Author Topic: Republican Senators Killed Regulation of Freddie Mac  (Read 409 times)

0 Members and 1 Guest are viewing this topic.

Offline alsaqr

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 1270
Republican Senators Killed Regulation of Freddie Mac
« on: October 19, 2008, 08:50:15 AM »
http://news.yahoo.com/s/ap/20081019/ap_on_bi_ge/the_influence_game_housing


Quote
WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.

Freddie Mac's payments to DCI began shortly after the Senate Banking, Housing and Urban Affairs Committee sent Hagel's bill to the then GOP-run Senate on July 28, 2005. All GOP members of the committee supported it; all Democrats opposed it.

In the midst of DCI's yearlong effort, Hagel and 25 other Republican senators pleaded unsuccessfully with Senate Majority Leader Bill Frist, R-Tenn., to allow a vote.

"If effective regulatory reform legislation ... is not enacted this year, 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," the senators wrote in a letter that proved prescient.

Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states, according to documents obtained by The Associated Press. The states and the senators targeted changed over time, but always stayed on the Republican side.

In the end, there was not enough Republican support for Hagel's bill to warrant bringing it up for a vote because Democrats also opposed it and the votes of some would be needed for passage. The measure died at the end of the 109th Congress.

Offline Troyboy

  • GBO Supporter
  • Trade Count: (41)
  • Senior Member
  • *****
  • Posts: 1220
  • Gender: Male
  • Work more talk less
Re: Republican Senators Killed Regulation of Freddie Mac
« Reply #1 on: October 19, 2008, 10:13:24 AM »
And the plot thickens


                                               Troy
.204 .22lr .22wm .25acp .223 5.56 .243 .25-06 6.5x55  .308  .300wbymag  7.5x54  7.62x25 7.62x39  338-06  9x19 .38spl  9x18 .45acp . 45-70 .500s&w 12rfl 12smb 20smb  .45lc 410smb .22hornet .280AI    Ask not what your country can do for you BUT what can YOU do for your country

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Killed Regulation of Freddie Mac
« Reply #2 on: October 19, 2008, 11:36:53 AM »
http://news.yahoo.com/s/ap/20081019/ap_on_bi_ge/the_influence_game_housing


Quote
WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.

Freddie Mac's payments to DCI began shortly after the Senate Banking, Housing and Urban Affairs Committee sent Hagel's bill to the then GOP-run Senate on July 28, 2005. All GOP members of the committee supported it; all Democrats opposed it.

In the midst of DCI's yearlong effort, Hagel and 25 other Republican senators pleaded unsuccessfully with Senate Majority Leader Bill Frist, R-Tenn., to allow a vote.

"If effective regulatory reform legislation ... is not enacted this year, 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," the senators wrote in a letter that proved prescient.

Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states, according to documents obtained by The Associated Press. The states and the senators targeted changed over time, but always stayed on the Republican side.

In the end, there was not enough Republican support for Hagel's bill to warrant bringing it up for a vote because Democrats also opposed it and the votes of some would be needed for passage. The measure died at the end of the 109th Congress.

Don't be puttin crap like this here. Republicans don't want to hear it. But then again they don't like Libertarians either. ??? ;)
You may all go to hell, I will go to Texas. Davy Crockett