So, which candidate are housing crunch boondoggles Fannie Mae and Freddie Mac hoping will bail them out of their troubles, using the hard-earned money of responsible house-owners and tax payers?
As Heavenly summarizes:
2008 Campaign Contributions from Fannie & Freddie
John McCain- $169,000
Barack Obama- $16,000
Why, that two faced old sneak! Maverick nuthin’!
As Ayoyosamy points out:
The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama.
Now remember, he’s only been in the Senate four years, but he still managed to grab the No. 2 spot ahead of John Kerry — decades in the Senate — and Chris Dodd, who is chairman of the Senate Banking Committee.
Um, I’m a bit confused as to what he actually means, but this much is clear: In 20 years history of donations, Senator Barack Hussein Obama with just 4 years in the Senate managed to reach the top three biggest recipients of Fannie Mae and Freddie Mac!!!
Now, that’s Change! For the worse!
The Fannie & Freddie directors are just trying to even out their contributions between Obama and McCain in this last lap.
Honestly, I don’t see why people who bought houses responsibly have to fork out their cash because of the foolishness of others. That’s Socialism in its ugliest form, punishing the hardworking and capable to reward the lazy and blundering. Minus points for any candidate who succumbs to the easy votes of irresponsibility.
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
[Detailed list follows.]
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities.
Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”
Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.
[I]t was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
Also, via Moonbattery:
Again via Moonbattery:
Above also at the Pig-Lipstick post.
Following from The Ryskind Sketchbook, which has link to a 2002 interview with vice-chairman of Fannie Mae, Jaime Gorelick, explaining why there is no need for a Republican investigation of her company:
Following from Red Planet Cartoons which explains how, again, it is the Democrats’ fault:
More cartoons involving Palin at Sarah Palin Tribute Editorial Cartoons:
Following from Baloo Cartoons: