Dems against reforms created the crisis

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    Dems against reforms created the crisis

    Some said I was too harsh on Billy Boy ...



    http://www.nytimes.com/2004/09/24/business/24fannie.html?_r=1&oref=slogin


    WASHINGTON, Sept. 23 - After harshly criticizing Fannie Mae for improper accounting practices in a 211-page report, federal regulators said on Thursday that they had raised the possibility of a management shake-up at the mortgage giant to clean up its culture and finances.

    --snip--

    Although the Securities and Exchange Commission remains the ultimate judge in the accounting irregularities raised by the oversight agency, the smaller agency still can apply political pressure on the two government-chartered but publicly traded mortgage companies, which have been criticized for using their close relationship with the federal government to profit and wriggle away from harsher regulation.

    Freddie Mac and Fannie Mae, created by Congress to boost home ownership, have a line of credit with the Treasury, an implicit government backing that helps the firms to borrow more cheaply than other lenders.

    In recent years, regulation of the mortgage companies has emerged as a somewhat partisan issue, with a number of prominent Republicans, including Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan, saying that their important financial role and rapid growth should generate tighter financial scrutiny.

    As the companies have developed an adversarial relationship with the Bush administration and other Republicans, the political donations from employees of the two companies have begun to favor Democrats, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations.

    Congressional Democrats have resisted the tightest efforts to regulate the two companies, arguing in part that restrictions may interfere with the companies' role in promoting access to low-income housing.

     
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    Dems against reforms created the crisis


    I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.


    I must say we have an interesting example of self-fulfilling prophecy. Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation. And as I said, it is a self-fulfilling prophecy by some people.


    Barney Frank on Fannie Mae and Freddie Mac in 2003

    Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement


    http://www.taxfoundation.org/blog/show/23617.html



     
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    Dems against reforms created the crisis

    Country First .... Bailout plan is more important
     
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    Dems against reforms created the crisis

    spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...spin...
     
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    Dems against reforms created the crisis

    "the political donations from employees of the two companies have begun to favor Democrats, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations."

    Please, everyone out there, notice the fifth word, "EMPLOYEES". All these posts on several boards about who got how much from whom are all PAP! It's presented as if there is some telling revelation of collusion by or with this organization and that candidate. All it means is that there are more sweepers and clerks who tend to go Dem than there are CEOs and VPs who tend to go Rep.
     
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    Dems against reforms created the crisis

    [Quote]"the political donations from employees of the two companies have begun to favor Democrats, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations."

    Please, everyone out there, notice the fifth word, "EMPLOYEES". All these posts on several boards about who got how much from whom are all PAP! It's presented as if there is some telling revelation of collusion by or with this organization and that candidate. All it means is that there are more sweepers and clerks who tend to go Dem than there are CEOs and VPs who tend to go Rep.[/Quote]

    How come DEMS are always the sweepers and clerks?
    CEO's and VP's tend to go GOP hmmmmm
    Tell you something ... doesn't it
     
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    Dems against reforms created the crisis


    http://www.nytimes.com/2005/04/06/business/06cnd-fannie.html?ex=1270440000&en=ab36e1cc1d563190&ei=5090&partner=rssuserland


    ASHINGTON, April 6 - As Congress began again to work on legislation to strengthen oversight of Fannie Mae and Freddie Mac, two of the nation's largest mortgage finance companies, Alan Greenspan, the Federal Reserve's chairman, urged lawmakers today to impose sharp limits on the $1.5 trillion holdings of the companies.

    -snip-

    In previous years, lawmakers have failed to approve legislation imposing stronger oversight of the companies and changing the way they do business. The two companies have been formidable lobbying forces and been able to block attempts made by lawmakers, often with the support of rival mortgage companies, to restrict them.
    In several pointed lines of questioning, Senator Charles E. Schumer, Democrat of New York, criticized Mr. Greenspan's recommendation and called it both inconsistent with his other views on regulation and potentially damaging to the housing markets. Without identifying anyone in particular, he also suggested that some people who have advanced tougher regulation of the two housing finance companies are really pushing a broader agenda to eliminate the companies and their mission of providing affordable housing.
    "I see an analogy to Social Security," Mr. Schumer said. "Social Security has a problem and there are ideologues who want to undo it. Fannie and Freddie have problems and there are ideologues who want to undo them. But there are ways to fix the problems short of what's been proposed. When the sink is broken, you don't want to tear down the house."
    =============


     
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