsible for actually collecting any money after they made the loan]… pocketed the profit… and on to the next person who saw their TV ads and called in…

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Responses

  1. It’s a long span of time you’re sampling. Were the high contributions to Dem canditates for Prez concentrated during the years of their runs as well? If so, what signif to Obama being there for short time? And/or did you look into which congresspeople were working with legislation that made a difference to Fannie/Freddie at the time? It’s no secret groups give money to those they think will remember them. As I recall, the argument is that it’s the free speech of the donors to do so…


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