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#1 Fact check: Context of key debate claims10-08-2008, 12:22 PM
By Matt Kelley and Ken Dilanian, USA TODAY
The claim: "With the encouragement of Sen. Obama and his cronies," McCain said, government-sponsored mortgage companies Fannie Mae and Freddie Mac were key drivers of the financial crisis — "the match that started this forest fire." McCain said Obama is the second-highest recipient "in history" of campaign contributions from employees of those entities in the Congress.
The facts: Fannie Mae and Freddie Mac, which were created to promote homeownership, went into government conservatorship last month after huge losses from investments in mortgage-backed securities. Bills to tighten regulations on them failed in the last decade. Many of Fannie and Freddie's most ardent supporters have been Democrats.
Experts disagree about how important Fannie Mae and Freddie Mac were in contributing to the financial meltdown. No one disputes that the corporations bought billions of dollars in securities now considered "toxic," but so did many large private banks and investment firms.
Obama has received $126,349 in contributions from Fannie and Freddie employees and political action committees, according to the non-partisan Center for Responsive Politics, which did an analysis of the corporation's federal campaign contributions since 1989. That's second in Congress only to Democratic Sen. Chris Dodd of Connecticut, who chairs the banking committee. McCain has received $21,550.
The McCain campaign has produced no evidence, however, that Obama did favors for the corporations. In 2005, McCain co-sponsored a bill to step up regulation on Fannie and Freddie. Dodd and other Democrats voted against it in committee; it never came to a vote in the full Senate, so Obama did not vote on it.
http://www.usatoday.com/news/politic...ct-check_N.htmAt 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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- May 2008
10-08-2008, 11:15 PMFannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.
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...-
In actual dollars, President Obama’s $4.4 trillion in deficit spending in just three years is 37 percent higher than the previous record of $3.2 trillion (held by President George W. Bush) in deficit spending for an entire presidency. It’s no small feat to demolish an 8-year record in just 3 years.
Under Obama’s own projections, interest payments on the debt are on course to triple from 2010 (his first budgetary year) to 2018, climbing from $196 billion to $685 billion annually.
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- May 2008
10-09-2008, 08:57 AM
Of course they ignore the fact that Obama was one of the attorneys who SUED banks who refused to make these bad loans. They ignore the fact that the DEMOCRATS were working furiously to make sure that there were not enough votes in the Senate to bring it to the floor, they simply let the Dems off the hook saying it never made it out of committee!!! They ignore the WHY it never made it out of committee.I long for the days when our President actually liked our country.
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