Video: Republicans Warned About Fannie Mae But Dems Ignored
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Video: Republicans Warned About Fannie Mae But Dems Ign... - 9/30/2008 1:40:21 PM
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leesw
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http://www.youtube.com/watch?v=_MGT_cSi7Rs
The problem with the Government Sponsored Enterprize Fannie Mae and Freddie Mac started showing itself in 2004 and 2005. It turns out that it was Republicans, including Ron Paul and John McCain, who saw the problem and wanted action to be taken but, as the video shows, Democrats wouldn't even admit there was a problem. The problem continued and got worse and now the two government-sponsored enterprises are bankrupt and wanting our tax dollars to bail them out. If only Democrats would have listened instead of name calling.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 9/30/2008 1:46:30 PM
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GroupW
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Not exactly accurate. People have been questioning the capital adequacy of FNMA and FHLMC / Freddie for years. People of both parties refused to deal with the issue.
Now, how much is the government's fault and how much is the respective companies' executives fault is open to debate. Congress and the companies regulators only set MINIMUM financial standards. Noone told these guys to operate this close to the wire. Nearly all responsible bankers acknowledge implicitly that regulatory minimums are way too low to serve as targets. They are just exactly what we call them - minimums. Good companies provide a cushion.
For the record, I was part of an initiative in 1997 to review and amend those minimums. It was the Republicans in congress that shot it down.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 9/30/2008 2:41:33 PM
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HighPlainsDrifter
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"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems... the less we will see in terms of affordable housing."
--Barney Frank
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 9/30/2008 2:51:54 PM
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HighPlainsDrifter
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The Honorable George W. Bush
Presidenot f the United States
The White House
Washington,D C 20050
Dear Mr. President:
We urge you to reconsider your Administration's criticisms of the housing-related government sponsored enterprises (the "GSEs") and instead work with Congress to strengthen the mission and oversight of the GSEs.
We write as members of the House of Representatives who continually press the GSEs to do more in affordable housing. Until recently, we have been disappointed that the Administration has not been more supportive of our efforts to press the GSEs to do more. We have been concerned that the Administration's legislative proposal regarding the GSEs would weaken affordable housing performance by the GSEs, by emphasizing only safety and soundness. While the GSEs' affordable housing mission is not in any way incompatible with their safety and soundness, an exclusive focus on safety and soundness is likely to come, in practice, at the expense of affordable housing. We have been led to conclude that the Administration does not appreciate the importance of the GSE's affordable housing mission, as evidenced by its refusal to work with the House and Senate on this important legislation. It now appears that, because Congress has not been willing to jeopardize the GSE's mission, the Administration has turned to attacking the GSEs publicly. We are very concerned that the Administration would work to foster negative opinions in the financial markets regarding the GSEs, raising their cost of financing. If the intent is to get prohousing members of Congress to weaken their support of the GSEs' mission, it is a mistaken strategy.
Our position is not based on institutional loyalty, but on concern for the GSE's affordable housing function. We appeal to you to agree to work on legislative proposals that foster sound oversight and vigorous affordable housing efforts instead of mounting assaults in the press. We also ask you to support our efforts to push the GSEs to do more affordable housing. Specifically, join us in advocating for more innovative loan products and programs for people who desire to buy manufactured housing, similar products to preserve as affordable and rehabilitate aging affordable housing, and more meaningful GSE affordable housing goals from HUD.
For example, as a President that has a sincere appreciation for rural America, we urge you to direct the Rural Housing Service to place a high priority on working with the GSEs to close as many loans as possible this year to preserve the Section 515 rural housing stock, which is home to some of this country's poorest citizens. In closing, we reiterate that an exclusive emphasis on safety and soundness, without an appropriate balance in focus on the affordable housing mission of the GSEs, is misplaced.
Strong safety and soundness regulation and a vigorous affordable housing mission are not only compatible, but will reinforce each other. We ask you to work with us to craft legislation that achieves the proper balance in both areas.
Signed...Barney Frank and Nancy Pelosi along with 76 more Democrats.
The original stored HERE
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 9/30/2008 4:53:07 PM
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GroupW
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HighPlains -
There's guilt on both sides. I had prepared a white paper years ago for a republican Senator who guarded Fannie Mae and Freddie Mac like they were the pope himself. The proposal we put forward was dead on arrival, killed mostly by Republicans.
The two firms were largely regarded as untouchable. Everyone that tried got burned. It wasn't any one party - it was everyone. They had tremendous political pull.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 9/30/2008 6:25:44 PM
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HighPlainsDrifter
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It didn't crash out ten years ago, it crashed out this year.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 9/30/2008 6:28:44 PM
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GroupW
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quote:
ORIGINAL: HighPlainsDrifter
It didn't crash out ten years ago, it crashed out this year.
No, but the underpinnings of the crash were put in place years ago. 10 years ago we knew that Fannie/Freddie couldn't withstand a severe housing crisis. They were never adequately capitalized for the risks they were taking. They, like Washington Mutual, completely underestimated how much of a capital cushion & how much leverage is appropriate for a portfolio of single family mortgages.
We pushed for higher capital requirements for them, but were shot down every time. If they had listened, Fannie and Freddie might have survived.
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“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/1/2008 6:44:13 PM
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earthless
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Too bad the mainstream media (all sold out for Obama) will never bring this to light.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/1/2008 6:59:03 PM
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GroupW
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Regardless of who the press is sold out for, it's a shame the issue never got much momentum. Like I've mentioned a few times, it's really not a Republican or Democratic problem. Both parties had a shot and failed. The bigger issue is that they were allowed to have the kind of access and influence with legislators that they had. They were amazingly effective in their lobbying efforts on both sides of the aisle and contributed in nearly equally proportion to both parties.
Their effectiveness, contributions, and lobbying inroads on both sides of the aisle kept them fairly well insulated from legislative pressure no matter who was in the majority.
In some ways, I'm not surprised it never got much press. Who really wants to listen to a news report dedicated to historical stochastic loss models, loss distributions, economic capital ratios, off-balance sheet guarantees & such.
I mean, I get excited about that stuff, but I'm not very normal. I'd go grab my popcorn and watch every minute of a show like that. Most people I know would rather give birth.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/1/2008 7:07:52 PM
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mapachito13
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What is really amazing is that people on both sides of the aisle have been spending more than they've been taking in. IOW, we've been running budget deficits for 35 of the past 40 years. 4 out of the 5 where we had a surplus were during Clinton's administration. The other one was way back in 1969 and we were in the middle of the Vietnam War. Even during Vietnam, we were not running the size of deficits that we have been running under "Saints" Ronald Reagan, Bush 1 and Bush 2.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/1/2008 8:18:12 PM
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earthless
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The only saint in that list is Ronald Reagan. And the surplus under Clinton has, by some, been attributed to largely to the Intertnet .com boom - which would have given a monkey in a suit a surplus.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/1/2008 8:21:03 PM
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Dubya
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quote:
ORIGINAL: mapachito13
What is really amazing is that people on both sides of the aisle have been spending more than they've been taking in. IOW, we've been running budget deficits for 35 of the past 40 years. 4 out of the 5 where we had a surplus were during Clinton's administration. The other one was way back in 1969 and we were in the middle of the Vietnam War. Even during Vietnam, we were not running the size of deficits that we have been running under "Saints" Ronald Reagan, Bush 1 and Bush 2.
Totally irrelevant to the subject at hand.
There are many other threads for you to take this irrelevant rant.
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/3/2008 2:52:10 AM
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gigigirrl
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The op's post's video is a more detailed account of that particular time period. Here is one that looks at the overall picture.
http://www.youtube.com/watch?v=1RZVw3no2A4
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/7/2008 12:18:08 AM
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Pat-rebel_lady
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quote:
ORIGINAL: gigigirrl
The op's post's video is a more detailed account of that particular time period. Here is one that looks at the overall picture.
http://www.youtube.com/watch?v=1RZVw3no2A4
This is very good, and true too:
HERE
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/7/2008 6:29:53 AM
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47.samuel
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quote:
ORIGINAL: leesw
http://www.youtube.com/watch?v=_MGT_cSi7Rs
The problem with the Government Sponsored Enterprize Fannie Mae and Freddie Mac started showing itself in 2004 and 2005. It turns out that it was Republicans, including Ron Paul and John McCain, who saw the problem and wanted action to be taken but, as the video shows, Democrats wouldn't even admit there was a problem. The problem continued and got worse and now the two government-sponsored enterprises are bankrupt and wanting our tax dollars to bail them out. If only Democrats would have listened instead of name calling.
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I have always thought the actions of men the best interpreters of their thoughts. ~John Locke
Well done is better than well said. ~Benjamin Franklin
Perhaps Republican supporters should be asking John McCain why his "words" don't correspond with his "actions" - given that of all the qualified candidates he could have chosen as his campaign manager, he selcted RICK DAVIS, a paid "lobbyist" who has been associated with Fannie Mae/Freddie Mack for the past 8 years.
quote:
"In 2000, Davis became the head of a group called the Homeownership Alliance, a Fannie Mae and Freddie Mac advocacy group. Its website said that the organization was dedicated to "exposing and defeating trends that would harm consumer access to the lowest-cost mortgage option." He was head of the group for five years, being paid more than $30,000 per month."
http://en.wikipedia.org/wiki/Rick_Davis_(politics)
quote:
"On September 24, 2008, the New York Times reported that Rick Davis' firm, Davis Manafort, had been paid $15,000 per month by Freddie Mac, for "consulting", from the end of 2005, when Davis stopped being head of the Homeownership Alliance, until August 2008. Payments stopped when Freddie Mac was taken over by the federal government.
..... The only thing that Freddie Mac officials could recall Davis doing for the company, the Times said, was speaking at an October 2006 forum attended by midlevel and senior executives who contributed to Freddie PAC, the company’s political action committee."
http://en.wikipedia.org/wiki/Rick_Davis_(politics)
QUESTIONS
1. How can the Republicans criticize Obama and the Democrats when the McCain Campaign is being managed by a longtime Fannie Mae/Freddie Mac lobbyist?
2. How do the McCain supporters explain that Rick Davis was a paid consultant on the Fannie Mae payroll for the whole time (until September 8th, 2008) he was managing the John McCain Campaign. Davis would still be an advisor for Fannie Mae if it hadn't been "taken over by the federal government."
3. Shouldn't federal investigators should be telling the American public what advice Rick Davis was actually providing to Fannie Mae to justify his $15 000 for the past 3 years - particularly during the last 13 months he served as both the McCain campaign manager and a paid Fannie Mae "consultant?"
4. If Rick Davis was giving Fannie Mae advice while serving as the McCain campaign manager - has he not placed himself in a direct conflict of interests?
If Rick Davis wasn't giving advice, as the comments of Fannie Mae officials would suggest, has he not received $480 000 from the corporation, (and the American taxpayer) under false pretenses?
< Message edited by 47.samuel -- 10/7/2008 7:50:40 PM >
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RE: Video: Republicans Warned About Fannie Mae But Dems... - 10/11/2008 2:51:08 PM
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dawgfan42
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That is very interesting..
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