Democrats/Obama to blame for mortgage/financial economic crisis

[Navy1960]

Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 (GovTrack.us)

http://mccain.senate.gov/public/ind...ecord_id=C97D478F-F460-4253-B2EC-8D9FBCAFF20C

MCCAIN STATEMENT ON CO-SPONSORSHIP OF THE FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

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.

Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008



Name Office Party/State Total
1. Dodd, Christopher JS D-CT $133,900

2. Kerry, John S D-MA $111,000

3. Obama, Barack S D-IL $105,849

Now this is the man that is saying that John McCain doesn't know how to use a computer and is out of touch on the economy. I wonder if by out of touch he means John McCain was not the number 3 guy on the PAC list for Fannie Mae.

 

[del]

It should be a formality? Who knows. There's only one day (November 4) and two states (Ohio and Florida) that really matters. Everything else is just mud Del...

mccain should be receding far far into the rear view mirror at this point.

unpopular war, bad economy, unpopular pres, and still the dems can't get any separation!?!?!?
spin it how you like, the dems are in trouble.

they'll be lucky to win the pres and lucky to hold a bare majority in congress.

 

[Dr Grump]

mccain should be receding far far into the rear view mirror at this point.

unpopular war, bad economy, unpopular pres, and still the dems can't get any separation!?!?!?
spin it how you like, the dems are in trouble.

they'll be lucky to win the pres and lucky to hold a bare majority in congress.

The debates will be THE key IMO...

 

[Modbert]

The debates will be THE key IMO...

Especially if it's this even going down the stretch.

 

[del]

The debates will be THE key IMO...

you're not getting it.

the debates shouldn't matter. it should be a done deal by now.

 

[oreo]

So he was able to forsee an impending financial crisis and called for legislation. But he is somehow clueless about the economy, I see....

Can you show me one article where Obama sounded any kind of alarms of this financial crisis? Oh that's right he voted present when Mccain sounded the alarms back in 2005...

Ha.Ha.--Obama was probably not even there--too busy meeting with his campaign managers for the upcoming Presidential election. He was running for President the very first day he walked onto the senate floor.

 

[jreeves]

Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.

S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 (GovTrack.us)

http://mccain.senate.gov/public/ind...ecord_id=C97D478F-F460-4253-B2EC-8D9FBCAFF20C

MCCAIN STATEMENT ON CO-SPONSORSHIP OF THE FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005

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.

Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008



Name Office Party/State Total
1. Dodd, Christopher JS D-CT $133,900

2. Kerry, John S D-MA $111,000

3. Obama, Barack S D-IL $105,849

Now this is the man that is saying that John McCain doesn't know how to use a computer and is out of touch on the economy. I wonder if by out of touch he means John McCain was not the number 3 guy on the PAC list for Fannie Mae.

Ouch....

Furthermore...

James A. Johnson (businessman - Wikipedia, the free encyclopedia)
James A. Johnson is a United States Democratic Party political figure. He was the campaign manager for Walter Mondale's failed 1984 presidential bid and chaired the vice presidential selection process for the presidential campaign of John Kerry. In the 2008 election, he is a member of the vice-presidential selection process for the presumptive Democratic nominee, Senator Barack Obama

Previously, he was vice chairman of Fannie Mae (1990-1991) and a managing director with Lehman Brothers (1985-1990).

On May 22, 2008, Democratic Party officials confidentially divulged that Obama had asked Johnson "to lead the process" for selecting Obama's running mate.[1] On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson.[2] However, Johnson soon became a source of controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage lending crisis.[3] Although he was not accused of any wrongdoing and was initially defended by Obama on the grounds that he was simply an unpaid volunteer, Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama's campaign. [4]

Unbelivable....

 

[oreo]

Links and voting records and any pork that was on those bills please. Take your time...

I have already posted it, you can look it up yourself.

Investors business daily news--9/16/08
San Francisco Chronicle--article by a Carolyn Lockhead 09/16/08

 

[jschuck12001]

You might want to read the post again--IT WAS BILL CLINTON who enacted the DEREGULATION.

BTW--two top members of Obama's campaign are Freddie Mac/Fannie Mae--One is: Jim Johnson

You might want to refer to an article written in the Investors Business Daily today-09/16/08, & another article by a Carolyn Lockhead-(from the San Francisco Chronicle) to clear your head.

My point was Bush stood at the podium and congratulated himself that more people became home owners during his presidency than any other time. He loved it when it was good and when it when bad he took no responsibility and did nothing to change it, and even a few months ago he vetoed the new housing bill 2 times because he wants the banks to be the ones to totally bailout people with their mortgage problems instead of supplementing with federal funding. The Bill was passed by the house and the senate and retard vetoed it 2 times before they rewrote the bill and now its complete shit.

 

[oreo]

Ouch....

Furthermore...

James A. Johnson (businessman - Wikipedia, the free encyclopedia)
James A. Johnson is a United States Democratic Party political figure. He was the campaign manager for Walter Mondale's failed 1984 presidential bid and chaired the vice presidential selection process for the presidential campaign of John Kerry. In the 2008 election, he is a member of the vice-presidential selection process for the presumptive Democratic nominee, Senator Barack Obama

Previously, he was vice chairman of Fannie Mae (1990-1991) and a managing director with Lehman Brothers (1985-1990).

On May 22, 2008, Democratic Party officials confidentially divulged that Obama had asked Johnson "to lead the process" for selecting Obama's running mate.[1] On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson.[2] However, Johnson soon became a source of controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage lending crisis.[3] Although he was not accused of any wrongdoing and was initially defended by Obama on the grounds that he was simply an unpaid volunteer, Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama's campaign. [4]
Unbelivable....

THANK YOU FOR THE TOTAL INFORMATION REGARDING: I don't think some of these Obambots believe it until it's right under their noses. McCain caught it, & the democrat controlled congress ignored it. Then we have the "Messiah" defending Jim Johnson--who is tied up in the sub-prime mortage crisis.

 

[jreeves]

THANK YOU FOR THE TOTAL INFORMATION REGARDING: I don't think some of these Obambots believe it until it's right under their noses. McCain caught it, & the democrat controlled congress ignored it. Then we have the "Messiah" defending Jim Johnson--who is tied up in the sub-prime mortage crisis.

Congratulations Democrats here is your VP, whose selection was helped greatly by the creators of the financial crisis.

 

[Dr Grump]

you're not getting it.

the debates shouldn't matter. it should be a done deal by now.

No, you're not getting it. Debates matter. They will especially this time around..

 

[jreeves]

No, you're not getting it. Debates matter. They will especially this time around..

So when you are shown that Obama used one of the creators of the financial crisis, you distract by saying wait until the debates....Lmao

 

[del]

No, you're not getting it. Debates matter. They will especially this time around..

of course they will

 

[jschuck12001]

Congratulations Democrats here is your VP, whose selection was helped greatly by the creators of the financial crisis.

Ignorant. There were so many more people involved than just Fannie and Freddie. Saying something in 2006 like Mccain did was just pointing out the obvious. Anyone around the industry or watching it did see the first declines start in Oct of 2006. Your just seeing the worst of it now but its been getting bad for 2 years and NOBODY has decided to do anything about it. As for Obama having a relationship with Freddie and Fannie. I dont see the issue unless he knew they were corrupt. The problem here is you dont know if congress and the president are covering their asses by blaming everything on the lenders. The government set regulations on the lending practices and didnt enforce them and they made the ability to get a loan to easy. Congress had to set the standards because if they dont people will always take advantage of the consumer. Everyone in the government is responsible. Also, Mccain has some buddies too.

From the New York Times

John McCain’s connections to the two mortgage companies are more numerous. His campaign manager, Rick Davis, headed the Homeownership Alliance, an advocacy group for the two lenders. His close adviser, Charlie Black, is a long-time lobbyist whose firm represented Freddie Mac.

Two of McCain’s bundlers, supporters who help raise large amounts of money for the campaign, have ties to Fannie Mae. Robert H. Holt is a lobbyist for the firm, and Wayne Berman is managing director of Ogilvy Government Relations, which also represents the company.

A third McCain bundler, Geffrey T. Boisi, is a director of Freddie Mac.

Both Fannie Mae and Freddie Mac have spent millions on lobbying; they each number among Washington’s top 20 lobbying spenders.

 

[Navy1960]

Just heard that Nancy Pelosi is going to call hearings in the house on what government officials were involved in this mess. I'm wondering what the chances are that Chris Dodd or Barney Frank or Barack Obama will be called in those hearing? slim and none?

 

[jreeves]

Ignorant. There were so many more people involved than just Fannie and Freddie. Saying something in 2006 like Mccain did was just pointing out the obvious. Anyone around the industry or watching it did see the first declines start in Oct of 2006. Your just seeing the worst of it now but its been getting bad for 2 years and NOBODY has decided to do anything about it. As for Obama having a relationship with Freddie and Fannie. I dont see the issue unless he knew they were corrupt. The problem here is you dont know if congress and the president are covering their asses by blaming everything on the lenders. The government set regulations on the lending practices and didnt enforce them and they made the ability to get a loan to easy. Congress had to set the standards because if they dont people will always take advantage of the consumer. Everyone in the government is responsible. Also, Mccain has some buddies too.

From the New York Times

John McCain’s connections to the two mortgage companies are more numerous. His campaign manager, Rick Davis, headed the Homeownership Alliance, an advocacy group for the two lenders. His close adviser, Charlie Black, is a long-time lobbyist whose firm represented Freddie Mac.

Two of McCain’s bundlers, supporters who help raise large amounts of money for the campaign, have ties to Fannie Mae. Robert H. Holt is a lobbyist for the firm, and Wayne Berman is managing director of Ogilvy Government Relations, which also represents the company.

A third McCain bundler, Geffrey T. Boisi, is a director of Freddie Mac.

Both Fannie Mae and Freddie Mac have spent millions on lobbying; they each number among Washington’s top 20 lobbying spenders.

Link to the Nytimes article? Since the bold area, was so obvious let's see Obama's call for legislation?

 

[jreeves]

Just heard that Nancy Pelosi is going to call hearings in the house on what government officials were involved in this mess. I'm wondering what the chances are that Chris Dodd or Barney Frank or Barack Obama will be called in those hearing? slim and none?

Democrats...

Republicans

 

[Navy1960]

The Clinton Administration's regulatory revisions [1] with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. ***

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.

Among some economists this is widely credited with the beginning of the subprime mortgage crisis ..

Representative Barney Frank(D-MA) claimed of the thrifts "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing**

So you want talk about a Countrywide connection? I can do that too. In fact the democrats have a big problem on this one. Did you know that Barack Obama has accepted more money from Fannie/Freddie in three years than all others did in 10 years other than Chris Dodd?

 

[jschuck12001]

and that's what Obama is going to use in his defense ?
This CONTINUAL campaign to paint McCain as just like all the rest of the Republicans is STALE. Got anything else? Anything ?

No, he will use this

http://www.nytimes.com/2008/09/10/us/politics/10fannie.html?_r=1&oref=slogin