Jay Rogers
Director:
Jay Rogers

Links Recent Posts

Archives

The Forerunner Weblog

McCain called for reform of Freddie Mac and Fannie Mae in May, 2006

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.

Comments

Your comments are welcome!

Rubbish. First of all it was Chuck Hagel's bill, not McCain's. McCain isn't even on that committee. He tacked his name to the bill like the worthless opportunist he is, and then showboated his support for it.

Secondly, the bill had serious flaws and never made it out of the committee. The senate and house never voted on it. Amongst other things, the bill would have actually loosened the reporting requirements on securities. Remember those? The securities that got bundled into market bonds?

That's not even mentioning the fact that it would replace a government regulatory department with what is essentially a "Mortgage Czar" who reports only to the president.

Posted by Jamieson Graham Dahl on 07/31/2014 03:36 PM #

Jamieson,

It's kind of funny that none of what you say here contradicts what I wrote.

I just posted facts that are on public record and I posted all the links to those records.

McCain was a co-sponsor of a bill that never became law and he spoke out against the danger of Fannie Mae and Freddie Mac a long time ago.

That is a matter of record.

So how can it be "rubbish"?

Posted by Jay Rogers on 07/31/2014 03:36 PM #

The two government-backed mortgage holding companies, Freddie Mac and Fannie Mae, have been given billions of dollars to keep the housing industry afloat. However, despite all the money they’ve been given, no Freddie Mac or Fannie Mae principal reductions are taking place.

Posted by edgarY on 12/08/2013 10:22 PM #

Textile Help

The Abortion Matrix: Defeating Child Sacrifice and the Culture of Death (DVD)

Download the free Study Guide!

Is there a connection between pagan religion and the abortion industry?

This powerful presentation traces the biblical roots of child sacrifice and then delves into the social, political and cultural fall-out that this sin against God and crime against humanity has produced in our beleaguered society.

Conceived as a sequel and update to the 1988 classic, The Massacre of Innocence, the new title, The Abortion Matrix, is entirely fitting. It not only references abortion’s specific target – the sacred matrix where human beings are formed in the womb in the very image of God, but it also implies the existence of a conspiracy, a matrix of seemingly disparate forces that are driving this holocaust.

The occult activity surrounding the abortion industry is exposed with numerous examples. But are these just aberrations, bizarre yet anomalous examples of abortionists who just happen to have ties to modern day witchcraft? Or is this representative of something deeper, more sinister and even endemic to the entire abortion movement?

As the allusion to the film of over a decade ago suggests, the viewer may learn that things are not always as they appear to be. The Abortion Matrix reveals the reality of child-killing and strikes the proper moral chord to move hearts to fulfill the biblical responsibility to rescue those unjustly sentenced to death and to speak for those who cannot speak for themselves (Proverbs 24:11,12; 31:8,9).

Speakers include: George Grant, Peter Hammond, RC Sproul Jr., Paul Jehle, Lou Engle, Rusty Thomas, Flip Benham, Janet Porter and many more.

Ten parts, over three hours of instruction!

Running Time: 195 minutes

$19.95 — ORDER NOW!

(We accept all major credit cards and PayPal.)

Click here for more information


The Real Jesus: A Defense of the Historicity and Divinity of ChristThe Real Jesus: A Defense of the Historicity and Divinity of Christ (DVD)

Who is the Real Jesus?

Ever since the dawn of modern rationalism, skeptics have sought to use textual criticism, archeology and historical reconstructions to uncover the “historical Jesus” — a wise teacher who said many wonderful things, but fulfilled no prophecies, performed no miracles and certainly did not rise from the dead in triumph over sin.

Over the past 100 years, however, startling discoveries in biblical archeology and scholarship have all but vanquished the faulty assumptions of these doubting modernists. Regrettably, these discoveries have often been ignored by the skeptics as well as by the popular media. As a result, the liberal view still holds sway in universities and impacts the culture and even much of the church.

The Real Jesus explodes the myths of these critics and the movies, books and television programs that have popularized their views. Presented in ten parts — perfect for individual, family and classroom study — viewers will be challenged to go deeper in their knowledge of Christ in order to be able to defend their faith and present the truth to a skeptical modern world – that the Jesus of the Gospels is the Jesus of history — “the same yesterday, today and forever” (Hebrews 13:8). He is the real Jesus.

Speakers include: George Grant, Ted Baehr, Stephen Mansfield, Raymond Ortlund, Phil Kayser, David Lutzweiler, Jay Grimstead, J.P. Holding, and Eric Holmberg.

Ten parts, over two hours of instruction!

Running Time: 130 minutes

$19.95 — ORDER NOW!

(We accept all major credit cards and PayPal.)

Click here for more information


Dr. Francis Schaeffer - A Christian Manifesto (DVD)

That Swiss Hermit Strikes Again!

Dr. Schaeffer, who was one of the most influential Christian thinkers in the twentieth century, shows that secular humanism has displaced the Judeo-Christian consensus that once defined our nation’s moral boundaries. Law, education, and medicine have all been reshaped for the worse as a consequence. America’s dominant worldview changed, Schaeffer charges, when Christians weren’t looking.

Schaeffer lists two reasons for evangelical indifference: a false concept of spirituality and fear. He calls on believers to stand against the tyranny and moral chaos that come when humanism reigns-and warns that believers may, at some point, be forced to make the hard choice between obeying God or Caesar. A Christian Manifesto is a thought-provoking and bracing Christian analysis of American culture and the obligation Christians have to engage the culture with the claims of Christ.

$19.95 — ORDER NOW!

(We accept all major credit cards and PayPal.)

Click here for more information


Freedom: The Model of Christian Liberty (DVD)

“Give me liberty or give me death!”

Patrick Henry’s famous declaration not only helped launch the War for Independence, it also perfectly summarized the mindset that gave birth to, and sustained, the unprecedented experiment in Christian liberty that was America.

The freedom our Founders envisioned was not freedom from suffering, want, or hard work. Nor was it freedom to indulge every appetite or whim without restraint—that would merely be servitude to a different master. No, the Founders’ passion was to live free before God, unfettered by the chains of autocracy, shackles that slowly but inexorably bind men when the governments they fashion fail to recognize and uphold freedom’s singular, foundational truth: that all men are created in the image of God, and are thereby co-equally endowed with the right to “life, liberty, and the pursuit of happiness.”

This presentation is a similar call, not to one but many. By reintroducing the principles of freedom that gave birth to America, it is our prayer that Jesus, the true and only ruler over the nations, will once again be our acknowledged Sovereign, that we may again know and exult in the great truth that “where the Spirit of the LORD is, there is liberty” (2 Cor. 3:17).

Welcome to the Second American Revolution!

This DVD features “Liberty: The Model of Christian Liberty” along with “Dawn’s Early Light: A Brief History of America’s Christian Foundations.” Bonus features include a humorous but instructive collection of campaign ads and Eric Holmberg’s controversial YouTube challenge concerning Mitt Romney’s campaign for president.

$14.95 — ORDER NOW!

(We accept all major credit cards and PayPal.)

Click here for more information


Dr. Francis Schaeffer - How Should We Then Live? (DVD)

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.)

Click here for more information

Share |

Search this site:
View CCNow Cart/Checkout
View CCNow Cart/Checkout

RSS
Subscribe to
The Forerunner

Have The Forerunner Weblog sent straight to your inbox!

Enter your email address:

YouTube
The Forerunner Channel on YouTube


Promote Your Page Too

Featured Product
If you like the articles on this website, you may also be interested in:

Featured Articles

Live Seminar!

Real Jesus
The Abortion Matrix DVD: Update

The Abortion Matrix:
Defeating Child Sacrifice and the Culture of Death

is a 195-minute presentation that traces the biblical roots of child sacrifice and then delves into the social, political and cultural fall-out that this sin against God has produced. You can order this series on DVD, read the complete script and view clips on-line...
continued ...


View My Stats