Senator McCain tried to Stop Fannie Mae-Mac in the Senate
repo
So the problem doesn’t reflect failed Bush policies after all, it
reflects more failed liberal policies. As for Barack Obama trying to
tie John McCain into the Frannie Mae, Freddie Mac failure, John McCain
tried to stop this before it ever became a problem.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=75586
“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,” McCain said on the floor of the
Senate in 2005
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
speaking in favor of the Federal Housing Enterprise Regulatory Reform
Act of 2005.
So what happened?
The bill passed the House but was never brought up for a vote in the
Senate, largely because of Democratic opposition to change in the
Fannie Mae and Freddie Mac regulatory structure that remained in place
until the Treasury takeover two weeks ago.
But wait, there’s more.
As evidenced by the failure to pass the Federal Housing Enterprise
Regulatory Reform Act of 2005, the Democrats in Congress have
repeatedly fought back Republican Party efforts to reform the two
mortgage banking giants.
Why have the Democrats been against it? A look at the top three
people to receive political donations from the companies might provide
a few answers.
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
Kerry, John S MA D $111,000 $2,000 $109,000