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Federal Housing Enterprise Regulatory Reform Act
Tweet Topic Started: Sep 24 2008, 09:33 PM (284 Views)
HoosierLars Sep 24 2008, 09:33 PM Post #1
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In 2005, McCain cosponsored this bill, and Obama opposed it:

http://209.85.173.104/search?q=cache:Rm9stxrtOgUJ:www.freerepublic.com/focus/f-news/2087234/posts+2005+mccain+act&hl=en&ct=clnk&cd=4&gl=us
"For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac -- known as Government-sponsored entities or GSEs -- and the sheer magnitude of these companies and the role they play in the housing market. OFHEOs report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEOs report solidifies my view that the GSEs need to be reformed without delay.

I join as a consponsor of the Federal Housing Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.

I urge my colleagues to support swift action on this GSE reform legislation."

Obama opposed it, and has consulted Franklin Raines about economy policy.
How is the ObamaNation going to spin this one?
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HoosierLars Sep 25 2008, 01:05 PM Post #2
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*crickets*

McCain owns Obama on the two biggest issues, the surge, and the current mortgage crisis.
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HoosierLars Sep 25 2008, 02:51 PM Post #3
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bump
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boilergrad01 Sep 25 2008, 05:33 PM Post #4
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Lars,

The Obama lovers never respond when it negative on Obama.
Nothing beats an Astronaut
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yawnzzz Sep 25 2008, 06:32 PM Post #5
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First, McCain wasn't an original Co-Sponsor when it was heard. This bill was heard on July 28th, 2005. At that point, it was sent to a the Committee on Banking, Housing, and Urban Affairs where it died. Did I mention that was a Republican majority committee? I've yet to even find a quote from Obama on the issue, so to say he opposed it is pretty misleading.

Second, McCain joined as a co-sponsor on the bill on May 25, 2006. Two days earlier is when all of the shit that's currently hitting the fan was reported by the OFHEO. By the way, that's when McCain said the quote you're using. I'm glad that it demonstrates he at least reads reports, but it definitely doesn't show any claravoyance.

Here's an article on it:
http://www.nytimes.com/2006/05/24/business/24fannie.html?_r=2&scp=2&sq=may%2024%202006&st=cse&oref=slogin&oref=slogin

And the actual findings by the Office of Federal Housing Enterprise Oversight:
http://www.ofheo.gov/media/pdf/FNMSPECIALEXAM.PDF

McCain's quote while joining on May 25, 2006:
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
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HoosierLars Sep 25 2008, 06:41 PM Post #6
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Hoosier_Faithful_07
Sep 25 2008, 06:32 PM
First, McCain wasn't an original Co-Sponsor when it was heard. This bill was heard on July 28th, 2005. At that point, it was sent to a the Committee on Banking, Housing, and Urban Affairs where it died. Did I mention that was a Republican majority committee? I've yet to even find a quote from Obama on the issue, so to say he opposed it is pretty misleading.

Second, McCain joined as a co-sponsor on the bill on May 25, 2006. Two days earlier is when all of the shit that's currently hitting the fan was reported by the OFHEO. By the way, that's when McCain said the quote you're using. I'm glad that it demonstrates he at least reads reports, but it definitely doesn't show any claravoyance.

Here's an article on it:
http://www.nytimes.com/2006/05/24/business/24fannie.html?_r=2&scp=2&sq=may%2024%202006&st=cse&oref=slogin&oref=slogin

And the actual findings by the Office of Federal Housing Enterprise Oversight:
http://www.ofheo.gov/media/pdf/FNMSPECIALEXAM.PDF

McCain's quote while joining on May 25, 2006:
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Cox and Obama were the #1 and #2 benefactors of Freddie and Fannie campaign contributions. Wake up and smell the coffee, Faithful.
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boilergrad01 Sep 25 2008, 06:49 PM Post #7
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Lars,

Faithful is not an Obama lover. He is like me and alot of others possible EElbor that Bush has stretched our blind faith a little to much. Faithful if IMO does not trust any major party canidate anymore. I understand his take I am just fortunate to have met McCain and I trust him 100% I can see with Repubs like Bill Frist and Bush why others are so suspicious.
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yawnzzz Sep 25 2008, 06:55 PM Post #8
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HoosierLars
Sep 25 2008, 06:41 PM
Cox and Obama were the #1 and #2 benefactors of Freddie and Fannie campaign contributions. Wake up and smell the coffee, Faithful.
I'm starting to think that you don't even research anything you hear Lars.

Yes, Obama received more money from Fannie and Freddie employees, but McCain received an even larger sum if you factor in donations from their directors, officers and lobbyists.

"The total listed for Obama is $126,349 — a tiny fraction of the approximately $390 million his campaign has raised, according to the Center for Responsive Politics. The list shows McCain has received a total of $21,550 from Fannie and Freddie employees. The list includes donations of at least $200 from those who receive paychecks from Fannie and Freddie. It also includes donations from political action committees — pooled contributions from employees. Obama decided early in his presidential run not to accept PAC contributions, but the Center for Responsive Politics' list includes all contributions for members of Congress dating back to 1989 — including Obama and McCain's Senate campaigns.

The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.

Explaining the difference, the Center for Responsive Politics said on its Web site that it does not include members of the board of directors because they could serve on boards of various companies. Their contributions are listed along with other employees of the companies they work for. And the center says lobbyists usually represent multiple clients as well, so their contributions are listed under their lobbying firms — except in-house lobbyists, who are included in the center's list."
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HoosierLars Sep 25 2008, 07:35 PM Post #9
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http://voices.kansascity.com/node/2155
“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.”


http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Obama $126k, McCain $21k.

And the original point was McCain was taking a lead role calling for reform. Where's Obama, besides being the #2 recipient of contributions?
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yawnzzz Sep 25 2008, 07:46 PM Post #10
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HoosierLars
Sep 25 2008, 07:35 PM
http://voices.kansascity.com/node/2155
“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.”


http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Obama $126k, McCain $21k.

And the original point was McCain was taking a lead role calling for reform. Where's Obama, besides being the #2 recipient of contributions?
I'm having a really hard time believing you ever even made it through the test for Mensa. You apparently can't even concentrate long enough to read what I posted.

It's true that Obama received $126k and McCain received $21k from employees.

You fail to recognize that McCain received $169k and Obama $16k from directors, officers, and lobbyists for the two companies.

I've woken up and smelled the coffee from both sides, while your mug looks pretty full on McCain kool-aid. If you're just going to speak half-truths, at least have the decency to not keep repeating yourself.
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HoosierLars Sep 25 2008, 08:31 PM Post #11
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Hoosier_Faithful_07
Sep 25 2008, 07:46 PM
HoosierLars
Sep 25 2008, 07:35 PM
http://voices.kansascity.com/node/2155
“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.”


http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Obama $126k, McCain $21k.

And the original point was McCain was taking a lead role calling for reform. Where's Obama, besides being the #2 recipient of contributions?
I'm having a really hard time believing you ever even made it through the test for Mensa. You apparently can't even concentrate long enough to read what I posted.

It's true that Obama received $126k and McCain received $21k from employees.

You fail to recognize that McCain received $169k and Obama $16k from directors, officers, and lobbyists for the two companies.

I've woken up and smelled the coffee from both sides, while your mug looks pretty full on McCain kool-aid. If you're just going to speak half-truths, at least have the decency to not keep repeating yourself.
I posted my links to support my previous post. You never answered my question about why Obama didn't support reform.
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Mr Gray Sep 25 2008, 08:36 PM Post #12
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Where is NLA, brum, dreach, sirbrian, and the other Obamalites on this one. Amazing that they just keep silient when his inadequacies are exposed.
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The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism.
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yawnzzz Sep 25 2008, 08:41 PM Post #13
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HoosierLars
Sep 25 2008, 08:31 PM
Hoosier_Faithful_07
Sep 25 2008, 07:46 PM
HoosierLars
Sep 25 2008, 07:35 PM
http://voices.kansascity.com/node/2155
“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.”


http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Obama $126k, McCain $21k.

And the original point was McCain was taking a lead role calling for reform. Where's Obama, besides being the #2 recipient of contributions?
I'm having a really hard time believing you ever even made it through the test for Mensa. You apparently can't even concentrate long enough to read what I posted.

It's true that Obama received $126k and McCain received $21k from employees.

You fail to recognize that McCain received $169k and Obama $16k from directors, officers, and lobbyists for the two companies.

I've woken up and smelled the coffee from both sides, while your mug looks pretty full on McCain kool-aid. If you're just going to speak half-truths, at least have the decency to not keep repeating yourself.
I posted my links to support my previous post. You never answered my question about why Obama didn't support reform.
You haven't shown me a single thing showing that Obama didn't support this reform. The link you posted refers to an article from the Times done in 2003! Obama wasn't even in the Senate then. The other crap you posted I already showed you the whole truth behind it.

You don't have shit to back-up your claims, so either do some real research or stop replying.
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brumdog44 Sep 25 2008, 09:04 PM Post #14
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aaronk2727
Sep 25 2008, 08:36 PM
Where is NLA, brum, dreach, sirbrian, and the other Obamalites on this one. Amazing that they just keep silient when his inadequacies are exposed.
I'm here reading the thread watching faithful bust you guys around.

But while I'm here, let me ask you this: does the Bible mention McCain and Able riding dinosaurs?
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Mr Gray Sep 25 2008, 09:40 PM Post #15
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Sep 25 2008, 09:04 PM
But while I'm here, let me ask you this: does the Bible mention McCain and Able riding dinosaurs?
You've done a lot better than that in terms of humor brum....I'm a little disappointed. The bible does mention dinosaurs by the way, so either God exists and has existed long enough to know about them (which would contradict your atheist thinking), or dinosaurs walked with man. Either way, you will come back with a smart remark to end the thread and move on to another subject.
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The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism.
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