McCain on the Mortgage Crisis

slightofjeff

Couple of things ... No. 1 ... again with you people taking that "fundamentals" comment out of context ... way to ignore everything after the "but."

Secondly, I don't know why McCain's campaign is sitting on their thumbs here, but they could be completely evicerating Obama on the mortgage crisis. I mean, they could be killing him.

In 2005, McCain co-sponsored a bill in the Senate to try and head off exactly what happened to Fannie Mae and Freddie Mac. His comments, which are public record on the Senate floor, chillingly predicted exactly what happened.

Thanks to McCain's cohorts in the Senate, including Mr. Obama, who voted against it, that bill didn't pass.

Why would Obama vote against such a bill? Maybe he just didn't see the crisis looming. Or maybe it's because HE WAS IN THE POCKET OF FANNIE MAE.

He took more money from that mortgage company than any member of the Senate outside of Chris Dodd. He had Frannie Mae's back, even as Frannie Mae continued to basically defraud homeowners left and right. (But, somehow, he's been able to skate free on the claim that he doesn't have lobbyists).

For some reason, McCain has been slow to seize this issue, and I don't know why.

Between this and the allegation that Obama apparently when behind our government's back to try and delay any Iraq withdrawal ... McCain should be killing him right now.

It's as if the McCain camp decided to run on that platform of, "Hey, ain't Sarah Palin cool" and let down its guard ... It will be interesting to see how much traction, if any, they can get on this issue in the days to come.

ACCBootlegGoddess

slightofjeff wrote:

Couple of things ... No. 1 ... again with you people taking that "fundamentals" comment out of context ... way to ignore everything after the "but."

Secondly, I don't know why McCain's campaign is sitting on their thumbs here, but they could be completely evicerating Obama on the mortgage crisis. I mean, they could be killing him.

In 2005, McCain co-sponsored a bill in the Senate to try and head off exactly what happened to Fannie Mae and Freddie Mac. His comments, which are public record on the Senate floor, chillingly predicted exactly what happened.

Thanks to McCain's cohorts in the Senate, including Mr. Obama, who voted against it, that bill didn't pass.

Why would Obama vote against such a bill? Maybe he just didn't see the crisis looming. Or maybe it's because HE WAS IN THE POCKET OF FANNIE MAE.

He took more money from that mortgage company than any member of the Senate outside of Chris Dodd. He had Frannie Mae's back, even as Frannie Mae continued to basically defraud homeowners left and right. (But, somehow, he's been able to skate free on the claim that he doesn't have lobbyists).

For some reason, McCain has been slow to seize this issue, and I don't know why.

Between this and the allegation that Obama apparently when behind our government's back to try and delay any Iraq withdrawal ... McCain should be killing him right now.

It's as if the McCain camp decided to run on that platform of, "Hey, ain't Sarah Palin cool" and let down its guard ... It will be interesting to see how much traction, if any, they can get on this issue in the days to come.

Just out of curiosity do you have any sources for this information?? Not calling you a liar...just would like to know where your info came from is all...and some of what you said is kinda vague. What Bill did McCain try to pass to head off the Fannie May thing??
and I'd love to hear more about your alligations that Obama TOOK more money from the mortgage company? Campaign contributions or something??

digster

ACCBootlegGoddess wrote:

Just out of curiosity do you have any sources for this information?? Not calling you a liar...just would like to know where your info came from is all...and some of what you said is kinda vague. What Bill did McCain try to pass to head off the Fannie May thing??
and I'd love to hear more about your alligations that Obama TOOK more money from the mortgage company? Campaign contributions or something??

I would actually love to find a site that details exactly who gave what to what politician, but I haven't found one yet. That way, I could know who Obama, McCain, etc. have been receviving their money from. Hopefully, sleightofjeff can supply us with one.

slightofjeff

ACCBootlegGoddess wrote:

Just out of curiosity do you have any sources for this information?? Not calling you a liar...just would like to know where your info came from is all...and some of what you said is kinda vague. What Bill did McCain try to pass to head off the Fannie May thing??
and I'd love to hear more about your alligations that Obama TOOK more money from the mortgage company? Campaign contributions or something??

Here are McCain's comments on the floor of the U.S. Senate, May 25, 2005, while announcing his co-sponsorship of the (doomed) Federal Housing Enterprise Regulatory Act of 2005 (it's kind of a long read, I think, but here goes):

"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.

"I join as a cosponsor of the Federal Housing Enterprise 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."

The Barack Obama-Fannie Mae connection has been cited by various news outlets. I'll dig one up and posted it in a separate thread. It is also worth noting Obama has two main economic advisors on his campaign: A former executive at Lehman Brothers and a former CEO of Fannie Mae.

Again, unsure why McCain won't start hammering away at this.

slightofjeff

ACCBootlegGoddess wrote:

Just out of curiosity do you have any sources for this information?? Not calling you a liar...just would like to know where your info came from is all...and some of what you said is kinda vague. What Bill did McCain try to pass to head off the Fannie May thing??
and I'd love to hear more about your alligations that Obama TOOK more money from the mortgage company? Campaign contributions or something??

Here are McCain's comments on the floor of the U.S. Senate, May 25, 2005, while announcing his co-sponsorship of the (doomed) Federal Housing Enterprise Regulatory Act of 2005 (it's kind of a long read, I think, but here goes):

"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.

"I join as a cosponsor of the Federal Housing Enterprise 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."

As for the Barack Obama-Fannie Mae connection, it has been cited by various news outlets. I'll dig one up and post it in a separate thread, since this one is getting epic. It is also worth noting Obama has two main economic advisors on his campaign: A former executive at Lehman Brothers and a former CEO of Fannie Mae.

Again, unsure why McCain won't start hammering away at this.

slightofjeff

Re: Obama and Fannie Mae ...

This LA Times blog says Obama was the No. 1 recepient of funds from FM. It's worth noting all other sources I've seen say he's No. 2 to Christopher Dodd ...

http://latimesblogs.latimes.com/washington/2008/09/mortgage-giants.html

jimed14

slightofjeff wrote:

Again, unsure why McCain won't start hammering away at this.

I do not know, but it might be that McCain doesn't want that game to start because the list of Oil folks that have put into his campaign for FAR more than $111k? Or potentially others that wouldn't look so positive?

Again, I don't have the facts, but, that's my guess.

ACCBootlegGoddess

slightofjeff wrote:

Re: Obama and Fannie Mae ...

This LA Times blog says Obama was the No. 1 recepient of funds from FM. It's worth noting all other sources I've seen say he's No. 2 to Christopher Dodd ...

http://latimesblogs.latimes.com/washington/2008/09/mortgage-giants.html

Thank you for both posts and the link

Trying to let everything I've read sink in.

Sounds like everyone took money from Fannie Mae...that said I dunno that $111,000.00 compared to the MILLIONS and MILLIONS he's raised would be enough for it to affect his policies. (I know he hadn't raised those millions at that time but I'm sure he knew he could earn it).
I dunno if anyone could have foreseen what has happened to the Mortgage market....and did anyone KNOW at the time that Fannie Mae was defrauding anyone?
I dunno if I agree with ANYONE taking money from them.

Secondly I think part of the reason McCain hasn't taken any barbs at it as there are things Obama can jab back at him for...ie...he took money too...though not as much...and I've heard his advisers arent' any better than Obamas.

callen

OffHeGoes29 wrote:

Have you guys watch the whole video? He answer that question rather well.

I couple of months ago I was on the fence about who to vote for. I came to this board to try to get a different perspective, and since I started reading the post on this board, they have pushed me to vote for McCain with more confidence. For every post people put on this board about McCain, I look into to it and find where they get their facts. Well all its done was convince me more that McCain is the right man for the job. I haven't read a post yet that hasn't been taken way out of context and cherry picked lines to make it seem like hes another GW Bush. Some of you are no better then the ultra right.

Thanks for the push. And just think, I gave Obama and Nader a consideration this time around. You guys should keep your opinions to this board, you might turn people away, and vote for another "4 years of Bush".

I don't post anti Obama posts that paint him to be an evil man, hes smart man with a lot of good ideas. I just don't think hes ready to be President.

Dude...Obama's not ready to be president? Have you checked out McCains running mate?? If that doesn't scare the living sh#t out of you???

Obama will bring this country back together, will restore pride, confidence both within the uS as well as the world. We need that. We can't afford to have McCain and nimrod in the whitehouse.

Cosmo

callen wrote:

Dude...Obama's not ready to be president? Have you checked out McCains running mate?? If that doesn't scare the living sh#t out of you???

Obama will bring this country back together, will restore pride, confidence both within the uS as well as the world. We need that. We can't afford to have McCain and nimrod in the whitehouse.

...
You can't take the guy too seriously... he's saying that it was the comments and opinions of unknown posters on a Rock Band's message board that made his decision to vote for McCain.

Dirtie_Frank

callen wrote:

Dude...Obama's not ready to be president? Have you checked out McCains running mate?? If that doesn't scare the living sh#t out of you???

Obama will bring this country back together, will restore pride, confidence both within the uS as well as the world. We need that. We can't afford to have McCain and nimrod in the whitehouse.

NOW HERE THIS!!! SARAH PALIN IS NOT RUNNING FOR PRESIDENT! JOHN MCCAIN IS!

THANK YOU!!

heartdesire

Dirtie_Frank wrote:

NOW HERE THIS!!! SARAH PALIN IS NOT RUNNING FOR PRESIDENT! JOHN MCCAIN IS!

THANK YOU!!

Yeaaaah, hear ya! Now hear this ... if anything happens to McCain she will be acting President! No frickin' way! She is so not ready for the VP position let alone stand in Prez!

jimed14

slightofjeff wrote:

Re: Obama and Fannie Mae ...

This LA Times blog says Obama was the No. 1 recepient of funds from FM. It's worth noting all other sources I've seen say he's No. 2 to Christopher Dodd ...

http://latimesblogs.latimes.com/washington/2008/09/mortgage-giants.html

Sean Hannity just lobbed a softball at Sarah Palin .. .asking her since Obama received the 2nd most about of money form Fannie / Fredie employees (all of $111k) ... should he (and others receiving campaign funds) be investigated ...

she totally sidestepped the "investigation" portion of that question and just spoke of "crony-ism" ... so, I'm guessing she's been told not to talk about investigating who is donating to campaigns.

heartdesire

jimed14 wrote:

Sean Hannity just lobbed a softball at Sarah Palin .. .asking her since Obama received the 2nd most about of money form Fannie / Fredie employees (all of $111k) ... should he (and others receiving campaign funds) be investigated ...

she totally sidestepped the "investigation" portion of that question and just spoke of "crony-ism" ... so, I'm guessing she's been told not to talk about investigating who is donating to campaigns.

She is speaking "crony-ism"?! Have to listen in context, though sure sounds like the pot calling the kettle black.

Solat13

slightofjeff wrote:

"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 Barack Obama-Fannie Mae connection has been cited by various news outlets. I'll dig one up and posted it in a separate thread. It is also worth noting Obama has two main economic advisors on his campaign: A former executive at Lehman Brothers and a former CEO of Fannie Mae.

Again, unsure why McCain won't start hammering away at this.

McCain on radio today that he was going to start hammering on this especially since Mr. Franklin Raines referenced in this speech is currently one of Obama's chief economic advisers.

So is Obama going to consult with the guy who helped cause the whole mortgage problem to solve it?

callen

Dirtie_Frank wrote:

NOW HERE THIS!!! SARAH PALIN IS NOT RUNNING FOR PRESIDENT! JOHN MCCAIN IS!

THANK YOU!!

He's an older human being...with higher chances of being incapacitated....so there's a decent chance she will become president..but just the act of him picking a nimrod should make you run.

ACCBootlegGoddess

Dirtie_Frank wrote:

NOW HERE THIS!!! SARAH PALIN IS NOT RUNNING FOR PRESIDENT! JOHN MCCAIN IS!

THANK YOU!!

NOW HEAR THIS JOHN MCCAIN IS 72 YEARS OLD, NOT IN TIP TOP SHAPE PHYSICALLY AND ADD THE STRESS OF BEING THE LEADER OF THE FREE WORLD...GOOD CHANCE THE DUDE WILL PASS ON BEFORE THE END OF HIS TERM!!!!!!

As much as you hate Obama...are you REALLY ok with the prospect of President Palin???

slightofjeff

jimed14 wrote:

I do not know, but it might be that McCain doesn't want that game to start because the list of Oil folks that have put into his campaign for FAR more than $111k? Or potentially others that wouldn't look so positive?

Again, I don't have the facts, but, that's my guess.

That definitely could be, but if I'm the McCain camp, I say fuck it. The housing crisis is the top issue right now. If you've got ammo on that front, you just have to use it.

Maybe they will.

After all, McCain doesn't know how to use the Internet, so maybe he's just slow

Dirtie_Frank

ACCBootlegGoddess wrote:

NOW HEAR THIS JOHN MCCAIN IS 72 YEARS OLD, NOT IN TIP TOP SHAPE PHYSICALLY AND ADD THE STRESS OF BEING THE LEADER OF THE FREE WORLD...GOOD CHANCE THE DUDE WILL PASS ON BEFORE THE END OF HIS TERM!!!!!!

As much as you hate Obama...are you REALLY ok with the prospect of President Palin???

Obama scares me more. Do you really think he will lower our taxes? Maybe he will lower our income tax, and raise corporate taxes. Then the business pass the cost of the new tax on them to us the consumer, and then the government takes more for sales tax. So raisin corporate taxes is not trully a good thing.

digster

Dirtie_Frank wrote:

Obama scares me more. Do you really think he will lower our taxes? Maybe he will lower our income tax, and raise corporate taxes. Then the business pass the cost of the new tax on them to us the consumer, and then the government takes more for sales tax. So raisin corporate taxes is not trully a good thing.

Explain to me this, then. Let's hypothesize for a moment that maybe, just maybe, keeping tax levels stable or a slight raise in taxes is not the death knell to the economy that some conservatives theorize, particularly from the policies directed by the Executive branch...

In the past twenty-eight years, we've had twelve years under two Republican administrations, eight years of a Democratic administration, and eight years of a Republican administration. At the end of the first twelve years, we were nearing a recession. By the end of the Democratic administration we were in a surplus, and our economy was relatively strong. Now, at the end of eight years of a Republican administration, we face economic crisis again. Why is it that in recent history, our economy has prospered under a Democratic administration and floundered under Republican administration? And if this is the case, why are people so concerned about possibly using Democratic economic policies?