Proof McCain Sounded Alarm on Fannie-Freddie

In May of 2006, John McCain wrote a letter, signed by 19 other Senators, to the Republican leadership in the Senate, expressing support for a bill entitled, 'The Federal Housing Enterprise Regulatory Reform Act.'

The Senate Banking Committee had already put its stamp of approval on the bill, and McCain and the group of 19 urged Senate Majority Leader Bill Frist and Senate Banking, Housing, and Urban Affairs Chair Richard Shelby to bring the bill to the floor of the Senate for a vote.

That bill would have put the screws on corruption in FannieMae and FreddieMac, the 2 federal housing agencies that were so corrupt that no wonder the housing market went into a tailspin, leading to the present difficulty in our economy.

Not only does the letter prove that McCain was ahead of the game on this, long before anyone sounded a serious alarm, but it shows the signatures of the Senators who added their names to the word of warning.

It is of utmost importance to note that Senator Elizabeth Dole, R-NC, is one of the signers. Yet she is in the fight of her life to keep her Senate seat in North Carolina. It would seem that voters in N.C. are blaming all the wrong people.

Guess whose name is not on that letter? One Barack Obama, who continues to spin a tale claiming he 'warned' about it early on.

Well, where is the proof, Mr. Obama, particularly when some of your best buddies in Fannie and Freddie were the very ones up to their eyeballs in scandal?

Read the complete story and the text of the letter HERE at Human Events.

Looky, Looky! Wanna See Who Got the Lootie?

The federal government has begun an investigation into corruption at Freddie Mac and Fannie Mae--corruption that may have led to the present crisis in the mortgage and banking industry.

Well, low and behold, let's see which Senators on Capitol Hill have been getting the most contributions from the 2 mortgage giants, shall we?

Looky, looky, wanna see who got the lootie?

Hint--the top 4 are all Democrats and among that top 4 are none other than Barack Obama and Chris Dodd!

To see the others who are tops in making out with the loot, click HERE.

Senator Schumer Creates Panic, Run on Banks

The U.S. Federal Reserve has accused 'Little Chucky' Schumer, D-NY, of creating a panic and a run on banks which led to the failure of California's IndyMac, which the Feds took over on Friday to prevent a collapse.

Little Chucky just seems to keep opening his big mouth, creating mayhem each time he opines on a variety of issues, just like always.

Some things never change.

The New York Democrat, now one of the most powerful figures in the Senate, has been very publicly calling attention to IndyMac's potential problems--a scare tactic which the Feds say led to panic and one that can potentially contribute to 150 more bank failures.

The Feds have warned Little Chucky to stop, but to no avail.

As one of the Senate's most liberal Democrats, Schumer is not about to cease contributing to the woes of Americans prior to the November elections. Bad economic news and hard times for citizens is good news for Democrats who wish to pick up more seats in Congress and win the White House.

And as we have seen in numerous occasions in the past, they will stop at nothing to create the most negative circumstances possible just to win elections, such as actively and publicly promoting the idea that America had 'lost' the war in Iraq, as Senate Majority Leader Harry Reid claimed even before the troop surge had a chance to work.

As a faithful foot-soldier for the Leftwing wackos, we can count on Little Chucky to do his part to create any negative consequence that could potentially help his Party in November...even to the point of creating a run on banks.

In a related note, the Feds also announced on Sunday that it will bolster the financial standing of its two major mortgage guarantee corporations, FreddieMac and FannieMae.

Stock shares for the two giant mortgage corporations have begun to plunge in recent days, leading to concern on the part of the Feds. The plan is for the Feds to implement a strategy to provide a backstop for the two corporations and stop their plunging stock prices.

It should be noted that today's problems in the U.S. Housing Industry are a result of two terms of the Bill Clinton Administration, which pushed a policy of 'everyone gets qualified' when it comes to obtaining mortgages, whether they could afford it or not.

Thus, FreddieMac and FannieMae were overloaded with home mortgages that could not be sustained by home buyers. Eventually such a strategy was bound to crash as persons of minimal financial resources simply stopped paying their mortgages, leading to widespread foreclosures.

This does NOT mean that America's home market is in deep trouble but that it is correcting itself to a more prudent policy of lending money only to those capable of paying it back.

The home market is actually in very good shape. There has never been a better time to buy with interest rates still low and prices at a 15-year low.

There is absolutely no danger in getting a mortgage if one's financial resources allow a reasonable monthly payment.

The only danger to the market are mouth-off demagogues like Little Chucky Schumer who would ruin America's home and mortgage industry for political gain.