Sep
Fannie Mae Freddie Mac and Congress
Where oh where are the congressional hearings? With the bailout of Fannie Mae and Freddie Mac; I am now waiting for the hearings to begin. The congressional Democrats are once again blaming this on George Bush and John McCain, as if the Hill has no accountability at all in this huge failure by a quasi-government entity. Doesn’t Congress have oversight over these two giants? Fannie Mae was setup during the Johnson years to help make home ownership affordable. As a private company they could sell stock and other securities; in this case mortgage-backed securities. Well we know how that turned out. Back to the hearings: According to Fannie Mae’s own records the top three elected officials they showered contributions on where: Hillary Clinton, Barack Obama, and Barney Frank. We also know that Franklin Raines(former Fannie Mae exec) is an advisor to the Obama campaign on the mortgage industry. In case you are unaware, Franklin Raines was forced out because of irregularities in Fannie Mae’s accounting procedures. It has been reported the top echelons mis-stated earnings so they could reap huge bonuses based on stock prices. Why isn’t Franklin Raines and his co-horts being brought up on criminal charges like the execs at Enron, MCI, etc?
So let’s take a look at the Office of Federal Housing Enterprise Oversight. I copied this statement from their own website: OFHEO’s mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).
Oversight my eye. What have they been doing the last 10 years? Where is the oversight?
Where are the reforms? Oh, that’s right they get their financing from guess who? Fannie Mae and Freddie Mac.
As of this writing, Our federal government is announcing a huge bailout, costing billions of taxpayer dollars. I don’t know how this will end. Will this be a government takover of an entire market industry?
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These Links provide great insight into this entire mess:
http://www.rushlimbaugh.com/home/daily/site_091808/content/01125107.guest.html
http://online.wsj.com/article/SB122182989114256587.html?mod=googlenews_wsj