McCain Letter Demanded 2006 Action on Fannie and Freddie
http://www.humanevents.com/article.php?id=28973
McCain Letter Demanded 2006 Action on Fannie and Freddie
by Human Events 10/10/2008
“Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis”.
“McCain's letter -- signed by nineteen other senators -- said that it was "...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail."
“Sen. Obama did not sign the letter, nor did any other Democrat.”
See full text of letter at http://www.humanevents.com/article.php?id=28973
McCain Letter Demanded 2006 Action on Fannie and Freddie
by Human Events 10/10/2008
“Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis”.
“McCain's letter -- signed by nineteen other senators -- said that it was "...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail."
“Sen. Obama did not sign the letter, nor did any other Democrat.”
See full text of letter at http://www.humanevents.com/article.php?id=28973
posted by Gene Felder at 11:48 AM
1 Comments:
Big deal. The bulk of sub-prime loans, more than 80%, were made by commercial mortgage brokers.
Democrats called repeatedly for regulation of Commercial Mortgage Brokers. Republicans turned it down.
Moreover, in 2006 (as in 2001-2006), the Republicans were in control of the Senate. This never even came to a vote.
Why not? Well, was it really a bi-partisan effort? If Democrats had supported the proposal, would they have gotten credit? Was it like Graham-Dodd, which we know as a piece of legislation with the name of a Republican and the name of a Democrat on it?
Moreover, Fannie and Freddie were but a small cause of the global financial crisis. There were mortgage bubbles in many other countries, not just us.
Here’s an excellent detailed article on the subject:
http://bigpicture.typepad.com/comments/2008/10/fannie-mae-and.html
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