In fact he opposed it in 2005... As did a majority of Democrats when Raines got his bonus and Freddie and Fannie were fined in 2004 3.8 million of illegal lobbying...
http://themountainsage.wordpress.com/2008/09/17/mccain-called-for-reform-of-freddie-mac-and-fannie-mae-in-may-2006/#more-2211 The bill of 2005 http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00190:@@@L&summ2=m&; http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary There were 3-4 co-sponsors, all Republican... And yes many Congressional Republican are also to blame along with Obama and the Congressional Democrats... So when Obama said he sponsor a bill a month ago or at the beginning of the year, YOU SHOULD ASK WHY NOT IN 2005 and 2006 when new regulatory powers had a chance to be in effect BEFORE the crisis??? In 2006 McCain said this in pointing out the false accounting and political lobbying by Freddie and Fannie (remember Obama was the 3rd largest reciepient of Freddie and Fannie money from 1998 to 2007 (and Obama recieved his in only 3 years)... http://themountainsage.wordpress.com/2008/09/17/mccain-called-for-reform-of-freddie-mac-and-fannie-mae-in-may-2006/#more-2211 >>> Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator >>> reported that the company’s quarterly reports of profit growth over the >>> past few years were “illusions deliberately and systematically created” by >>> the company’s senior management, which resulted in a $10.6 billion >>> accounting scandal. The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform. 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. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. In fact he was just follow the family tradition of Congressional Democrats -- looser rules easier for low income folks to buy a home... Here is Barney Franks opinion from 2003... http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=1 >>> 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.” Now Obama complains that McCain did little in the 90's (true) it is also true Obama DID NOTHING before 2008 even when he had a chance in 2006... http://www.politifact.com/truth-o-meter/article/2008/sep/17/mccains-warning-fannie-and-freddie/ On Sep 18, 10:52 pm, Hollywood <[EMAIL PROTECTED]> wrote: > Jgg, > > WHOA dude, how did "REFUSE to help Mccain" suddenly become "did LITTLE > to promote Fannie Mae reform?" How the fuck did THAT happen????? > > Plus I suppose i'm to accept YOUR definition of "little", right? > > On Sep 18, 11:22 am, jgg1000a <[EMAIL PROTECTED]> wrote: > > > Obama was in the Senate in 2005... He did little to promote Fannie > > Mae reform when the reform bill was there.... But to have done that > > he would have had to go against Sen. Dodd and the Black Caucus --- > > who advocated looser regulations because it "promote low income home > > ownership"... > > > Show me where Obama has opposed powerful vested interested in seeking > > institutional reform or reform by legislatation that was opposed by > > power interests within the Democratic party, either in Washington, > > Springfield, or Chicago??? The facts are when he could have made a > > difference he backed the Status Quo in Chicago, Springfield, or > > Washington... > > > On Sep 18, 11:12 am, Hollywood <[EMAIL PROTECTED]> wrote: > > > > jgg, > > > > 1. First you would have to prove to me that Obama was in a position to > > > help McCain and then you would have to prove to me that he did in fact > > > REFUSE to help McCain. Of course, you would also have to explain to me > > > McCain stated role in passing Fannie Mae reform in 2005. > > > > 2. Admit? Do you by any chance mean agree? > > > > 3. Show me where Obama has stated that he refuses to seek change in > > > the Democratic party unless it was unaminous. You need to understand > > > that your perceptions and/or opiniuons are not the same thing as > > > facts. > > > > On Sep 18, 9:49 am, jgg1000a <[EMAIL PROTECTED]> wrote: > > > > > Not really... Why did he refuse to help McCain in passing Fannie Mae > > > > reform in 2005... Or take over a year to admit to the Surge's > > > > success??? Or refuse to seek change with the Democratic held > > > > Congress that was not unaminous??? > > > > > On Sep 17, 5:17 pm, Hollywood <[EMAIL PROTECTED]> wrote: > > > > > > gaar, > > > > > > And you people say he has no executive and or/political experience! > > > > > See how fast he's caught on. > > > > > > On Sep 17, 2:36 pm, Gaar <[EMAIL PROTECTED]> wrote: > > > > > > > On Sep 17, 11:55 am, jgg1000a <[EMAIL PROTECTED]> wrote: > > > > > > > > And all the while he tooke the 3rd largest amount of campaign cash > > > > > > > from Fannie Mae and Freddie Mac Lobby money... > > > > > > > Actually, I believe over the past 10 Years, he is Second. > > > > > > > And he has only been getting it for just about 4 of those 10. > > > > > > > Imagine if he had been around for all 10.- Hide quoted text - > > > > > - Show quoted text -- Hide quoted text - > > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. 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