Senator John McCain co-sponsored S-190 Federal Housing Enterprise Regulatory Reform Act of 2005 realizing that if Congress does nothing, the American tax-payers would continue to be exposed to the enormous risks that Fannie Mae & Freddie Mac pose to the
Housing market.
John McCain criticized the falsification of financial records to benefit executives including Franklin Raines and Jim Johnson both of whom have been advisers to the Obama Campaign this year. John McCain realized the influence that lobbyists have to stall Congressional oversight.
Both Fannie Mae and Freddie Mac have huge Lobbying Budgets and guess who is the second largest Recipient of political contributions? In his less than one term in the U.S. Senate Barack Hussein Obama has collected $126,349.00 from the mortgage lenders second only to Christopher Dodd, D-CT who has received $165,400.00 while John McCain has only collected $21,550.00
Update: September 19, 2008
While Democrats continuing to hammer McCain for campaign connections to Lobbyists, in a new T.V. spot, John Mcain has accused Barry Obama of having no "background in Economics" and relying on Fannie Mae, CEO Franklin Raines for advice. "Under Raines Fannie Mae committed Extensive Financial Fraud while Raines made millions. Fannie Mae collapsed and the Tax Payers stuck with the bill.
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