Guess Who sounded the alarm on Freddie & Fannie?

[ILOVEDNY]

3 years ago.
And it wasn't The Chosen One.

John McCain. 25 May 2005, speaking to the Senate:

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

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.

The legislation was blocked by Democrats, with the assistance of a few Republicans.

[Mary3]

Let me say that his concern in 2005 was based on trying to take away the quasi-government public company so that his buddies companies can take it over and defunk the Fannie and Freddie.

Can we say GREED and CONTROL for his buddies?

Lobbyists managing his campaign should be clear to people what B.S. he is touting now.

You see, the reason Mr. McCain knows about the problem was his friends were doing it too! Because Fannie and Freddie is a quasi-government public company, WE the public actually get more information out of the company than say COUNTRYWIDE!

It is really sad the spin used in both parties. This kid of spin requires the citizen joe to be engaged beyond the election years.

Here is another problem, McCain touted his record as a de-regulator for those 23 years. No one believes him anymore and no one should since his actions have spoken louder than words.

[mesue]

Guess who was the #2 benifactor of Freddie and Fannie?

You have 354 lawmakers got money from Fannie and Freddie — 354. If you look at the years from 1989 to 2008, the second top recipient was Senator Barack Obama.

http://www.foxnews.com/story/0,2933,424346,00.html

[mikenold]

Guess who was the #2 benifactor of Freddie and Fannie?

http://www.foxnews.com/story/0,2933,424346,00.html

Let's see Chris Dodd - Democrat
Barack Obama - Democrat
I wonder what party the other 352 were? Just saying!

[run4it]

Anyone have Hannity's source on that? I'm not saying he's necessarily lying, but he's well been known to talk out his rearage before.

[run4it]

3 years ago.
And it wasn't The Chosen One.

John McCain. 25 May 2005, speaking to the Senate:

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

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.

The legislation was blocked by Democrats, with the assistance of a few Republicans.

This was made in support of a bill that would have taken such regulation AWAY from HUD, exempted the companies from many reporting requirements, and abolish the Federal Housing Finance Board.

McCain was suggesting that there be LESS regulation on Freddie and Fannie. That would have made it even EASIER for them to conduct the predatory lending that got us into this!

McCain's answer to the mess he "foresaw" was basically to make it easier for it to come to fruition.

Now my question is, did you know that and just hoped that you wouldn't be called on it, or did you just cut and paste without bothering to look up what you were talking about?

[mesue]

Anyone have Hannity's source on that? I'm not saying he's necessarily lying, but he's well been known to talk out his rearage before.

Can you name the other times?

[run4it]

Can you name the other times?

Well, we can start with a few, anyway. All from his TV or radio show:

No really, Senator Obama isn't really a Christian, no, he's a Black Separatist.

(Obama)"attack[ed] our troops as murderers,"

(Obama complains that)Fox News and Republican commentators suggest that, in other words, that he is a Muslim. No one has ever suggested that

Obama got "a property next to this convicted slum lord, Tony Rezko. His property is $300,000 below value.

(Obama)can't point to a single instance in which President Bush or McCain or Karl Rove or Sean Hannity or talk radio or any other major Republican has made an issue of Obama's race" 1 month before: It's only fair to ask: Do the Obamas have a race problem of their own

And perhaps the favorite current lie:
families of four that make $50,000 a year ... paying another $2,000 in taxes a year."

So yeah...his credibility is, well...nonexistent. Which isn't to say that he's necessarily wrong with this one...but you should really be wanting more information than just what Hannity proclaims since he is well...often wrong.

[leftWNYbecauseofBS]

Well, we can start with a few, anyway. All from his TV or radio show:

No really, Senator Obama isn't really a Christian, no, he's a Black Separatist.

(Obama)"attack[ed] our troops as murderers,"

(Obama complains that)Fox News and Republican commentators suggest that, in other words, that he is a Muslim. No one has ever suggested that

Obama got "a property next to this convicted slum lord, Tony Rezko. His property is $300,000 below value.

(Obama)can't point to a single instance in which President Bush or McCain or Karl Rove or Sean Hannity or talk radio or any other major Republican has made an issue of Obama's race" 1 month before: It's only fair to ask: Do the Obamas have a race problem of their own

And perhaps the favorite current lie:
families of four that make $50,000 a year ... paying another $2,000 in taxes a year."

So yeah...his credibility is, well...nonexistent. Which isn't to say that he's necessarily wrong with this one...but you should really be wanting more information than just what Hannity proclaims since he is well...often wrong.

Are you not just pasting text without a source? Something you asked someone else to do and why you did what you did....

[mesue]

Well, we can start with a few, anyway. All from his TV or radio show:

No really, Senator Obama isn't really a Christian, no, he's a Black Separatist.

(Obama)"attack[ed] our troops as murderers,"

(Obama complains that)Fox News and Republican commentators suggest that, in other words, that he is a Muslim. No one has ever suggested that

Obama got "a property next to this convicted slum lord, Tony Rezko. His property is $300,000 below value.

(Obama)can't point to a single instance in which President Bush or McCain or Karl Rove or Sean Hannity or talk radio or any other major Republican has made an issue of Obama's race" 1 month before: It's only fair to ask: Do the Obamas have a race problem of their own

And perhaps the favorite current lie:
families of four that make $50,000 a year ... paying another $2,000 in taxes a year."

So yeah...his credibility is, well...nonexistent. Which isn't to say that he's necessarily wrong with this one...but you should really be wanting more information than just what Hannity proclaims since he is well...often wrong.

souce citation? Or, are you making this up?

[run4it]

Are you not just pasting text without a source? Something you asked someone else to do and why you did what you did....

I took it for granted that Hannity said it. My question was where he got the info from.

I'm hoping you'll do the same and assume that Hannity actuall said those things. If you don't, go ahead and look through his transcripts. I just want to know where he got the information. If it's from the same sources as his above pronouncements, then there's a decent chance he's wrong.

[leftWNYbecauseofBS]

I took it for granted that Hannity said it. My question was where he got the info from.

I'm hoping you'll do the same and assume that Hannity actuall said those things. If you don't, go ahead and look through his transcripts. I just want to know where he got the information. If it's from the same sources as his above pronouncements, then there's a decent chance he's wrong.

I have no problem assuming comments. My point was not about Hannity. It was about you.

I found it funny that you wanted someone else to post citations for comments but in response you posted information without citation. Then when asked about it, you "hope" that others would assume it was who you claimed it was.

You just looked silly is all.

[ILOVEDNY]

This was made in support of a bill that would have taken such regulation AWAY from HUD, exempted the companies from many reporting requirements, and abolish the Federal Housing Finance Board.

McCain was suggesting that there be LESS regulation on Freddie and Fannie. That would have made it even EASIER for them to conduct the predatory lending that got us into this!

McCain's answer to the mess he "foresaw" was basically to make it easier for it to come to fruition.

Now my question is, did you know that and just hoped that you wouldn't be called on it, or did you just cut and paste without bothering to look up what you were talking about?

And your source for this is?

[ILOVEDNY]

This was made in support of a bill that would have taken such regulation AWAY from HUD, exempted the companies from many reporting requirements, and abolish the Federal Housing Finance Board.

McCain was suggesting that there be LESS regulation on Freddie and Fannie. That would have made it even EASIER for them to conduct the predatory lending that got us into this!

Wrong.
The bill proposed taking away HUD oversight and establish a new authority to focus just on the lenders. That sounds like more regulation not less.

And what McCain stated 3 years ago seems right on.
Read the whole bill http://www.govtrack.us/congress/bill...?bill=s109-190

[Mary3]

Move it to the lenders? Let's see now, Fed Chair wants to form a possible Repo Treasury Council (Resolution Trust Corporation) which includes allowing all those LENDERS to dump their bad investments in one united states of america treasury junk pile so that those LENDERS can start being nice to each other and lend money again the way they used to with stronger regulations. Exactly who will buy these? We are forming a Federal JUNK bond proposal now?

http://www.reuters.com/article/marke...48271720080918

WOW.

McCain wants to form anther bogus corporations (Mortgage and Financial Institutions Trust) to do what exactly? This article and his statements tell me something disturbing:

http://trailblazersblog.dallasnews.c...sec-chair.html

"McCain said the trust would work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent."

McCain has no clue once again. He wants to work with "private and regulatory" to identify the weakling in our lending institutions.

SENATOR MCCAIN, YOU HAVE TO WRITE A NEW LEGISLATION to REGULATE the institutions (lending) to see their 3rd tier investments which you have voted to keep it DE-REGULATED in the first place to know exactly WHO is weak. Now that you have given the clue to your friends, you betcha they will be "listing" additional bad investments under that catagory. Opps! I guess you'll never know what they were originally since the REPUBICANS didn't want regulations.

I would say Senator McCain already knows which of his friends have been bad boys and want a free ride for them and put it under the framework of ANOTHER bureaucratic institution to dole out OUR TAXPAYER money to stregthen them back up to skr*w us again!

Listen REPUBLICANS this is called a TAX via BACK DOOR!

More corporate welfare to come from this administration before leaving office.