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Old 09-21-2008, 09:51 PM
 
Location: Chicagoland
41,325 posts, read 44,971,624 times
Reputation: 7118

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From 1999.

Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times (http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9582 60&sec=&spon=&pagewanted=all - broken link)

Quote:
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
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Old 09-21-2008, 09:51 PM
 
Location: Sacramento
14,044 posts, read 27,231,902 times
Reputation: 7373
And McCain, in May 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) (http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002 Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrm x002Fms20060525-16.xmlElementm0m0m0m - broken link)


Looks like McCain hit the nail right on the head.
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Old 09-21-2008, 09:57 PM
 
Location: The Land of Lincoln
2,522 posts, read 4,394,955 times
Reputation: 580
Quote:
Originally Posted by Sunshine Chick View Post
He has had a free ride on every single issue. If it were anyone else they would be done. Its time the people do their own research and expose this guy. We cannot allow him within 10 feet of the White House or our lives and country will change for the worse forever.
Agreed.
How Chicago Shaped Obama
This is a must read, I know it's a long piece, but so necessary. It does not expose all of the corruption, but speaks volumes about the character of the man:
www.newyorker.com/reporting/2008/07/21/080721fa_fact_lizza?printable=true[/url]

You might also visit:
www.obamology.blogspot.com
although some of it is the writer's opinion, there are numerous links to other sites that are very eye-opening.
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Old 09-21-2008, 09:59 PM
 
7,359 posts, read 10,283,424 times
Reputation: 1893
Quote:
Originally Posted by Mamama Mia View Post
Agreed.
How Chicago Shaped Obama
This is a must read, I know it's a long piece, but so necessary. It does not expose all of the corruption, but speaks volumes about the character of the man:
www.newyorker.com/reporting/2008/07/21/080721fa_fact_lizza?printable=true

You might also visit:
www.obamology.blogspot.com"]obamology.blogspot.com
although some of it is the writer's opinion, there are numerous links to other sites that are very eye-opening.
Link doesn't work.
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Old 09-21-2008, 10:01 PM
 
Location: The Land of Lincoln
2,522 posts, read 4,394,955 times
Reputation: 580
Quote:
Originally Posted by MovingForward View Post
Link doesn't work.
Thanks!
I wasn't certain if you could post direct links.
www.obamology.blogspot.com

and

The Political Scene: Making It: Reporting & Essays: The New Yorker
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Old 09-21-2008, 10:07 PM
 
7,359 posts, read 10,283,424 times
Reputation: 1893
Okay, I read it. But, honestly, I don't see what the problem is. Could you direct me to parts of the text that concern you?

I'll check back tomorrow. I have to go do some reading before turning in. . . .
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Old 09-21-2008, 10:13 PM
 
31,683 posts, read 41,060,594 times
Reputation: 14434
Quote:
Originally Posted by NewToCA View Post
And McCain, in May 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) (http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002 Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrm x002Fms20060525-16.xmlElementm0m0m0m - broken link)


Looks like McCain hit the nail right on the head.
Were his words then followed up by his actions of late?
MotherJones Blog: McCain's Fannie and Freddie Connections
If that's the case, McCain should look first to his campaign staffers as the cause of that debacle. One of them was Fannie Mae's head of lobbying, and spread tens of millions of dollars around Washington in the form of lobbying contracts. A number of McCain staffers were on the receiving end of those contracts, collecting hundreds of thousands of dollars each from the lenders to rep their interests. And McCain's campaign manager served as president of a lobbying association that fought to protect Freddie Mac and Fannie Mae from the sort of regulation that McCain is now proposing.
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Old 09-21-2008, 10:17 PM
 
31,683 posts, read 41,060,594 times
Reputation: 14434
Obama and McCain both have ties to Fannie Mae and Freddie Mac | Muckety.com - See the news
Yet, as The New York Times notes today, both men have close connections to the mortgage giants.

Good interactive map of the connections
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Old 09-21-2008, 10:20 PM
 
31,683 posts, read 41,060,594 times
Reputation: 14434
http://www.nytimes.com/2008/09/22/us...cs&oref=slogin
Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Say it ain't so Johnny Mac your fans have gone out on the limb with you.
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Old 09-21-2008, 10:28 PM
 
Location: Sacramento
14,044 posts, read 27,231,902 times
Reputation: 7373
Quote:
Originally Posted by TuborgP View Post
http://www.nytimes.com/2008/09/22/us...cs&oref=slogin
Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Say it ain't so Johnny Mac your fans have gone out on the limb with you.
After all the other stuff that has been posted concerning McCain's and Bush
's efforts to get better control on the situation, and the lack of any concerns expressed by Obama when in office, you have to really know that you are just reaching here.

Now, about that home loan that Obama personally obtained at a discount, just like Chris Dodd (see a pattern here?):

Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois.

The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago. The loan was unusually large, known in banker lingo as a "super super jumbo." Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.

Compared with the average terms offered at the time in Chicago, Obama's rate could have saved him more than $300 per month...But amid a national housing crisis, news of discounts offered to Sens. Christopher J. Dodd (D-Conn.), chairman of the banking committee, and Kent Conrad (D-N.D) by another lender, Countrywide Financial, has brought new scrutiny to the practice and has resulted in a preliminary Senate ethics committee inquiry into the Dodd and Conrad loans.

Within Obama's presidential campaign organization, former Fannie Mae chief executive James A. Johnson resigned abruptly as head of the vice presidential search committee after his favorable Countrywide loan became public.


Obama Got Discount on Home Loan


Hmmm, quite a lot to ponder here...
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