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  1. #1 Bush proposed tighter control of Fannie/Freddie in 2003. Shot down by Dims. 
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    Bushadamus wanted a regulatory overhaul of the housing finance industy in 2003:

    New Agency Proposed to Oversee Freddie Mac and Fannie Mae

    By STEPHEN LABATON
    Published: September 11, 2003

    The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

    Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

    The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken.

    ''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.

    Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.

    At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families.

    Fannie Mae...and Freddie Mac...have been criticized by rivals for exerting too much influence over their regulators.

    ''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
    Portions snipped.

    I wanted to just snip the best parts so as to not bore anybody but it had so many greats parts I had to keep cut and pasting.

    This is my FAVORITE part:
    ''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.''

    Representative Melvin L. Watt, Democrat of North Carolina, agreed.

    ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
    Good try Mr. President. Too bad libscum got in your way.
    Be Not Afraid.
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  2. #2  
    Bumping for amusement.

    I'm really glad we took the advice of a tax cheat on this important financial matter.
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  3. #3  
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    Wasn't Senator McCain on board with this as well?

    I doubt the ONE was since he was part of the "family".

    I see a Wiley Coyote moment coming for the dim's.
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  4. #4  
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    24th United States House of Representatives Majority Leader

    Political party: Republican

    January 3, 2003 Ė September 28, 2005



    23rd United States Senate Majority Leader

    Political party: Republican

    January 7, 2003 Ė January 3, 2007


    Help me out here kids. Iím not the sharpest knife in the drawer, and like a puppy - may need my nose put right in it, but didnít the Republican Party hold majorities in both Houses until 2007? Hello?
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  5. #5  
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    John McCain co-sponsored S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005. Unfortunately, it did not make it out of the Senate Banking, Housing, and Urban Affairs committee chaired by Christopher Dodd [D, CT].

    If we examine Top Recipients of Fannie Mae and Freddie Mac
    Campaign Contributions, 1989-2008, the largest recipient was none other than Christopher Dodd.
    could this be why?
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  6. #6  
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    Things that make you go HHHMMMMMM!

    Guess well have to rub LP's nose it, so that he will understand that a bill has to get thru committee before it can be voted for or against on the floor.

    If you like I have the old Schoolhouse Rock DVD I loan you so you could watch "I'm just a Bill.
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    Quote Originally Posted by Bongo55 View Post
    Things that make you go HHHMMMMMM!

    Guess well have to rub LP's nose it, so that he will understand that a bill has to get thru committee before it can be voted for or against on the floor.

    If you like I have the old Schoolhouse Rock DVD I loan you so you could watch "I'm just a Bill.
    Have you not heard, it was King Bushy fault A lot of blame goes to Alan Greenspan. This dumb ass was supposed to be a watch dog. He was just the opposite; he testified before Congress stating that these financial institutions did not need any new regulations or oversight.
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  8. #8  
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    Quote Originally Posted by Bongo55 View Post
    If you like I have the old Schoolhouse Rock DVD I loan you so you could watch "I'm just a Bill.
    :D I love that one!

    But really guys - if your control of both houses donít give you enough clout to get things done, what does that say about your party? Isnít that was youíre accusing the Democrats of right now?

    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    Well then, don't you remember that bill could have DIED in committee? and the school bus's wouldn't have to stop a RR crossings. :)
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  10. #10  
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    Quote Originally Posted by Bongo55 View Post
    Well then, don't you remember that bill could have DIED in committee? and the school bus's wouldn't have to stop a RR crossings. :)
    :D Yes, of course, and the Wicked Witch of the East would keep it from ever being reintroduced.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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