Diary

Corsi's Article: McCain was right since 2005 about Fannie & Freddie

I missed Ken Taylor’s superb article on the subject. Sorry Ken. However, I have removed the major text of this diary. Readers may just visit Ken Taylor’s diary on the same subject for better analysis and narrative.

My purpose here is to support Ken Taylor’s diary by linking his diary to the article made by Jerome Corsi at the WorldNetDaily. Corsi has narrated the past efforts of Sen. John McCain to reform Fannie Mae and Freddie Mac. Here is own summary of the said Corsi Article.

First:

John McCain’s 2005 speech indicates that McCain is right from the beginning. He did it not because there was an election but he really believed that the American People must be protected by the corruption happening inside the two GSEs.

“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.”

Second:

McCain supported the passage of proposed Federal Housing Enterprise Regulatory Reform Act of 2005. With respect to the said ill-fated proposed Bill, Corsi remarked that:

The bill passed the House but was never brought up for a vote in the Senate, largely because of Democratic opposition to change in the Fannie Mae and Freddie Mac regulatory structure that remained in place until the Treasury takeover two weeks ago.

Third:

Corsi has also made bold allegations on how Obama and some leading Democrat Senators benefitted from Fannie Mae and Freddie Mac lobbyists (PAC and individuals.) The same people who caused the collapse of the said GSEs. Here is another excerpt from Corsi’s article:

In the aftermath of the U.S. government takeover, attention has focused on three Democrats with close ties to Obama who served as Fannie Mae executives: Franklin Raines, former Clinton administration budget director; James Johnson, former aide to Democratic Vice President Walter Mondale; and Jamie Gorelick, former Clinton administration deputy attorney general.

All three Obama-related executives earned millions in compensation from Fannie Mae.

Johnson earned $21 million in just his last year serving as Fannie Mae CEO from 1991 to 1998; Raines earned $90 million in his five years as Fannie Mae CEO, from 1999 to 2004; and Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003, according to author David Frum, a fellow at the American Enterprise Institute.

All three have been involved in mortgage-related financial scandals.

It’s so ironic that the man painted by the MSM as an “economic moron” is the only Senator who has stood up and warned the Government of the need for reform of the said GSEs.

Fourth:

My Question is: Why is McCain not explaining to the public about the saga of the Fannie and Freddie collapse three years after he made that heroic announcement?

Senator, your modesty and humility have become your campaign’s main weakness. This is a very crucial election and you must shout to the roof all your accomplishments and efforts, knowing that the MSM (excluding FoxNews) are already in the tank of Obama.

Update:

  1. Here’s FoxNews Video of John Gibson discussing to Heather Nauert the hypocrisy of Obama’s Attack against Republicans wrt to Fannie/Freddie bailouts. Source: RightVoice Blogger Pam. Here is the link.

  1. RightVoices’ Blogger Pam has an interesting column on Barack Obama’s Finance Chair Penny Pritzker that links ACORN, Fannie/Freddie, and the Su-Prime Market meltdown. Here is the Link.