McCain Part of the Problem?

John McCain, from the Congressional Record, May 25, 2006:

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 cosponsor 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.

It's probably understandable that Senator Obama is ignorant of McCain's stance on Fannie Mae and Freddie Mac. McCain made this push for the Federal Housing Enterprise Regulatory Reform Act of 2005, [S. 190], at a time when the Obamas were involved in purchasing a new house (with the help of Tony Rezko). They closed on it a few weeks after McCain spoke.


This isn't the earliest McCain spoke out against the GSE's excesses either. On September 10, 2003, he signed on as cosponsor of S.1580. [read it - it should have been titled the Fannie Mae and Freddie Mac Shenanigans Reduction Act]

Hmmm, 2003, that was the year Obama voted against the amended Born Alive Infant Protection Act. Yeah, guess he wasn't in Washington back then so he wouldn't have noticed McCain's actions. Still as the #2 man on the list of Fannie Mae beneficiaries, you'd think that one of those lobbyists would have clued Obama as to who the opposition was.

***Update: To find the source of that first quote you have to go here and search "Federal Housing Enterprise Regulatory Reform Act" in the Senate, for the 109th congress.


Also- Seems Silly Nancy needs to read the above quote as well. Today she said:

When asked whether the Democrats “deserve some responsibility” regarding the economic crisis, Pelosi responded: “No.”

“John McCain said that this is a result of overregulation by the Democrats in Congress,” she added. “Either he doesn’t know what he's talking about or he’s misrepresenting the facts as he knows them. But it’s simply not true.”

***Update:Michelle Malkin reports that McCain is finally fighting back re the Fanfred Maemac imbroglio. Good. He's been as clean as any politician on this and Obama has been the second most dirty. Time to get the record out there.


h/t: Sean Hannity show