Category Archives: Freddie Mac
Recently as in up until LAST MONTH. From the NYT:
One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month to a firm owned by Senator John McCain’s campaign manager from the end of 2005 through last month, according to two people with direct knowledge of the arrangement. The disclosure contradicts a statement Sunday night by Mr. McCain that the campaign manager, Rick Davis, had no involvement with the company for the last several years. Mr. Davis’s firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the people said.
This bag of batshit has been lying his ass off about Obama and his campaign personnel being tied to Freddie or Frannie. The deal here is this:
Either McCain’s people are lying to him, or the old man just hasn’t got a fucking clue and doesn’t ask the right questions of his managers. Either way, it looks really bad for Johnny. And nothing makes me happier at this point.
McCain and his minions are back-peddaling furiously but the fact remains…Ricky has been collecting money from Freddie Mac to lobby on their behalf. As the NYT states: Mr. Davis took a leave from Davis & Manafort for the duration of the campaign, but as a partner and equity-holder continues to share in its profits. (emphasis mine)
Update: Newsweek has hit a nerve with this story. McCain is going apeshit over it and keeps saying Davis never lobbied for Freddie Mac. From Newsweek:
But neither the Times story—nor the McCain campaign—revealed that Davis’s lobbying firm, Davis Manafort, based in Washington, D.C., continued to receive $15,000 a month from Freddie Mac until last month—long after the Homeownership Alliance had been terminated. The two sources, who requested anonymity discussing sensitive information, told NEWSWEEK that Davis himself approached Freddie Mac in 2006 and asked for a new consulting arrangement that would allow his firm to continue to be paid. The arrangement was approved by Hollis McLoughlin, Freddie Mac’s senior vice president for external relations, because “he [Davis] was John McCain’s campaign manager and it was felt you couldn’t say no,” said one of the sources. [McLoughlin did not return phone calls].
The firm has Ricky’s name on the masthead…Ricky himself hit up Freddie Mac exec’s for the most recent lobbying contract..he is guilty as charged in the court of public opinion.
Two law enforcement officials said the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.
A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them.
Officials say the new inquiries brings the number of corporate lenders under investigation over the last year to 26.(emphasis mine)
Woo Hoo! Bring those bastards down!!! Perp walk em!!!!!
This per The Legal Times:
The Federal Housing Finance Agency—the regulator that now controls Fannie Mae and Freddie Mac—announced yesterday that it would block millions in exit pay to the companies’ departing chief executives. The “golden parachute” packages could have totaled as much as $24 million, and they have drawn fire from Congress and both presidential candidates ever since the government bailed out Fannie and Freddie two weekends ago. Daniel Mudd, Fannie’s ex-CEO, and Richard Syron, Freddie’s former CEO, learned yesterday that they would not receive the severance pay.
Mudd and Syron gotta be freaking out. Bet they pissed down both legs..
From The Hill:
Senators found a rare chance for consensus Saturday on a broad housing bill aimed to benefit borrowers, mortgage firms Fannie Mae and Freddie Mac and communities hurt by the housing crisis.
The 72-13 final vote sends the bill to President Bush, who this week dropped a longstanding veto threat against the measure over $4 billion on community block grants. The legislation already passed the House on a 272-152 vote on Wednesday. All 13 ‘no’ votes were Republicans.
All no votes were Rethuglican..figures..they are the folks that wanted to take all the controls off banks and financial institutions..yet when the shit hits the proverbial fan..they don’t want to fix their fuckup. And, to add to this..the Rethugs are blocking any other bills until the Democrats lift the drilling ban. From The Hill again:
The GOP wants a more open amendment process that could allow a vote on lifting a congressional moratorium on offshore oil drilling.
“We want to address the issue of gas prices now,” said Minority Leader Mitch McConnell (R-Ky.). “The important thing to do is stay on the subject.”
Drilling will NOT do a fucking thing for the price of gas NOW you fucktard. Jesus Christ on a cracker..they still keep those talking points going long after they have been shown to be utter bullshit.