McCain Letter Demanded 2006 Action on Fannie and Freddie

Discussion in 'Congress' started by The Paperboy, Oct 12, 2008.

  1. The Paperboy
    Offline

    The Paperboy Times Square

    Joined:
    Aug 26, 2008
    Messages:
    1,837
    Thanks Received:
    116
    Trophy Points:
    48
    Location:
    Times Square
    Ratings:
    +116
    Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below.

    McCain's letter -- signed by nineteen other senators -- said that it was "...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail."

    Sen. Obama did not sign the letter, nor did any other Democrat.

    Story here
     
  2. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,839
    Thanks Received:
    1,790
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,875
    They'll probably just come up with one agency to replace the two...
    :confused:
    Fannie and Freddie phase-out plan due
    February 9, 2011 -- The Obama administration will issue a proposal later this week recommending the gradual elimination of government-sponsored mortgage backers Fannie Mae and Freddie Mac, a White House official said Wednesday.
     
  3. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    No, regulatory action on Fannie Mae and Freddie Mac would not have prevented that crises, kid.

    You have been misinformed.
     
  4. lehr
    Offline

    lehr Member

    Joined:
    May 24, 2011
    Messages:
    395
    Thanks Received:
    28
    Trophy Points:
    16
    Ratings:
    +28
    mc cain took 21,550 dollars from ferdddie - david asman - fox news reporting oct. 08 = after mc cain got his money - he complained about the bank giving money away

    by the way - same report - obama took 126,349 from freddie
     
  5. rdean
    Offline

    rdean rddean

    Joined:
    Aug 9, 2009
    Messages:
    60,097
    Thanks Received:
    6,893
    Trophy Points:
    1,840
    Location:
    chicago
    Ratings:
    +14,951
    McCain should know all about financial crisis being one of the Keating Five and all.
     
  6. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,839
    Thanks Received:
    1,790
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,875
    Dat's a lot of money...
    :eek:
    True Cost of Fannie, Freddie Bailouts: $317 Billion, CBO Says
    Monday, June 06, 2011 – The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion -- not the $130 billion normally claimed by the Obama administration.
     
  7. flacaltenn
    Online

    flacaltenn USMB Mod Staff Member Gold Supporting Member

    Joined:
    Jun 9, 2011
    Messages:
    30,073
    Thanks Received:
    4,663
    Trophy Points:
    1,130
    Location:
    Hillbilly Hollywood, Tenn
    Ratings:
    +13,363
    Editec says....:
    Not misinformed at all. You just want to protect those in Congress (from both parties, but predominately the left) who were pushing Fanny/Freddy to back a higher percentage of subprime loans. Fanny/Freddy packaged more than 1/2 of the single fam home sales in the country. And Congress gave them quotas to fill up to 25% of THEIR share of packaging (see below). That's a large part of the problem.

    Had Fanny/Freddie not had several powerful politicians like Barney ("won't cost taxpayer's a nickel") Frank tossing the regulators out of hearings and admonishing them for inciting panic, we could have cool the subprime market and the Alt-A markets down considerably.. Fanny/Freddy was the ultimate sink of a large proportion of those "laundered" loans. To wit:

    Fannie's Perilous Pursuit of Subprime Loans - washingtonpost.com

    Yup -- everything's cool. No losses, no risk.. And these are the GOVT sponsored "loan launderers" with a MANDATE FROM CONGRESS to Increase their sponsorship of subprime loans..
     
    Last edited: Jun 12, 2011
  8. kiwiman127
    Offline

    kiwiman127 Comfortably Moderate Supporting Member

    Joined:
    Oct 19, 2010
    Messages:
    8,420
    Thanks Received:
    2,581
    Trophy Points:
    315
    Location:
    4th Cleanest City in the World-Minneapolis
    Ratings:
    +3,845
    Maybe McCainn and the 19 other senators ,should have written the letter sooner. The Housing Bubble started to burst in late 2006.
     
  9. Mad Scientist
    Offline

    Mad Scientist Deplorable Gold Supporting Member Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    23,940
    Thanks Received:
    5,211
    Trophy Points:
    270
    Ratings:
    +7,680
    Glenn and McCain were cleared of any wrongdoing.
     

Share This Page