I never thought I’d be writing a blog entry defending John McCain’s record, but the Obama campaign has responded to the recent loan company bail-out by charging that McCain has “lobbyists” on his campaign staff. However, Obama’s campaign staff is more directly linked to Fannie Mae and Freddie Mac. Obama is a top recipient of contributions from these organizations.
Here are the top recipients of campaign contributions from Fannie Mae and Freddie Mac, 1989-2008:
1. Dodd, Christopher J D-CT $133,900
2. Kerry, John D-MA $111,000
3. Obama, Barack D-IL $105,849
An article from June 11, 2008 reports that “Barack Obama’s taking serious heat for his reliance on former Fannie Mae CEO James Johnson to vet potential vice presidential prospects. Obama has presented himself as an outsider and a Washington change agent and Johnson, whose favorable loan deals with Countrywide Financial Corp. made him a lightning rod, is as inside as they come in the capital. How much of an outsider can Obama be, really, GOP skeptics ask, if he’s turned to somebody like Johnson for important spadework in finding a running mate? Johnson announced he quit the Obama campaign earlier today, but the question likely will linger. John McCain’s campaign manager, Rick Davis, also has ties to Fannie Mae, though less directly.”
In 2005, the Democrats voted adown a bill co-sponsored by McCain that purported to bring reform. Could it be a coincidence that Obama is now scrambling to deflect the blame with irrelevant charges?
On May 25, 2006, John McCain called for reform of Freddie Mac and Fannie Mae. He co-sponsored the S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 that was introduced in January 2005.
Sen. John McCain [R-AZ]:
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 co-sponsor 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.
Here is a summary of the bill: 1/26/2005–Introduced. Federal Housing Enterprise Regulatory Reform Act of 2005 – Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. Excludes the Federal Home Loan Banks from certain securities reporting requirements. Abolishes the Federal Housing Finance Board.
«- An electoral college landslide for McCain?
- Current Events and Issues
-» McCain vs. Obama -- It's all about the electoral college
Your comments are welcome!
“Here I stand … I can do no other!”
With these immortal words, an unknown German monk sparked a spiritual revolution that changed the world.
The dramatic classic film of Martin Luther’s life was released in theaters worldwide in the 1950s and was nominated for two Oscars. A magnificent depiction of Luther and the forces at work in the surrounding society that resulted in his historic reform efforts, this film traces Luther’s life from a guilt-burdened monk to his eventual break with the Roman Catholic Church.
Running time: 105 minutes
Special offer: Order 5 or more for $5 each.
Watch a clip from Martin Luther.
$9.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
What is true Revival and Spiritual Awakening?
Discover the answer in this eyewitness account by Dennis Kinlaw, President of Asbury College, Wilmore, Kentucky, who recounts the story of a visitation of the Holy Spirit in 1970. This is the presentation that has continued to spark the flames of Revival in the hearts of people around the world. Contains eyewitness footage from the Revival at Asbury College in 1970 in Wilmore, Kentucky.
Certain to challenge you to greater holiness and a deeper commitment to full-scale revival. Original news and private footage has been included. If you are a student who longs to see a spiritual awakening at your school, you must see this video!
“This simple video does a wonderful job of conveying something of God’s heart and power, Everyone we have ever shown this to has received an immediate impartation of faith for revival and the power of prayer.”
— Bob and Rose Weiner, Weiner Ministries Int’l
Running Time: 40 minutes
$19.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
Download the Free Study Guide!
God’s Law and Society powerfully presents a comprehensive worldview based upon the ethical system found in the Law of God.
Speakers include: R.J. Rushdoony, George Grant, Howard Phillips, R.C. Sproul Jr., Ken Gentry, Gary DeMar, Jay Grimstead, Steven Schlissel, Andrew Sandlin, Eric Holmberg, and more!
Sixteen Christian leaders and scholars answer some of the most common questions and misconceptions related to this volatile issue:
1. Are we under Law or under Grace?
2. Does the Old Testament Law apply today?
3. Can we legislate morality?
4. What are the biblical foundations of government?
5. Was America founded as a Christian nation?
6. What about the separation of Church and State?
7. Is neutrality a myth?
8. What about non-Christians and the Law of God?
9. Would there be “freedom” in a Christian republic?
10. What would a “Christian America” look like?
Perfect for group instruction as well as personal Bible study.
Ten parts, over four hours of instruction!
Running Time: 240 minutes
Watch over 60 on-line video interviews from God’s Law and Society.
$19.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
Special Two-Disc Set!
After 40 years of intense study and world-wide ministry, Dr. Francis Schaeffer completed his crowning work of scholarship – to present profound truths in simple film language. Dr. Schaeffer’s brilliant analysis of the past and predictions for current trends have proven so uncannily accurate that this amazing series still feels contemporary almost three decades after its initial release. Ultimately, Schaeffer concludes that man’s only hope is a return to God’s Biblical absolute, the truth revealed in Christ through the Scriptures.
Available for the first time on DVD, this documentary spectacular also includes intimate in-depth conversations with Francis and Edith Schaeffer. With the on-disc study guide, this presentation forms a unique course of comprehensive study. While this series forms an innovative analysis of the past, this outstanding work is more than history. Each episode focuses on a significant era, yet speaks clearly to 21st-century man with answers for modern problems.
$49.95 — ORDER NOW!(We accept all major credit cards and PayPal.)
Exposes the Dangers of Abortion to Women!
These shocking eyewitness accounts expose the dangers of abortion not only to unborn children, but to the health and lives women as well. An antidote to the smokescreens of the liberal media, these short clips show what really happens in and around abortion clinics.
Although the content is emotionally gut-wrenching, these videos have been used in church seminars and small groups to educate Christians on the abortion issue and to lead people toward a pro-life position. Contains 2 hours and 40 minutes of materials that can be shown separately.
Watch these pro-life videos on-line.
“These videos helped change my mind from pro-choice to pro-life. Your videos are what did it for me. I will be walking in next year’s March For Life in San Francisco.” — A. Jackson, California
“I was going to have an abortion until I saw your video. Praise Jesus!”
— M. Drew, YouTube Commenter
$4.95 — ORDER NOW!(We accept all major credit cards and PayPal.)