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John McCain’s Warning About Fannie Mae

From May 2006:

United States Senate
WASHINGTON, DC 20510
May 5, 2006

The Honorable William H. Frist, MD Majority Leader
United States Senate
Washington, DC 20510

The Honorable Richard C. Shelby
Chairman, Banking, Housing and Urban Affairs Committee United States Senate
Washington, DC 20510

Dear Majority Leader Frist and Chairman Shelby,

We are concerned that if effective regulatory reform legislation for the housing-finance government sponsored enterprises (GSEs) 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. Therefore, we offer you our support in bringing the Federal Housing Enterprise Regulatory Reform Act (S. 190) to the floor and allowing the Senate to debate the merits of this bill, which was passed by the Senate Banking Committee.

Congress chartered Fannie and Freddie to provide access to home financing by maintaining liquidity in the secondary mortgage market. Today, almost half of all mortgages in the U.S. are owned or guaranteed by these GSEs. They are mammoth financial institutions with almost $1.5 Trillion of debt outstanding between them. With the fiscal challenges facing us today (deficits, entitlements, pensions and flood insurance), Congress must ask itself who would actually pay this debt if Fannie or Freddie could not?

Substantial testimony calling for improved regulation of the GSEs has been provided to the Senate by the Treasury, Federal Reserve, HUD, GAO, CBO, and others. Congress has the opportunity to recommit itself to the housing mission of the GSEs while at the same time making sure the GSEs operate in a manner that does not expose our financial system, or taxpayers, to unnecessary risk. It is vitally important that Congress take the necessary steps to ensure that these institutions benefit from strong and independent regulatory supervision, operate in a safe and sound manner, and are primarily focused on their statutory mission. More importantly, Congress must ensure that the American taxpayer is protected in the event either GSE should fail. We strongly support an effort to schedule floor time this year to debate GSE regulatory reform.

Sincerely,

(signed)

John McCain

et alia

Here is the letter itself:

(Click images to enlarge)

So where are those warnings from Mr. Obama that he talks about so much?

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This article was posted by Steve Gilbert on Saturday, October 11th, 2008 at 2:18 pm. You can leave a response.

6 Responses to “John McCain’s Warning About Fannie Mae”

  1. sheehanjihad
    October 11th, 2008 at 3:11 pm

    So where are those warnings from Mr. Obama that he talks about so much?

    They are with the rest of his “plans” for this country. In his head, or written for him by whoever is the highest bidder for his presidency. He has no plans, he didnt warn anyone about anything. He is counting on his deep pocket cronies and his campaign workers also known as the MSM to make it seem like he does.

    unfortunately for all of us…it’s working.

  2. Reality Bytes
    October 11th, 2008 at 4:42 pm

    Perhaps Senator McCain needs to have a copy of this letter with him during next week’s final debate with the Jr. Senator from Chicago. Maybe a Rick Lazio moment is in order @ the risk of Mr. Obama squealing how violated he felt having his space invaded.

    Oh and one other thing, if the question comes up about who might be a President McCain’s treasury secretary, would it too much to ask a republican be mentioned this time? Perhaps Mr. Romney whose plan advocates against a government bail out & the elmination of cap gains taxes, which every thinking man and woman knows on Wall Street would be enough to break the liquidity log jam that is being held back from the markets. Unfortunately, word is the Maverick of the Senate won’t pull the trigger on that one - too political a potato (or is it potatoe?).

  3. U NO HOO
    October 11th, 2008 at 5:31 pm

    “would it too much to ask a republican be mentioned this time?”

    As I said long ago, why vote for McCain when you can vote for a real Democrat?

  4. DEZ
    October 11th, 2008 at 11:08 pm

    “So where are those warnings from Mr. Obama that he talks about so much?”

    Obama has figured out how to predict the future by simply waiting for it to become the past, and then saying see, I told you so.
    He is just so smart and nuanced, dont ya know!

  5. BillK
    October 12th, 2008 at 7:30 am

    Even if McCain had a copy of this letter with him, the way he’s been campaigning of late he would feel it “inappropriate” to bring it up.

    It isn’t without large amounts of help from McCain and Palin that the American public has come to believe Obama was the one raising the clarion call of fraud in the mortgage marketplace while McCain was hanging with his banking buddies hoping to remove all oversight.

  6. U NO HOO
    October 12th, 2008 at 8:26 pm

    McCain will also feel it inappropriate to mention Jumpin’ Jim Jeffords when some one calls McCain on Congress being Republican from ‘94 til 2007.

    The 60 Senator super majority requirement will also slip McCain’s mind.

    But campaign finance passed.


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