Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (82739)	4/16/2010 8:57:45 PM
From: lorne	2 Recommendations Read Replies (1) of 224728

Obama, Fannie Mae & Freddie Mac -- How the Democrats Brought Down the Economy in Time to Elect Obama nevilleawards.com Compiled by Gary Starr For The Neville Awards The final chapter of the Fannie Mae Freddie Mac scandal has yet to be written. However it is becoming increasingly clear that the Democrats' hand is all over this financial disaster. The villains in the is debacle include: Sen. Barack Obama (he received $190,000 in contributions from Fannie Mae) Rep. Barney Frank, head of the House Finance Committee that oversaw the bad loans being given out by Freddie and Fannie Sen. Chris Dodd, head of the Senate Finance Committee that oversaw the bad loans being given out by Freddie and Fannie and also took a sweetheart mortgage from Countrywide Franklin Raines, Budget Director of the Clinton Administration, CEO of Fannie Mae (he made $90 million in six years before becoming Obama's economic advisor) Jamie Gorelick James Johnson The "cliff notes" version of this scandal goes back to 1999 when the Clinton Administration pushed to loosen up the rules to allow poor families to buy homes they could never afford. “The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as “redlining.” The purpose of the CRA was to provide credit, including home ownership opportunities to "underserved" [poor] populations and commercial loans to small businesses. It has been subjected to important regulatory revisions. During the Clinton Administration the CRA was used as a club to pressure banks into making these politically correct loans...a house of cards in the making. The timing of this sub-prime mortgage scandal is suspect because we are so close to the election...an October surprise so to speak. Voters are blaming Bush because he is the most visible person in government. McCain is suffering as well because he is a Republican.

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