Guess who was covering for Fannie Mae and Freddie Mac in 2004?

Guess who was covering for Fannie Mae and Freddie Mac in 2004?

Guess who was covering for Fannie Mae and Freddie Mac in 2004?

Hint: it wasn’t Republicans.

Not surprising, considering that the top five recipients of campaign contributions from Fannie and Freddie were — shockah — Democrats! 17 out of the 25 top recipients were Democrats. No wonder they weren’t willing to reform Fannie Mae and Freddie Mac. It would’ve killed their cash cows.

And, surprise surprise, look who’s sitting pretty at number three. And that’s not even with a full term in the Senate completed yet. Imagine that. And, as Gateway Pundit points out, Fannie Mae chairman Jim Johnson is still advising Obama. Change we can believe in? Don’t count on it.

Every time majority Republicans tried to pass legislation to reform Fannie and Freddie, Democrats blocked it. Now we’re seeing the repercussions of their actions. Yet — unsurprisingly, if I may say — they refuse to take responsibility for their screw-up. They’re much more fond of finger-pointing and sticking taxpayers with the bill.

Hat Tip: Gateway Pundit

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  • Matt says:

    The campaign donations is not as cut and dry as you make it sound. Freddie Mac employees gave the Obama campaign $126,349. But this is not from the actual corporation because corporations cannot give to candidates. So the list adds up contributions from Fannie and Freddie employees and their families. If you give $100.00 to a campaign and you work for JP Morgan then JP Morgan gets listed – even though they did not give the $100.00.
    However – and this is interesting – The New York Times looked at contributions from Fannie and Freddie’s boards of directors and lobbyists, who are technically not employees. That analysis found Fannie and Freddie-related contributors gave $169,000 to John McCain and his related committees, compared with $16,000 to Obama and his related committees.
    This info can be found at PolitiFact

  • Failure to tell this story properly was McCain’s biggest blunder of the debate. It’s not partisan to point out that Clinton caused this mess by demanding loans to low-income borrowers, and that Democrats blocked attempts for more control of F & F in 2003 and 2005.

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