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Fannie Mae Pac Gave Pelosi, Hoyer Cash

From a four year old article from the Credit Union Journal:

Fannie Mae Uses Its PAC To Support Other PACs

Credit Union Journal  |  Monday, November 8, 2004

Secondary mortgage market giant Fannie Mae, fighting off congressional attacks over the last year, has used its newly formed political action committee to pour hundreds of thousands of dollars of contributions into the campaign funds of key congressional leaders.

In just the last eight months, Fannie Mae’s new PAC has made more than $150,000 in contributions to top congressional leaders, then at least as much again to those key lawmakers’ leadership PACs, according to records filed with the Federal Elections Commission and reviewed by The Credit Union Journal.

Since February, campaign contributions went to: Keep Our Majority PAC (House Speaker Dennis Hastert) $5,000; Americans for a Republican Majority PAC (House Majority Leader Tom DeLay), $5,000; Rely on Your Beliefs Fund (House Majority Whip Roy Blunt) $5,000; Volunteer PAC (Senate Majority Leader Bill Frist) $5,000; Defend America PAC (Senate Banking Chairman Richard Shelby), $5,000; Leadership PAC 2004 (House Financial Services Chairman Michael Oxley) $7,000; Growth and Prosperity PAC (House Financial Services Subcommittee Chairman Spencer Bachus) $5,000; PAC to the Future (House Minority Leader Nancy Pelosi) $2,500; and AmeriPAC (House Minority Whip Steny Hoyer), $5,000, among others.

Leadership PACs allow interests like Fannie Mae to contribute the maximum allowable $10,000 to an individual lawmaker’s campaign fund, then again to his or her leadership PAC, which that lawmaker can use for a wide variety of purposes, including contributions to allied candidates.

Of course there are some conspicuous Republicans on that list, as well. Indeed, Mr. Oxley, the chairman of the Financial Services Chairman under the Republicans, got quite a lot over the years.

And we wonder why there was so little oversight.

This article was posted by Steve Gilbert on Tuesday, September 30th, 2008. Comments are currently closed.

3 Responses to “Fannie Mae Pac Gave Pelosi, Hoyer Cash”

  1. U NO HOO

    “(House Speaker Dennis Hastert) $5,000;”

    I used to wonder how a wrestling coach could become speaker of the house, but now that I have been learning about Hastert’s shenanigans I realize he was just one of the slime balls that we call politicians.

  2. Grassy Knoll

    My wife and I learned a little about Fannie Mae last spring. We purchased a Fannie Mae house. The house sold in 2004 for $242,000 and went into forclosure in 2006. Fannie Mae bought the mortgage in 2007 for $192,000 and we bought it in the spring of 2008 for $152,000. That’s how Fannie Mae makes money. It’s hard to imagine that they had some issues with money and oversight.

  3. Trialdog

    Thanks for finding all these articles. We know why this financial crisis occurred, yet our tireless media watchdogs are dutifully parroting the DNC talking point theory that “poor economic times help the Democrats.” If one believes the polls, this talking point is playing well.

    That Pelosi could take to the floor and blame this on Bush without being laughed out of town or carried away to an asylum speaks volumes about the general voters understanding of the issues. Now, it seems clear to me that the average guy in the street has been scared and doesn’t know what to believe. He wants to be reassured that if there is a bailout, this problem will not happen again.

    Think of this and be aware that the “bailout bill” does nothing to address the cause of the problem. Note also that no candidate is calling for a broad and thorough investigation into what the causes of this problem where, that names will be named, the reasons laid bare, and the laws that permitted this be explained to the people, then repealed.

    None of this would hurt the Republicans. In fact, it would help on multiple levels. Plus, we wouldn’t have to listen to anymore obnoxious Democrat campaign promises about “affordable housing.” McCain needs to promise he will do this if elected. He needs to say, in a debate, that “we need to know why Freddie Mac and Fannie Mae were donating so much to the Senators who were responsible for oversight and what those Senators got for their donations.”

    Now, I know McCain doesn’t want to create a partisan fight, and by doing this he wouldn’t. He just has to say, repeatedly, that if he’s elected, there will be thorough executive branch investigations into all the mnoey that went to Senators of both parties so we can see what Freddie and Fannie got for their money. He also has to, repeatedly, state that we need investigations into the groups that pushed for the lax laws that allowed this to happen, identify them, and make sure their funding is cut off. He’s said he’d name names, if elected, in his convention speech and in the first debate.

    Start now! Ask the fine Senator from Illinois: “What did Fannie Mae and Freddie Mac get from you in exchange for over 126,000.00 in campaign contributions in three years while I was introducing legislation for oversight of these entities?” GIVE PEOPLE SOME ASSURANCE that the root of the problem will be cut out. Obama cannot.

    All he can offer is “affordable healthcare” through government sponsored enterprises – sound familiar?




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