Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac,
the two big mortgage banks that got a federal bailout a few weeks ago.
Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. 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.
Fannie and Freddie have been creations of the congressional Democrats and the Clinton White House, designed to make mortgages available to more people and, as it turns out, some people who couldn't afford them.
Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration's White House Budget Director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick — Clinton Justice Department official — worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie Mae CEO job.
Now remember: Obama's ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain — Sen. Obama — was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks.
Sen. Barack Obama: No. 2 on the Fannie/Freddie list of favored politicians after just four short years in the Senate.
Next time you see that ad, you might notice he fails to mention that part of the Fannie and Freddie problem.
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Fannie also bought off activist groups such as the corrupt Association of Community Organizations for Reform Now (ACORN), which has been indicted, multiple times across the country, for vote fraud (Obama worked closely with ACORN as a street organizer in Chicago). Fannie’s lobbying efforts paid off as liberal politicians such as Sen. Chuck Schumer (D-N.Y.) and Rep. William Clay (D-Mo.) worked to kill any real reform of Freddie and Fannie. The Washington Post reports: “In an internal memo in 2004, Fannie Mae executive Daniel H. Mudd affirmed what the company’s critics had long contended: In the political arena, ‘we always won’ and ‘we took no prisoners.’”
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The current financial crisis has only one entity to blame - the government, not the free market. Bailing out Fannie Mae and Freddie Mac will only bankrupt future generations. This government-sponsored entity was to guarantee risky loans made by the private sector. Had these loans not been guaranteed by the corrupt and secretive Fannie and Freddie, banks would not have made these kinds of risky loans.
Even when Fannie Mae was being mishandled, those at the helm, i.e. corrupt Clinton appointees, Franklin Raines, and Jim Johnson, took multi-million dollar bonuses before they left the company in a shamble. According to Democrat Barney Frank, $245 million in bonuses were paid over five years to Fannie Mae executives (mostly Clinton appointees). Like pigs at the trough, and no oversight or transparency, government organizations like these two are prone to corruption and mismanagement. Why? By alleviating responsibility and accountability by risk takers (lending institutions), the taxpayer is left with the bill when loans turn sour. Bush did not create this mess. He inherited it from Clinton. Plus, these organizations pay no state or local income taxes, and receive an estimated $10 billion a year in hidden taxpayer subsidies.
Today, Raines and Johnson are economic advisors to Barack Obama. Do we want this kind of graft and corruption in the next administration? These Clinton hacks drove Fannie Mae into the ground, get rewarded with millions of taxpayer dollars, and are now working for Obama? And of course, Obama's answer is to have bigger government.
The difference between McCain and Obama? Corruption. We now know that Fannie and Freddie gave more than $126,000 to the Obama campaign. That's your tax dollars going into Obama's pockets!
Bigger government means that more of your stolen paycheck goes to Obama and his henchmen so they can wreak havoc on the economy and its people.
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Another Obama Lie…He and The Liberal Socialist Democrats Are the Ones Causing Housing Crisis !!
The liberal socialist Barack Hussein Obama is lying again. Obama blames Sen. McCain and President Bush for the housing crisis, for the collapse of Fannie Mae and Freddie Mac. Ask Obama who received the 2nd highest campaign contributions in the last 3 years from Fannie Mae and Freddie Mac? The answer is the liberal socialist Barack Hussein Obama. The lying Obama that says he doesn’t take that kind of money.
Ask who received the most in campaign contributions during that same period. The answer is another liberal socialist democrat, Sen. Christopher Dodd from Connecticut. Also topping the list is Senator. Joseph Biden and his son, Hunter the Washington lobbyist. I haven’t heard the biased liberal socialist press tell you about this. Isn’t it funny how they pick and choose which parts to tell?
Here was the beginning of the demise of Freddie Mac and Fannie Mae, thank you Andrew Cuomo and President Bill Clinton.
On, Sept. 12, 2000 Housing and Urban Development Secretary Andrew Cuomo unveiled a new program that made the dream of homeownership achievable for more than one million working families that had been receiving HUD Section 8 rental assistance vouchers. Under the program, they allowed the Section 8 rental vouchers to be used to purchase homes.
“Homeownership is the best way to build strong, vital neighborhoods,” Cuomo said. “Under President Clinton’s leadership, homeownership rates in the U.S. reached record levels. Thanks to the legislation he signed, today we can tell 1.4 million families you don't have to be a renter forever, you can be an owner, and we're going to help you do it.”
This new program reflected years of work by the Clinton Aministration, Secretary Cuomo announced the program during a speech in New York at Columbia University’s prestigious Moran Weston Lecture Series.
The housing financial problems started under President Bill Clinton, not George W. Bush. President Clinton started the "home for everyone" philosophy, lenders were then put into position to make bad loans or lose other benefits under the Clinton’s administration.
Will the biased liberal socialist press tell you this? Never. The liberal socialist democrats now are circling their wagons. Sen. McCain said long ago Fannie Mae and Freddie Mac needed to be checked, that problems were brewing. President Bush tried to get some regulations passed for Fannie Mae and Freddie Mac but the liberal socialist democrats blocked any changes.
Is that because the liberal socialist democrats were being paid by Fannie Mae and Freddie Mac? I apologize, receiving large campaign contributions? The liberal socialist democrats created this problem. They rather than deal with it they keep the problem going. They would like to blame Republicans for the mess but it is the Democrats mess and the Republicans who tried to fix the problem.
America do you really want the liberal socialist controlling anything, never mind the country?
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Honestly, I blame the loan officers that were giving out these loans like hot cakes. I was in the trenches with them and I have to say most of them are sharks. Some were even drug dealers turn mortgage dealers. They didn't care anything about anyone except the points they tried to get. Yes, the finacial institutions turned their backs but it was the loan officers that were doing the dirty work.
Lehman Brothers was supposed to bail the mortgage company that I worked for out 2 years ago when they started sinking. The head honchos kept telling everyone not to worry because Lehman Brothers is going to buy the company and keep everyone on staff....the deal fell through and the company I worked for folded very soon after...
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''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,'' Mr. Watt said.
The current financial crisis has only one entity to blame - the government, not the free market. Bailing out Fannie Mae and Freddie Mac will only bankrupt future generations. This government-sponsored entity was to guarantee risky loans made by the private sector. Had these loans not been guaranteed by the corrupt and secretive Fannie and Freddie, banks would not have made these kinds of risky loans.
Even when Fannie Mae was being mishandled, those at the helm, i.e. corrupt Clinton appointees, Franklin Raines, and Jim Johnson, took multi-million dollar bonuses before they left the company in a shamble. According to Democrat Barney Frank, $245 million in bonuses were paid over five years to Fannie Mae executives (mostly Clinton appointees). Like pigs at the trough, and no oversight or transparency, government organizations like these two are prone to corruption and mismanagement. Why? By alleviating responsibility and accountability by risk takers (lending institutions), the taxpayer is left with the bill when loans turn sour. Bush did not create this mess. He inherited it from Clinton. Plus, these organizations pay no state or local income taxes, and receive an estimated $10 billion a year in hidden taxpayer subsidies.
Today, Raines and Johnson are economic advisors to Barack Obama. Do we want this kind of graft and corruption in the next administration? These Clinton hacks drove Fannie Mae into the ground, get rewarded with millions of taxpayer dollars, and are now working for Obama? And of course, Obama's answer is to have bigger government.
The difference between McCain and Obama? Corruption. We now know that Fannie and Freddie gave more than $126,000 to the Obama campaign. That's your tax dollars going into Obama's pockets!
Bigger government means that more of your stolen paycheck goes to Obama and his henchmen so they can wreak havoc on the economy and its people.
So let me get this right, according to the article, in Fannie Mae's 70 years of existence, it did not become corrupt until the Clinton administration which Bush inherited?
So let me get this right, according to the article, in Fannie Mae's 70 years of existence, it did not become corrupt until the Clinton administration which Bush inherited?
thats how the repubs always lie and spin shit, its just like they try and say that Bush inherited a deficit from Clinton when we know there was nearly a 200 bilion dollar surplus.
Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac,
