Monday, October 20, 2008

Freddie Mac Paid Republican Firm $2 Million to Kill Regulation

More from the Liberal Media:

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.

4 comments:

  1. You left out the most important parts of the article. Democrats were already on board to kill reforms. They just needed some Republicans to join them to make sure the reforms didn't go anywhere.

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  2. What part of "all Democrats opposed it" got past you, Anon?

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  3. I'm not sure what your point is here. We can see today that this bill should have passed. All Democrats opposed this bill, including Obama, who got "paid" $120,000 to do so. Yes, some Republicans defected, and they should not have, but McCain was not one of them. I'd say the Dems deserve more blame than some lobbying firm.

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  4. I would actually agree with you, Craig.

    The only point here is that Republicans need to drop the efforts to exaggerate the importance of Obama's ties to Fannie and Freddie.

    Are larger point is still valid as well: 84% of the subprime lending was exacted by private firms, not F and F, but this post was more of a "for the love of God, shut up about Obama and Fannie Mae" sentiment.

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