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.