Freddie Easy Mac 'n' Cheese

Looks like it's more trouble time for Pampers/Gaffy Duck '08.  How will Camp Pampers spin this?  According to opensecrets.com Chris Dodd, between 1989 and 2008, received more contributions from Freddie and Fannie, including contributions from PACs and individuals than anyone else. Guess who was number two? That's right...Pampers. Between 1989 and 2008 Dodd received $165,400 from the lovely couple. Obama received $126,349...and he's only been in the Senate since 2005. They must really like him a lot.  By the way, $6000 of that came from PACs.  Didn't I hear something somewhere about Obama not taking money from PACs?  I swear I heard that...maybe it came out of his ass.

In contrast, John McCain began warning us more than two years ago about the impending mortgage crisis. From the Congressional Record dated May 25, 2006: 

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, 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.

I urge my colleagues to support swift action on this GSE reform legislation.

BTW, it was the Democrats who killed the reform bill.  I'm sure they had their reasons...probably something to do with campaign contributions and a revolving door (Do we need to reform this party or what?).

Oops...sorry Camp Pamp, there's an issue you won't be able to use, and one that makes you look, well, impotent on the mortgage crisis.  And it looks like McCain is in fact a reformer, not the Bush toady you're failing in your attempt to make him appear.  What were you doing back in 2006...oh yeah...getting ready to run for President.

Oh, John McCain did receive money from Freddie and Fannie between 1989 and 2008; $21,550.  How much of that came from PACs?  ZERO.

Just so it sinks in...McCain, who has been in Congress for about 18 1/2 years and received $21,550, and has now run for President twice.  Obama has been in since 2005 and received $126,349.

High five Pampers!