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FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006
Record Text
Sen. John McCain [R-AZ]: 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.
Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Status: DeadI 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.
The Democrats blocked this legislation.
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“So I became a newspaperman. I hated to do it but I couldn’t find honest employment.” —Mark Twain
Last edited by 40yearfan; September 16th, 2008 at 07:04 PM.
Oh jeez... give me a freakin' break. So just like the war and surge, McCain is given bs credit for recognizing his support was a stupid idea. He supported deregulation and now gets credit for recognizing his stupidity. I wonder how many other idiotic things McCain will support only to take credit for realizing he was wrong?
Oh jeez... give me a freakin' break. So just like the war and surge, McCain is given bs credit for recognizing his support was a stupid idea. He supported deregulation and now gets credit for recognizing his stupidity. I wonder how many other idiotic things McCain will support only to take credit for realizing he was wrong?
What are you going to do with the obvious implication that Obama wasn't bright enough to recognize McCain's earlier stupidity?
Deregulation McCain deregulated us into a depression, yeah some Democrats have done several stupid things, however they weren't in power, McCains party had the Presidency and both houses of congress at one time, and they basically sold America to the highest contributor.
Game, set, match.
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At what point then is the approach of danger to be expected? I answer, if it ever reach us, it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide.
Update: Fannie Mae and Freddie Mac Invest in Lawmakers (Obama No. 2 on the list)
Posted on Monday, September 15, 2008 2:55:58 PM by mojito
When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies. On Sunday the government completely took over the two government-sponsored enterprises, and we've returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include contributions to lawmakers' leadership PACs and candidate committees from the floundering companies' PACs and employees. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that. This week we also wrote about how much money lawmakers had invested of their own money in the companies last year--a total of up to $1.7 million.
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Name - Office - State - Party - Grand Total - Total from PACs - Total from Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
Kerry, John S MA D $111,000 $2,000 $109,000
Bennett, Robert F S UT R $107,999 $71,499 $36,500
Bachus, Spencer H AL R $103,300 $70,500 $32,800
Blunt, Roy H MO R $96,950 $78,500 $18,450
Kanjorski, Paul E H PA D $96,000 $57,500 $38,500
Bond, Christopher S 'Kit' S MO R $95,400 $64,000 $31,400
Oh jeez... give me a freakin' break. So just like the war and surge, McCain is given bs credit for recognizing his support was a stupid idea. He supported deregulation and now gets credit for recognizing his stupidity. I wonder how many other idiotic things McCain will support only to take credit for realizing he was wrong?
Quote:
Originally Posted by nidan
two days ago he was saying the economy is strong.
Is there nothing you won't buy the spin on 40 ?
Quote:
Originally Posted by conraddobler
Forsee it?
Heck he helped create it!!!
Deregulation McCain deregulated us into a depression, yeah some Democrats have done several stupid things, however they weren't in power, McCains party had the Presidency and both houses of congress at one time, and they basically sold America to the highest contributor.
Game, set, match.
It's obvious none of you guys read one thing I posted on this thread. This is from the Federal Congressional Record. Are you gentlemen trying to tell me this is not correct?
__________________
“So I became a newspaperman. I hated to do it but I couldn’t find honest employment.” —Mark Twain
Last edited by 40yearfan; September 16th, 2008 at 09:23 PM.
You find something that supports your position [probably get it from a GOP listserver] and ignore that McCain has been trying to tell us everything is fine up to 2 days ago.
Isn't beyond misleading to make claim that these companies invested in Obama? Isn't it? That employees choose to contribute has absolutely nothing to do with the company. Whenever you contribute they ask for your employer name, that's all that means.
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