www.editedforbias.com » fannie mae

Obama’s own campaign convicts him for Fannie Mae collapse

Ed F Bias — Mon, 13 Oct 2008 18:09:00 +0000

Wow this is this most tainted twisted story I have ever seen! The narrator should lose all credibility and his job (if he has one beyond being a shill for the campaign).

The arguments layed out here absolutely set up Senator Obama for an investigation. The campaign contributions by Fannie Mae and Freddie Mac implicate him in a plot to stop regulation of those companies. No different then the allegations against Senator McCain at the time.

McCain was exonerated after the investigation and 3 Democrats were indited. Somehow this was missed. This investigation set John McCain on the path to clean up corruption and undue influence in Washington and his record proves it.

I say it is now time to bring Senator Obama in front of the congress and the American people to answer for his campaign donations. As this video sets forth, he woudl have demanded no less from John McCain. Let us see if he too can come out clean.

Thanks for opening the door to fair play.

A look back at the root cause of the mess caused by Freddie Mac and Fannie Mae

Ed F Bias — Wed, 01 Oct 2008 13:10:00 +0000

This should be required viewing by all before they are allowed to vote.

Congressional hearings 2004 on Freddie Mac and Fannie Mae bad accounting practices.

FoxNews Timeline of events with quotes and video.

I know that facts sometimes get in the way of emotion and cause confusion in the minds of the brainwashed. But facts are facts.

700 billion…Do you believe in cooincedence?

Ed F Bias — Tue, 30 Sep 2008 10:00:00 +0000

The Clinton and Bush plans to increase minority home ownership may have been noble but…

Oct 15, 2002: …Fannie Mae responded by committing $700 billion in home financing to 4.6 million minority households through 2009. This increases by 66 percent the specific pledge Fannie Mae made in 2000 to minority families through it’s American Dream Commitment plan to provide $420 billion for three million minority families…

Interesting number in light of the bailout. Do you believe in coincidence?

Decent history of the housing crisis and the impact of CRA

Ed F Bias — Sun, 28 Sep 2008 04:01:00 +0000

Re: Community Reinvestment Act from Wikipedia.

Scary words if you are bank president…

The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community.

…regulations for the CRA were strengthened by focusing the financial regulators’ attention on institutions’ performance in helping to meet community credit needs.

Almost comical now, if it was not so scary.

Representative Barney Frank (D-MA) claimed of the thrifts “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

So the basics are thus… The government decided we need more home ownership in the poorer communities. They focused their attention on those banks. To avoid detection banks gave loans they knew had a likely high default rate. Then they were let off the hook by selling those loans to Fannie and Freddie which were protected from default as GSE’s by the tax-payers.

And here we are with a Socialized Mortgage market. Now think about this history and these arguments when you hear about the right to Healthcare for the poorer communities.

Who is working for us and who is lining their pockets?

Ed F Bias — Sun, 21 Sep 2008 02:34:00 +0000

Let’s let the congressional record speak for itself.
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Note the “Reform act of 2005”. Comment dated May 25, 2006.The most significant statement… 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.

Someone had their finger on the pulse of this issue and was trying to address it and save the disaster we are trying to fix today. Someone was looking cause and effect, actions and impacts. Someone was completely in touch with the situation and trying to do what was right. That someone was four republicans including John McCain.

Contrast that with this.
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Note the dates 1989-2008. Obama was elected in 2004 and has reached number 2. I guess he is an “up and comer” [in lining his own pockets]. Note that McCain is not in the top 25. Wonder why?

So the simple question is, “Who is working ofr us and who is working for themselves?” It would seem to be so obvious at this point that to change Washington we need someone that is willing to for us.