Diary

Barack “Sub-Prime” Obama

Barack “Sub-Prime” Obama is number two on getting cash from the crooked Fannie Mae and Freddie Mac organizations. He accomplished that feat in only 3 years of being a US Senator. Also, he had one of the ex-CEO’s of those crooked organizations be in-charge of his VP selection committee before resigning for ‘reasons’. The other ex-CEO of one of those crooked organizations gave the Obama campaign some economic advice.

For years the Democrats having been pushing the Fannie Mae and Freddie Mac and regular banks to do more and more and more and more sub-prime loans so that minorities can get into house.

Now all Americans are paying a big price for that foolishness.Here is an article praising Clinton on busting open the sub-prime market for minorities to own homes. It was written in 1999 with this scary prediction: “argues that a higher target would only produce more loan defaults by pressuring banks to accept unsafe borrowers.”http://articles.latimes.com/1999/may/31/news/mn-42807

As of Feb 2008, Democrats were still trying to increase the sub-prime market:”Democrats sought to expand the role of Fannie Mae and Freddie Mac in affordable housing and the subprime market on Thursday as a proposed increase in the companies’ conforming loan limit ignited some protest from Republicans.”Below is part of McCain’s speech in 2005 on the Senate floor. Too bad, they did not listen to him.

“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.”

“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.”