Who Do You Think Freddie Mac Really Influenced In Washington?

Posted on July 4th, 2011 by admin1 in republican marketing firm

AP GSPC 940.55 -5.88

WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI’s chief executive is Doug Goodyear, whom John McCain’s campaign later hired to manage the GOP convention in September.

Freddie Mac’s payments to DCI began shortly after the Senate Banking, Housing and Urban Affairs Committee sent Hagel’s bill to the then GOP-run Senate on July 28, 2005. All GOP members of the committee supported it; all Democrats opposed it.

In the midst of DCI’s yearlong effort, Hagel and 25 other Republican senators pleaded unsuccessfully with Senate Majority Leader Bill Frist, R-Tenn., to allow a vote.

"If effective regulatory reform legislation … is not enacted this year, 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," the senators wrote in a letter that proved prescient.

Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states, according to documents obtained by The Associated Press. The states and the senators targeted changed over time, but always stayed on the Republican side.

Care to blame Obama on this, too?
Born And Bred USA troll, this was not congress. This was the US Senate. Do you know the difference between the Senate and House of Reps?

I maintain that there is graft and corruption on both sides of the aisle. I also maintain that the crash of our financial system is a direct result of corruption, bitter partisan politics, and infighting that cover the Clinton and the Bush administrations.

We don’t need change, we need a revolution.. VOTE THEM ALL OUT… WE NEED ALL NEW FACES IN WASHINGTON. That’s the only thing that makes sense.

3 Comments on “Who Do You Think Freddie Mac Really Influenced In Washington?”

  1. Improper Bostonian

    Oh they will blame him for a rain storm at this point. They don’t like the truth, and will say this is all a mirage too just like they do with everything else.
    References :

  2. Born & Bred USA

    Well…….Fannie & Freddie did not like McCain. no wonder why the dem controlled congress AND Obama defeated this. Now, we must pay for it. How many billions of $$$ is it up to???
    http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

    References :

  3. roadster9879

    I maintain that there is graft and corruption on both sides of the aisle. I also maintain that the crash of our financial system is a direct result of corruption, bitter partisan politics, and infighting that cover the Clinton and the Bush administrations.

    We don’t need change, we need a revolution.. VOTE THEM ALL OUT… WE NEED ALL NEW FACES IN WASHINGTON. That’s the only thing that makes sense.References :

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