Political Football

Well it’s obvious the Democrats are going to confuse this issue right up through the elections.  Let’s sort this out. Remember McCain is not defending the Administration here – he has gone against the administration on many issues, where Democrats and Obama are in lock step.

I will continue to update this page with documentation and additional information as I have time.

In other posts I’ve noted:

(1) The warnings President Bush noted in 2003 on Fannie Mae and Freddie Mac -

(2) The dismissal of said warnings by Barney Frank.

(3) The warnings Senator McCain noted in 2006 on Fannie Mae and Freddie Mac -

(4) Congress has oversight of FM*2 not the President.

(5) CRA Community Reinvestment Act – encouraged “no down payment” loans to people who could not afford to repay the loan.

Now I will bold the Democrats (mostly Clinton Administration or Obama supporters) below as we will continue to sort this out.

Senators Chris Dodd (D) and Barack Obama (D), Christopher Dodd received $165,400 in Fannie Mae and Freddie Mac campaign contributions, including contributions from PACs and individuals, followed by Obama, who received $126,349 in such contributions since being elected to the Senate in 2004.  We will also look at “sweetheart deals” from Countrywide.

Barney Frank

James A. Johnson

Angelo Mozilo – Countrywide

David Sambol – Countrywide

Fannie Mae Chairman and CEO Franklin D. Raines

The Office of Federal Housing Enterprise Oversight (OFHEO), the division of the Department of Housing and Urban Development charged with regulating Fannie Mae and its sister organization Freddie Mac, issued a scathing report on Fannie’s financial manipulations, stating outright that some of the motivation was to protect those executive bonuses. The report stated that Raines had earned more than $52 million in performance and other bonuses from 1998 through 2003. This was in addition to some $38 million in salaries and other compensation.

Chief Financial Officer J. Timothy Howard

Interim chief executive Daniel H. Mudd, who was the company’s chief operating officer

Interim chief financial officer Robert J. Levin, who was an executive vice president

Jamie S. Gorelick, a Fannie vice chairman and former deputy attorney general who left the company in 2003.

Freddie Mac Chairman and Chief Executive Richard Syron

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