Who identified and tried to fix what presently ails Freddie Mac and Fannie Mae 5 year

Discussion in 'Politics' started by Ps104_33, Sep 17, 2008.

  1. Ps104_33

    Ps104_33
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    Who identified and tried to fix what presently ails Freddie Mac and Fannie Mae 5 years ago?

    Answer: From the NYT:

    The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

    Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

    The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

    The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
    Nah, according to congressional democrats and the homebuilder's association, it doesnt need fixing.


    Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

    ”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    Representative Melvin L. Watt, Democrat of North Carolina, agreed.

    ”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
    http://www.qando.net/details.aspx?Entry=9323
     
  2. JustChristian

    JustChristian
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    There's one flaw in your argument. The 108th Congress in 2003 was controlled by the Republican Party.

    Congress Years Senate House
    D R I D R I
    108th 2003-2005 48 51 1 204 229 1

    It seems like this bill either wasn't pushed very hard by the president or it didn't have the support of his own party. That is assuming a bill was ever really introduced.
    :tonofbricks:
     
    #2 JustChristian, Sep 17, 2008
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  3. carpro

    carpro
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    Democrats filibustered.
     
  4. Bro. Curtis

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    Carpro is quite correct.....

    Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

    These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    Representative Melvin L. Watt, Democrat of North Carolina, agreed.

    I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.


    Did BB even bother to read this post ? Or is he purposefully being dishonest ?

    And gee, the NAHB being against giving home loans only to those who can afford to pay them back ? Can you say "SPECIAL INTERESTS" ? I knew you could. A big, powerful union pulling Barney Frank's strings ?

    Keep it up, BB. Yer going to put Palin right in the White House.












    Guffaw.
     
    #4 Bro. Curtis, Sep 17, 2008
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  5. carpro

    carpro
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    Good find!!! :thumbs:
     
  6. JustChristian

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    I don't understand your "reasoning." Bush had control of all three branches of government and HE ACCOMPLISHED NOTHING. What's your "explanation?"
     
  7. Bro. Curtis

    Bro. Curtis
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    I'm not putting it up for a third time. You either get it or you don't.

    Why don't you wait here for some backup.













    :laugh:
     
  8. Bro. Curtis

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    O/T

    Hey Carpro, I'm glad to see that IKE hasn't disrupted you too much....

    Just waiting to hear from Dragonfly. I pray for him & his family.
     
    #8 Bro. Curtis, Sep 17, 2008
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  9. JustChristian

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    Sorry that you can't suppoet your wild assertions.
     
  10. Bro. Curtis

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    I'm sorry you can't have an honest debate.

    The dems also filibustered two SCOTUS judges before the 2006 takeover. But on this subject, the dems, backed by a big ol'e union, blocked any attempt, so we will never know how the republicans would have voted, once the bill, that was blocked bythe dems, backed by a big ol'e union, got to the floor, now will we, BB ?


    You really need to educate yourself. I will not have any more debate with you. The info I post is for the honest folks.
     
    #10 Bro. Curtis, Sep 17, 2008
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  11. Dragoon68

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    These two "corporations" started out as a government agency under Roosevelt's New Deal like so many of today's big government ideas that have ended up being a big burden on those who have to pay the bills.
     
  12. JustChristian

    JustChristian
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    Well it seems obvious to me now that the "Great Generation" will be the last one to get any Social Security or Medicare benefits so you won't have to worry about that anymore.
     
  13. Dragoon68

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    I wish I could have invested all my "contributions" - including that made by my employers for me - in a savings plan of my own choice.
     
    #13 Dragoon68, Sep 17, 2008
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  14. carpro

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    Democrats will never allow it.
     
  15. JustChristian

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    This sounds good but doesn't work. If I'm retired and the government allows current workers to invest their money instead of putting it into the Social Security fund they're not investing their own money. They're investing my money. That's because of the fact that the system is set up for current workers to pay retirement benefits for those who are currently retired. If we started investment of SS money right now I'd be reducing the benefits for my mother.
     
  16. LeBuick

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    This looks like the problem here, I don't care how much red tape you put in the process it's hard to safeguard against cooking the books. Yep, you can add another agency that supposed to check the books but the recent Interior Department [email protected] for drugs scandal proves we don't need more government involved. We have no one to check the government.

    It's hard to believe all you guys that want less government are in favor of a new agency. I think we have way to many agencies wasting our tax dollars as it is. I think two things needs to happen;

    1. We need to tighten the laws against these white collar crimes. I was glad to see them prosecute Bernie Ebbers from WorldCom but there hasn't been any prosecutions since. When you see things like cooking the books I see a high level crime perpetrated against the country and in my opinion on the similar level to treason AND I believe they should be stuck in a regular prison to share a cell with Brutus. I think we need to put real discouragement in place against anyone who might consider changing one number on a balance sheet.

    2. We need to hold the CEO personally liable like a Captain of a ship. They say the CEO from Lehman made over $100 MIL bonus last year and look at his job performance. How about the guy that made $90 MIL working for one of these two companies? He sinks his ship and we bail it out? I think his money should be the first in the offering plate.
     
  17. LeBuick

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    I agree, the fix for social security is to have all the loans repaid and a bill introduced to make that money off limits. If companies want to run 401K programs in addition to SS then so be it. I would prefer companies have pensions. I mean of the CEO can get $100 MIL bonus surely they can afford a pension.
     
  18. carpro

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    Democrats could not allow this to happen.

    They liked it unregulated then. They now blame it on Republicans that it's not.

    The reasons are obvious to all but the blind.

     
    #18 carpro, Sep 18, 2008
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  19. LeBuick

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    I don't agree making housing affordable to low income citizens is the complete problem, there were also some corruption, abuse and looking the other way that added to the mess. I'm sure you agree, the [email protected] and cocaine incident in the oil regulatory agency is proof another agency or more regulations is useless if administered with this kind of reckless abandon.
     
  20. carpro

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    Uh huh.

    That's why democrats rejected more regulation.

    The corruption was already there. They knew it and "looked the other way".

    Now that their buddies like Rezko have been caught, they want more regulation and seek to cynically blame Republicans for what amounted to their own conspiracy to commit crimes against the taxpayers of america.
     

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