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  1. #1 John McCain’s Warning About Fannie Mae 
    Senior Member LibraryLady's Avatar
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    John McCain’s Warning About Fannie Mae


    United States Senate
    WASHINGTON, DC 20510
    May 5, 2006

    The Honorable William H. Frist, MD Majority Leader
    United States Senate
    Washington, DC 20510

    The Honorable Richard C. Shelby
    Chairman, Banking, Housing and Urban Affairs Committee United States Senate
    Washington, DC 20510

    Dear Majority Leader Frist and Chairman Shelby,

    We are concerned that if effective regulatory reform legislation for the housing-finance government sponsored enterprises (GSEs) is not enacted this year, 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. Therefore, we offer you our support in bringing the Federal Housing Enterprise Regulatory Reform Act (S. 190) to the floor and allowing the Senate to debate the merits of this bill, which was passed by the Senate Banking Committee.

    Congress chartered Fannie and Freddie to provide access to home financing by maintaining liquidity in the secondary mortgage market. Today, almost half of all mortgages in the U.S. are owned or guaranteed by these GSEs. They are mammoth financial institutions with almost $1.5 Trillion of debt outstanding between them. With the fiscal challenges facing us today (deficits, entitlements, pensions and flood insurance), Congress must ask itself who would actually pay this debt if Fannie or Freddie could not?

    Substantial testimony calling for improved regulation of the GSEs has been provided to the Senate by the Treasury, Federal Reserve, HUD, GAO, CBO, and others. Congress has the opportunity to recommit itself to the housing mission of the GSEs while at the same time making sure the GSEs operate in a manner that does not expose our financial system, or taxpayers, to unnecessary risk. It is vitally important that Congress take the necessary steps to ensure that these institutions benefit from strong and independent regulatory supervision, operate in a safe and sound manner, and are primarily focused on their statutory mission. More importantly, Congress must ensure that the American taxpayer is protected in the event either GSE should fail. We strongly support an effort to schedule floor time this year to debate GSE regulatory reform.

    Sincerely,

    (signed)

    John McCain

    et alia
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  2. #2  
    CU Royalty JB's Avatar
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    Must. Kick. Thread.
    Be Not Afraid.
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  3. #3  
    Senior Betwixt Member Bubba Dawg's Avatar
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    Dated May 5 2006.
    Hey careful man! There's a beverage here!
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  4. #4  
    Senior Member LibraryLady's Avatar
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    He needs to get this in the media.
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  5. #5  
    Senior Betwixt Member Bubba Dawg's Avatar
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    Quote Originally Posted by LibraryLady View Post
    He needs to get this in the media.
    True, but many in teh media would probably ignore it.
    Hey careful man! There's a beverage here!
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  6. #6  
    Senior Member LibraryLady's Avatar
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    At least it did make Drudge today.
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  7. #7  
    Senior Member Constitutionally Speaking's Avatar
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    Quote Originally Posted by LibraryLady View Post
    At least it did make Drudge today.

    This HAS been out there for a while - that is what is so maddening. McCain HAS mentioned it in the Debates and in his speeches but the Media is too busy playing Obama's talking points on the issue.
    I long for the days when our President actually liked our country.
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  8. #8  
    CU Royalty JB's Avatar
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    What did O'Bomber say when he saw this? Present?
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  9. #9  
    Super Moderator BadCat's Avatar
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    Quote Originally Posted by JB View Post
    What did O'Bomber say when he saw this? Present?
    He said he also wrote a letter.

    Like his bracelet, he doesn't know what it said.
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  10. #10  
    CU Royalty JB's Avatar
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    Quote Originally Posted by BadCat View Post
    He said he also wrote a letter.

    Like his bracelet, he doesn't know what it said.
    It's probably in a lockbox with the ten thousand other documents he refuses to release.
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