oreo
Gold Member
We have Barack Obama out there today, blaming McCain--& President Bush for the failed economic policies & collapse of several mortgage bankers on Wall Street. Most recently Lehman Brothers & Merrill Lynch.
All which resulted from the failed mortgage crisis in this country. Specifically relating to the Freddie Mac & Fannie Mae failures, which we the taxpayers of this country bailed out & now our Federal Government is 100% in the mortgage loan business.
On November 12, 1999--Bill Clinton signed a bill into law that would in effect deregulate investment into securities & mortgage loans. This in an attempt to free up monies for those that typically could not afford mortgage loans to enable them to get one.
This bill rushed money into the financial markets in abundance. Lenders happy to loan out money without the worry of risk, couldn't get rid of it fast enough. They loaned it out to anyone & everyone, regardless if the individual could pay it back or not. Greed moved in from lenders, to mortgage brokers looking for their commissions, to flip that house type investors. Didn't matter how much they could afford, it was borrow, borrow, borrow-- & all guaranteed by us, the U.S. taxpayer.
In 2005 JOHN McCAIN studied an audit review regarding the Fannie Mae & Freddie Mac financial reports. It is in the "congressional record"where he co-sponsors a bill requiring investigation of financial records for these two government organizations. McCain basically states in his report--that the collapse of these firms may be imminent, if something is not done. He also states that the consequences to our economy could be dire.
What did the democrat controlled congress do? They IGNORED John McCain's warnings!
Where was Barack Obama 3 years ago. In the United States senate with John McCain. "Possibly the thought of running for President was more important to him than listening to McCain's warnings"? So in essense, Barack Husien Obama sided with his democrat party & decided to let this one slip through the cracks.
Today, we find out about the (millions in) contributions that Freddie Mac & Fannie Mae made to politicians. #1 on their top give list is none other than democrat Criss Dodd, (with some known corruption with Country Wide Mortgage) & # 2 on their top give list is none other than the "Messiah" himself Barack Husien Obama.
So with Obama pointing his finger at "the failed economic policies of G.W. Bush--& stating McCain is just like him" --we have to ask ourselves just one question?
Why is it that John McCain is calling for a full investigation of Freddie Mac & Fannie Mae, & Barack Obama does not want one?
THE DEMOCRAT CONGRESS OWNS THIS MORTGAGE CRISIS & THE FAILING ECONOMY RESULTING FROM THE FINANCIAL COLLAPSE!--------------------------------------------------------------------------------
All which resulted from the failed mortgage crisis in this country. Specifically relating to the Freddie Mac & Fannie Mae failures, which we the taxpayers of this country bailed out & now our Federal Government is 100% in the mortgage loan business.
On November 12, 1999--Bill Clinton signed a bill into law that would in effect deregulate investment into securities & mortgage loans. This in an attempt to free up monies for those that typically could not afford mortgage loans to enable them to get one.
This bill rushed money into the financial markets in abundance. Lenders happy to loan out money without the worry of risk, couldn't get rid of it fast enough. They loaned it out to anyone & everyone, regardless if the individual could pay it back or not. Greed moved in from lenders, to mortgage brokers looking for their commissions, to flip that house type investors. Didn't matter how much they could afford, it was borrow, borrow, borrow-- & all guaranteed by us, the U.S. taxpayer.
In 2005 JOHN McCAIN studied an audit review regarding the Fannie Mae & Freddie Mac financial reports. It is in the "congressional record"where he co-sponsors a bill requiring investigation of financial records for these two government organizations. McCain basically states in his report--that the collapse of these firms may be imminent, if something is not done. He also states that the consequences to our economy could be dire.
What did the democrat controlled congress do? They IGNORED John McCain's warnings!
Where was Barack Obama 3 years ago. In the United States senate with John McCain. "Possibly the thought of running for President was more important to him than listening to McCain's warnings"? So in essense, Barack Husien Obama sided with his democrat party & decided to let this one slip through the cracks.
Today, we find out about the (millions in) contributions that Freddie Mac & Fannie Mae made to politicians. #1 on their top give list is none other than democrat Criss Dodd, (with some known corruption with Country Wide Mortgage) & # 2 on their top give list is none other than the "Messiah" himself Barack Husien Obama.
So with Obama pointing his finger at "the failed economic policies of G.W. Bush--& stating McCain is just like him" --we have to ask ourselves just one question?
Why is it that John McCain is calling for a full investigation of Freddie Mac & Fannie Mae, & Barack Obama does not want one?
THE DEMOCRAT CONGRESS OWNS THIS MORTGAGE CRISIS & THE FAILING ECONOMY RESULTING FROM THE FINANCIAL COLLAPSE!--------------------------------------------------------------------------------
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