“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.
Barney Frank 2003 in response to Bush administration overhaul plan.
“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.”
Obama and his democrat buddies never let the truth get in the way
of a good story. Never has this been more true than now in the face
of a financial crisis in this country. A financial crisis Obama and
his party created. What do Obama and Barney Frank have in common
besides being Democrats. They both were listed in the top 25
recipients of campaign contributions from Fannie Mae and Freddie Mac
and they both are hypocrites. Obama is number 3 on the the list
and Barney Frank is 16. Obama, the candidate of change, was in
bed with Fannie Mae and Freddie Mac yet he criticizes John McCain,
who along with George Bush, tried to fix the problem.
From a Wall Street Journal Online article:
This is stunningly naive. Recent statements by Barney Frank (D., Mass.), the chairman of the House Financial Services Committee, and Chuck Schumer (D., N.Y.), a powerful member of the Senate Banking Committee, make clear that Congress will never let them be privatized, broken up, slimmed down, nationalized or any of the other options hopeful reformers are putting forth today. Fannie and Freddie in their current form are just what Congress wants: an inexhaustible source of campaign contributions and funds for favored groups.
Federal Housing Enterprise Regulatory Reform Act of 2005
Sen. Charles Hagel [R, NE]
Sen. Elizabeth Dole [R, NC]
Sen. John McCain [R, AZ]
Sen. John Sununu [R, NH]
House bill sponsors:
Rep. Richard Baker [R, LA-6]
Rep. Robert Aderholt [R, AL-4]
Rep. James Barrett [R, SC-3]
Rep. Roy Blunt [R, MO-7]
Rep. Geoff Davis [R, KY-4]
Rep. Tom Feeney [R, FL-24]
Rep. E. Scott Garrett [R, NJ-5]
Rep. Paul Gillmor [R, OH-5]
Rep. Jeb Hensarling [R, TX-5]
Rep. Walter Jones [R, NC-3]
Rep. Thaddeus McCotter [R, MI-11]
Rep. Patrick Mchenry [R, NC-10]
Rep. Ileana Ros-Lehtinen [R, FL-18]
Rep. Paul Ryan [R, WI-1]
Rep. Christopher Shays [R, CT-4]
Rep. Frank Wolf [R, VA-10]
Notice that there were no Democrat sponsors.