Saturday, October 04, 2008

McCain vs. Obama: Freddie/Fannie

Open Secrets is a web site of the Center for Responsive Politics. Their mission statement says it "is the nation's premier research group tracking money in U.S. politics and its effect on elections and public policy. Nonpartisan, independent and nonprofit, the organization aims to create a more educated voter, an involved citizenry and a more responsive government." Using data they say is released by the FEC, they listed last month the recipients of campaign contributions from Fannie Mae and Freddie Mac for the last 20 years. Top of the list belongs to Senator Dodd at $165,400 (a little conflict of interest here?). Next is Senator Obama at $126,349. McCain is far down the list at $21,550.

As a side note, Fox News has been running a story on their web site about Barney Frank being guilty of confliuct of interest. His lover/partner, Herb moses, was an assistant director of Fannie Mae from 1991 to 1998 while Frank was on the House Banking committee. CNN.com has yet to pick up this story. From the FoxNews.com article:

Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.

Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton [former president] now blames such Democrats for planting the seeds of today’s economic crisis.

1 comment:

Anonymous said...

One of the most useful things either McCain or Obama could do is to encourage the restoration of FANNIE MAE AND FREDDIE MAC as the best hope for honest, ethical, competent guardians of the home mortgage industry in the US, and restore investor confidence by rescuing FANNIE MAE AND FREDDIE MAC from the disgraceful condition they now find themselves in. Perhaps the $700 Billion could be put to much better use via FANNIE MAE AND FREDDIE MAC than through attempts to "rescue" WALL STREET SCOUNDRELS!!!!!