Senate Bill S-190, Introduced 1/26/2005 To Prevent Financial Problems

[amistad]

You know, world citizen,
As an elective; I am impressed. I am married to an African-American who holds a PhD in African American History.
I am not interested in discussing anything with you; you do quite nicely talking to those voices inside your head.
I posted a fact about S 190. If you want to get into some sort of inflated online altercation, you are barking up the wrong tree.
I have a life.
Clearly you don't.
I will leave the wasted online pontifications to you, world citizen.

[wefearwhatwedontunderstan]

Hey, Amistad - vamous a ser amigos, y olvidamos ese *******.
And World Citizen - learn a little Spanish - its a good word, and doesn't alway refer to slave ships.
What I am interested in is what Amistad is pointing out here. I am horrified to see the McCain team trying to claim credit for this. Yeah, McCain did call it about the scandal, and a good bill should have been passed. But did he do anything about the bad amendment? No. In fact, he did the same thing with this bailout bill - said he wouldn't vote for it if it got leaded with pork, which it did, and then he voted for it. These guys all suck.
But other than the oversight he called for in this case, when else has he ever been into oversight?
And finally, this narrative that people were going out and buying things they couldn't afford was aggressively pursued by the Bush administration, so that they could allow these mortgage giants to make all that money while at the same time claiming that they did care about black people and poor people. But, they didn't. The fed refused to allow oversight when governors of states, who are supposed to be able to oversee the mortgage industry, were not given any funding for their offices or any of the real powers they needed. Check out this investigation from the Miami Herald about how convicted criminals were allowed to sell mortgages and cheat people out of their homes, wholesale, all over Florida: Borrowers Betrayed: Ex-convicts active in mortgage fraud - The Miami Herald
So, stop blaming the victims!!!

[cavetrollhead]

Fact. all Dems voted against S.190
Fact all reps voted for it.
OK, if you didn't like this bill, Democrats, where is your alternative?
Where are the bills to fix the problem? What did Democrats offer since taking the house in 2006 and then a short time later taking majority in the senate. They opposed republican offered reform all along and as this problem ripened under their watch, they did nothing, despite repeated calls from Republicans. You just can't escape these facts.
Just admit this aspect of the financial crisis is on the Democrats' rap sheet and move on to an argument you can win.

[ShoppingCartLaw]

Originally Posted by MovingForward

FACTS:

1) Republicans held the majority in Congress when this bill was introduced.

2)The bill was an attempt to privatize regulatory agencies. Hence, Democratic resistance to it. Hence, even Republicans voting against it.

3) The bill did nothing to address fraud and tighten oversight. Hence, Democratic resistance to it. Hence, even Republicans voting against it.

Text from the bill itself:

"Excludes the Federal Home Loan Banks from certain securities reporting requirements."

Nice try, though.

That reform was blocked by the DEMOCRATS!!!!

housing reform act mccain blocked by democrats - Google Search

It doesn't matter if Congress was controlled by Republicans. The bill goes through the committee first. And if that committee has more Democrats than Republicans, the DEMOCRATS may block it as the majority. So the bill would never reach the floor.

Project Vote Smart - GOVERNMENT 101: How a Bill Becomes Law

Even Bill Clinton said it was the DEMOCRATS fault right from his very own mouth!!!


YouTube - Bill Clinton Agrees That Democrats Caused Financial Crisis

Bill Clinton about Democrats in the 1990's: (Dem leaders in Congress were) "The responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac"



http://www.youtube.com/watch?v=3p1Wc...eature=related

[Little-Acorn]

Seems like a good time to bump this one, since so many Democrats and other socialists seem so confused over who really prevented any reform of our mortgage problems until they half-destroyed our country's economy.

[Soccersupporter]

Originally Posted by Little-Acorn

Seems like a good time to bump this one, since so many Democrats and other socialists seem so confused over who really prevented any reform of our mortgage problems until they half-destroyed our country's economy.

This thread in a nutshell is what is wrong with America, PARTISANSHIP. The bill would have avoided the mess we were in or at least lessened it. Some claim it would have prevented middle, lower middle, lower class from moving up. Would this prevention be from making them actually qualify? Imagine that. The housing mess is not just under-qualified people buying houses. That could, notice I say could, have been the starting point. This in itself is still irrelevant. What is relevant is the fact that because of partisanship it did not pass and here we are today sitting at what could be the most disastrous times in the US with a President in training. Who could have seen where we are today? Truly sad!

[mrbob]

Originally Posted by NewToCA

This was a bill to address the regulation of secondary mortgage market enterprises, and for other purposes.

With the financial sector in turmoil today, the media and the politicians have started throwing around blame with the same recklessness as lenders threw around credit to create the problem. Politically, the pertinent question is this: Which candidate foresaw the credit crisis and tried to do something about it? As it turns out, John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. McCain spoke forcefully on May 25, 2006


Hot Air » Blog Archive » McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right


Here is a copy of the bill itself, introduced by Chuck Hagel in cosponsored by John McCain, Elizabeth Dole, and John Sununu:

Search Results - THOMAS (Library of Congress)


McCain's specific comments, on May 25, 2006:

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. 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.

I urge my colleagues to support swift action on this GSE reform legislation.

GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)


And lastly, this article about Frank Raines, in July 2008:

In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters...When Daniel H. Mudd stepped in to succeed Raines after his ouster, Mudd promised a House committee that the days "of arrogant, defiant, 'my way' Fannie Mae" would end. Congress has recently moved forward on legislation that would create stronger federal oversight of Fannie Mae and Freddie Mac.



On the Outside Now, Watching Fannie Falter - washingtonpost.com

Politicans sponsor legislation they know will not pass - and which they don't want to pass - ALL THE TIME - to pander to their consituents and to fool them into believe they are on their side...

Why didn't the Republicans push this legislation thru - they had the power to do it - and ample time to 'get it done'???

Why didn't they pass it???

My opinion is they NEVER WANTED TO PASS IT - it was 100% political posturing to appease the masses...

[InformedConsent]

Originally Posted by mrbob

Why didn't the Republicans push this legislation thru - they had the power to do it - and ample time to 'get it done'???

Why didn't they pass it???

What makes you think they could have? R's didn't have 60 Senate seats.