Freddie and Fannie Meltdown

Who was right? John McCain.
Speaking May 25, 2006:

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.

Who was wrong? Barack Obama – who pocketed $126,349 in contributions from the two, second only to Democrat Christopher Dodd. The bill never made it out of committee thanks to Dodd – who headed it while receiving favorable mortgage terms from Countrywide.

Will the Democrats be filleted by the Mainstream Media for their ties to “Big Mortgage” the same way the Republicans have been tarred by the epithet “Big Oil?” I’m not holding my breath.

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6 Comments

  1. Mike D:

    Great article, thank you. Funny how I must have “missed” the outcry over this in the mainstream media…

  2. Big Bill:

    Obama pocketed “millions” in contributions from Frannie? Really? I’m indifferent him, have been since HLS, but “millions” in contributions seems rather outsized, don’t you think?

  3. Scott Kirwin:

    Big Bill
    You’re right. I got caught up in the heat of the moment.
    According to OpenSecrets.org Obama received $126,349 from PACs and individuals associated with Fannie Mae and Freddie Mac.

    That puts him at a solid #2 behind Chris Dodd at $165,400.

    Off by a factor of 10. Sorry about that.

  4. Fair and Unbiased:

    The front page of your blog still says “pocketed millions” on October 3, 2008. Yet when pressed if this statement you presented as fact was indeed accurate, you took the time to research and discovered it was only actually a fraction of “millions”? Why don’t you change the front page? In pushing your agenda on the internet, aren’t you at least concerned that your ideas are substantiated on accurate points of fact, or is it that your ideas are not based on fact therefore do need them to be accurate in the first place? Thank you for reading and have a nice day.

  5. Scott Kirwin:

    FU
    Because if I changed it Big Bill’s comment and my response would not make sense.
    Yours too.
    But if it really bothers you, FU, then I’ll change it. There all better now….
    One more thing, your handle Fair and Unbiased… It’s a joke right?
    I make no claims to being either and in fact believe that both are impossibilities in writing and media in general.

  6. Another Pelosi Lie: “White House officials prevented Treasury Secretary Henry Paulson from alerting Congress sooner of the looming economic crisis” | Right Voices:

    [...] The Razor » Blog Archive » Freddie and Fannie Meltdown [...]

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