"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."
The FIRST part of his statement was about the accounting troubles, but reread that last sentence... "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." That's not warning that they posed a serious risk to the economy? He certainly understood the risk a heck of a lot better than Pelosi, or Rangle, or Obama.
No, Pres. Bush has been warning about Fannie and Freddie for longer than McCain has. The Republicans in Congress can take blame for not passing regulatory oversight for Fannie and Freddie when they were in the majority in Congress. The particular bill that McCain was speaking for was killed by lack of support from Democrats in 2006. Whether or not that particular legislation would have kept the crisis from occurring is up for debate, but I don't think we would have been in a worse position now.
Everything I have been reading seems to support it as being true. Take the time and research it, and then make up your own mind. Asking on a political message board is going to only get you the opinions of posters who are biased towards their candidate. I am trying to find out more about this, because in my eyes, there has to be something in McCains record that is making him keep this low key, because he would be milking this for all it is worth, which I don't see happening, you hear reference to it on some of the news shows, but really nothing from his camp. Yes, he has a history of supporting deregulation, but it does appear he tried to get Congress to reform Freddie and Fannie and it never made it off of the table.
I posted and then read the other replies. Now I'm wondering how can that politifact site claim this as barely true, if his exact words printed in the very next post were indeed his exact words? How reliable are these fact checker sites?
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Sort of, in a news release, but not to do with the sort of financial market problems there are now.
Oh come on, his exact words were in part:
"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."
The FIRST part of his statement was about the accounting troubles, but reread that last sentence... "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." That's not warning that they posed a serious risk to the economy? He certainly understood the risk a heck of a lot better than Pelosi, or Rangle, or Obama.
Link to entire statement: http://mccain.senate.gov/public/index.cfm?FuseAction=PressOffice.PressReleases&ContentRecord_id=c97d478f-f460-4253-b2ec-8d9fbcaff20c&Region_id=&Issue_id=
No, Pres. Bush has been warning about Fannie and Freddie for longer than McCain has. The Republicans in Congress can take blame for not passing regulatory oversight for Fannie and Freddie when they were in the majority in Congress. The particular bill that McCain was speaking for was killed by lack of support from Democrats in 2006. Whether or not that particular legislation would have kept the crisis from occurring is up for debate, but I don't think we would have been in a worse position now.
The bill didn't even make it out of comittee.
~The particular bill that McCain was speaking for was killed by lack of support from Democrats in 2006.~
Not according to US federal government.
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