Saturday, September 20, 2008

The White House proposed an agency to oversee FNMA and FHMC back in 2003.

It didn't happen bacause a number of US Senators, actually wholly-owned subsidiaries of FNMA or FHNC blocked all atempts at reform.

Money quote:
Dodd - who along with Democratic Sens. John Kerry, Barack Obama and Hillary Clinton were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 - actively opposed such measures and further weakened existing regulation.
Obama was notably "present" when FNMA/FHMC were handing out cash.

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