Thread: Everything That You Need To Know About Fannie/Freddie And The Dems.An Unholy Alliance

Everything That You Need To Know About Fannie/Freddie And The Dems. An Unholy Alliance

VIDEO
YouTube - Burning Down The House: What Caused Our Economic Crisis?

1) Jimmy Carters Community Reinvestment Act (Designed to deter low income families from being excluded from home loans)
Community Reinvestment Act - Wikipedia, the free encyclopedia


2) Clinton changes the Community Renvestment Act to further mandate that more low income familys get housing loans (many of which they cant afford). Since it is law that these lenders must give a certain percentage of loans to high risk, low income people, the result of not doing so would result in fines and punishment in the form of government intervention and lawsuits.

Clinton Proposes New Goals for Fannie Mae, Freddie Mac | Journal Record, The (Oklahoma City) | Find Articles at BNET


3) The New York Times also wrote about the increasing loans to low wage
familys who couldent afford them in 1999. They also saw a huge problem
brewing.

Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times

4) Here is some info on how the new avalability of housing to people who cant afford them created this housing bubble.
Causes of the United States housing bubble - Wikipedia, the free encyclopedia

5) And some more information on the housing bubble.
United States housing bubble - Wikipedia, the free encyclopedia

6) Who are the corrupt CEO's that screwed over the American people by lending and selling bad loans on the market? Here are a few. They watched as their lending practices ran their GSE's (Government Sponsered Enterprises) in to the dirt, fixed the books so that it showed that they were making a profit, and bailed out with a huge multi million dollar bonus (because of the fake profit) before they went down with their company.

Franklin D. Raines: former chairman and CEO of Fannie Mae: Budget director under Clinton: Barack Obama's Economic Advisor. Made off with a 90 million dollar golden paracheut.

James A. Johnson, former chairman and CEO: Aide to Vice President Walter Mondale; recently led Sen. Barack Obama's vice-presidential search team. Was also an economic advisor to Barack Obama.

Tough Decision Coming - washingtonpost.com

On the Outside Now, Watching Fannie Falter - washingtonpost.com

7) President Bush saw the crisis coming 5 years ago (2003) but was ridiculed by Democrats who refused to pass legeslation that would reform Freddie Maeand Fannie Mac. The bill was blocked by democrats.

Among the democrats that critisized the Presedent are .

Barney Frank (D) Massachusetts Financial Services Commitee Chairman : ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Melvin L. Watt (D) North Carolina : ''I don't see much other than a shell
game going on here, moving something from one agency to another and in the
process weakening the bargaining power of poorer families and their ability
to get affordable housing,''

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

YouTube - McCain's Early Recognition of Fannie/Freddie Crisis

8 ) Here are a few more Democrats that critisized legeslation to increase regulation of Fannie/Freddie in 2004

Maxine Waters (D) California: "Through nearly a dozen hearings, we were frankly trying to fix something that wasn't broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the
outstanding leadership of Franklin Raines." [Raines would barely avoid
prosecution for fraud.

Gregory Meeks (D) New York: "I'm just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn't for you, I don't think we'd be here in the first place. . There's been nothing that indicated that's wrong with Fannie Mae, Freddie Mac has come up on its own . The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs."

Lacy Clay (D) Missouri: "This hearing is about the political lynching of Franklin Raines."

Barney Frank (D) Massachusetts: "I don't see anything in this report that
raises safety and soundness problems."
Hot Air Blog Archive Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004

VIDEO
YouTube - Democrats Defend Fannie/Freddie from Regulation - 2004 Video

9) President Bush continued to warn congress on deaf ears from 2001 to 2008. Democrats continued to block legeslation with the excuse that if it passed the poor wont be able to get home loans.

Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs


10) John McCain co-sponsered a bill (Federal Housing Enterprise Regulatory Reform Act of 2005) that would have prevented this crisis all togather. Democrats also blocked it and it never even came to a vote. In his floor speech in support of this bill McCain critisized Fannie/Freddie and
predicted this crisis before it happened

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

11) John McCain: "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."

GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

12) Even Fortune Magazine saw this coming in 2005
http://money.cnn.com/magazines/fortu...4040/index.htm

13) How Barack Obama is connected:
Both Former CEO's of Fannie (Franklin D. Raines / James A. Johnson) were
Barack Obama's economic advisors and assisted both with and on his campaign staff.

Tough Decision Coming - washingtonpost.com

On the Outside Now, Watching Fannie Falter - washingtonpost.com

14) Barack Obama received the 2nd most campaign contributions from
Fannie/Freddie in the amount of $126,349 with only 3 years in office. He
fell second to Chris Dodd (D) who is the chair of the Banking Comittee. (The
committee that oversee's Freddie/Fannie). John McCain received only $21,000
in campaign contributions in the past 20 years in office.

OpenSecrets | Update: Fannie Mae and Freddie Mac Invest in Lawmakers - Capital Eye

15) In 1995 Barack Obama as a lawyer sued City Bank because they were not giving out loans to low income/high risk minoritys who couldent afford them. Obama filed a descrimination lawsuit citing the Community Reinvestment Act and won. Citi Bank was forced to make bad loans which is the very cause of this housing crisis! Note that CityBank went under last week.

Hot Air Blog Archive What does a community organizer do? Pressure banks to make bad loans

Hot Air Blog Archive A great example of how we got to the credit-market meltdown

16) Yet anoter lender went under last week (Lehman Brothers). Obama was also the second highest recipiant of campain contributions from Lehman Brothers in the amount of over $395,574 with only 3 years in office. John McCain only received $145,100 total in the past 20 years in office. Note that Obama made this outstanding sum of money from Fannie/Freddie/Lehman Bros IN ONLY 3 YEARS IN OFFICE.

OpenSecrets | Brothers Grim: Is Lehman Next? - Capital Eye

Politically Drunk On Power!: Obama's Sub-Prime Buddies! Lehman Brothers, Merrill Lynch, & More


17) John McCain ads:
Obama's advisor Jim Johnson (Former CEO of Fannie Mae)
JohnMcCain.com - McCain-Palin 2008

Obama's advisor Franklin Raines (Former CEO of Fannie Mae)
JohnMcCain.com - McCain-Palin 2008

McCain predicted this crisis while Obama did nothing. Bill Clinton Agrees!
JohnMcCain.com - McCain-Palin 2008

18 ) Fannie Mae CEO calls the democrats (Family) and says that Fannie/Freddie would not exist without the Dems!

VIDEO
YouTube - Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae

Originally Posted by A. Crowley

Even with no real challenge to Republicant rule, all Bushco could manage is to make everything as bad as possible.

Thats nice. Is there anything you want to comment about the thread or are you going to live up to the liberal sterotype of not adressing the facts and redirecting the subject?