Obama Voted Against Regulation of Fannie and Freddie

"[O]n the matter of deregulation and the financial crisis, Sen. Obama should consider his own complicity in the failure of Congress to adopt legislation that might have prevented the subprime meltdown.

In the summer of 2005, a bill emerged from the Senate Banking Committee that considerably tightened regulations on Fannie and Freddie, including controls over their capital and their ability to hold portfolios of mortgages or mortgage-backed securities. All the Republicans voted for the bill in committee; all the Democrats voted against it. To get the bill to a vote in the Senate, a few Democratic votes were necessary to limit debate. This was a time for the leadership Sen. Obama says he can offer, but neither he nor any other Democrat stepped forward.

Instead, by his own account, Mr. Obama wrote a letter to the Treasury Secretary, allegedly putting himself on record that subprime loans were dangerous and had to be dealt with. This is revealing; if true, it indicates Sen. Obama knew there was a problem with subprime lending — but was unwilling to confront his own party by pressing for legislation to control it.

As a demonstration of character and leadership capacity, it bears a strong resemblance to something else in Sen. Obamas past: voting present."

http://noquarterusa.net/blog/2008/10/17/obama-votes-present-on-mortgage-refor...

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[jefeisdguard]

WHO BROKE WALL STREET & WHERE ARE THEY NOW? Franlin Raines, chairman/CEO at Fannie Mae. Conceded mistakes' were made. GP- $240 MILL. Now works 4 Obama camp as CEA Tim Howard, CFO of Fannie Mae. Was cooking the books Failed to provide adequate oversight. GP- $20 MILL Works at Obama camp as CEA Jim Johnson, former exec at Lehman Brothers. Involved w/corruption & mismanagement. GP- $21 MILL Hired as a senior Obama Finance Director ht tp: / / housingdoom. com/ 2006/ 12/ 18/ fannie -charges/

[Bigone5555J]

That's right. The same people that brought about the present finacial crisis, work for Obama.

[FrankieD2000]

Ive been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work. — Barack Obama, Speech to ACORN, November 2007

[Bigone5555J]

Yes, but now he plays word games, and says he was never employed by ACORN. He worked for free. He says ACORN is not part of Project Vote. Thats true, but, Project Vote is part of ACORN. This is like saying "I am not my mother's father, therefore we are not related".

[FrankieD2000]

ACORN contributed $800,000 to Obama's campaign.

[Bigone5555J]

I think you mean that Obama gave $800,000 to a branch of ACORN. He even tried to cover it up by claiming it was for staging, lighting and sound services on the campaign's FEC filing.

[dobe170]

Scariest character in politics, I have ever seen....

[computerpurple]

Actions speak louder than pretty speeches and it's clear obama showed no follow up leadership in regards to the letter he wrote. Guess fannie mae's money was just soooooo green.

[FrankieD2000]

ACORN as a private organization and is not required to publicize its activities..the same goes for its subsidiaries and satellites. Obama is lying!

[FrankieD2000]

Obama, during his four-year tenure in Chicago as a community organizer, worked as a trainer for the Association of Community Organizations for Reform Now — the infamous ACORN, whose affiliate, Project Vote, is known for voter fraud — the same ACORN from which a mighty mortgage mess has grown.

[FrankieD2000]

ACORN, which bills itself as the nations largest community organization for the rights of low- and moderate-income families. Its hidden agenda, however, is to change the form of the U.S. government from a republic to a socialist oligarchy, using class warfare and the aid of radical liberals within the Democrat Party. This hidden agenda explains why the liberal newsmedia go mute on Obamas ACORN ties.