Hollywood, Here are the facts. Let's Review:
In 2004/early 2005, a Bill captioned, the "Federal Housing Enterprise Regulatory Reform Act" of 2004/2005, sponsored by Republicans, .John McCain, Elizabeth Dole, John Sununu, and Chuck Hagel, was put before the Congress. The Bill was blocked, by the Democrats in the Senate, and the majority of Democrats in the House of Representatives. http://www.govtrack.us/congress/bill.xpd?bill=s109-190 The summary of the Bill, written by Congressional Services: 1/26/2005--Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board. Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board. ========= The Bush Administration called for Fannie Mae and Freddie Mac reforms repeatedly, all to fall upon deaf ears by the Democrats. "Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings" http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html In 2003, the Bush Administration was encouraging and pushing the Congress to reform Fannie Mae and Freddie Mac, all which fell upon deaf ears by the Democrats, who fought change to Freddie and Fannie vociferously: http://hotair.com/archives/2008/09/16/whose-policies-led-to-the-credit-crisis/ ====== Here is the statement that Congressman Davis released to Sean Hannity yesterday: "Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs, that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides." http://www.foxnews.com/story/0,2933,431209,00.html Hollywood?? What part of this do you, or any individual who has not figured out the Democrat socialist agenda, not see yet? What part of this, are ya'll having a hard time either accepting or understanding? As I have stated, if the Republicans can be blamed, it should be for not sounding the alarm bells loud enough, over the fraud pepetrated by these despicable Socialist Democrats! Although Congressman Davis's statement still acknowledges my point, and should make every American stand up and take note, Congressman Davis's statement goes on, in a partisan attempt to blame Republicans for not tightening the regulatory scheme, when in fact, it was the Clinton Administration and Robert Rubin who were pushing for the deregulation. As I mentioned earlier this morning, former President Clinton said on September 26, 2008: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress, or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac." http://hosted.ap.org/dynamic/stories/M/MELTDOWN_ADS?SITE=DCUSN&SECTION=POLITICS&TEMPLATE=DEFAULT Former Goldman Sachs partner Robert Rubin, who was President Clinton's Treasury Secretary. In a 1995 speech and testimony to Congress, Rubin advocated the Bill, and professed the Clinton Administration's intent to repeal the Glass-Steagall Act: "The banking industry is fundamentally different from what it was two decades ago, let alone in 1933….[T]he industry has been transformed into a global business of facilitating capital formation through diverse new products, services and markets. U.S. banks generally engage in a broader range of securities activities abroad than is permitted domestically… Even domestically, the separation of investment banking and commercial banking envisioned by Glass-Steagall has eroded significantly." http://www.theminorityreportblog.com/story/pilgrim/2008/09/19/the_players_in_paving_the_way_to_the_wall_st_meltdown By the mid 1990s, the Clinton Administration had in fact adopted a "quota system" , and unabashedly favored expansion of, and the empowered use of the "Community Reinvestment Act", believing that a governmental response to economic problems in inner cities is generally more effective than a market solution. Eugene Ludwig, President Clinton's Comptroller of the Currency and head of the Office of the Comptroller and Currency, was a strong proponent of expanding the reach of Community Reinvestment Act. Ludwig said in his confirmation hearing that his first priority as Comptroller would be to eliminate "discrimination from our financial system, root and branch." He told bankers that "If you seize this issue as an opportunity, you will reap the benefits in the form of new business and heightened respect from the press, the Congress, and your communities." (See the CATO Institute, a non-partisan Libertarian Think-Tank, link provided below) With regard to the Community Reinvestment Act, Attorney General Janet Reno said, "No loan is exempt, no bank is immune. For those who thumb their nose at us, I promise vigorous enforcement." http://209.85.165.104/search?q=cache:90IT4MK9474J:www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf+Community+Reinvestment+Act&hl=en&ct=clnk&cd=4&gl=us As I mentioned earlier this morning, former President Clinton said on September 26, 2008: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress, or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac." http://hosted.ap.org/dynamic/stories/M/MELTDOWN_ADS?SITE=DCUSN&SECTION=POLITICS&TEMPLATE=DEFAULT There is no argument, we need the FBI involved in this, and let the chips fall where they may. If a few Republicans fall, so be it, but the likes of Barney Frank, Chris Dodd, Maxine Waters, and numerous other Democrats who padded their pockets while giving out free housing on our tax dollars to those who could not pay, need to go. 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