Locate an Auto Repair Shop in Davis, West Virginia

Davis, WV Car Consumer Discussions

McCain's Fannie and Freddie Connections

by dallasdude1 on Sat Oct 04 19:46:20 PDT 2008

John McCain railed against Fannie Mae and Freddie Mac on the campaign trail today, saying that the CEOs that led the lenders to ruin "deserve nothing" and should have to pay back their severance packages. In an Wall Street Journal op-ed co-bylined by his vice presidential pick, Sarah Palin, McCain suggested bold reforms for Fannie and Freddie that would "terminate future lobbying, which was one of the primary contributors to this great debacle." If that's the case, McCain should look first to his campaign staffers as the cause of that debacle. One of them was Fannie Mae's head of lobbying, and spread tens of millions of dollars around Washington in the form of lobbying contracts. A number of McCain staffers were on the receiving end of those contracts, collecting hundreds of thousands of dollars each from the lenders to rep their interests. And McCain's campaign manager served as president of a lobbying association that fought to protect Freddie Mac and Fannie Mae from the sort of regulation that McCain is now proposing. In McCain's op-ed in the Journal, he and Palin wrote: For years, Congress failed to act and it is deeply troubling that what we are seeing is an exercise in crisis management rather than sound planning, and at great cost to taxpayers. We promise the American people that our administration will be different. We have long records of standing up to special interests… But McCain's own campaign staffers are those special interests, a fact that casts doubt on both McCain's hiring judgment and his ability to pursue tough reforms of Fannie and Freddie. Aquiles Suarez, listed as an economic adviser to the McCain campaign in a July 2007 McCain press release, was formerly the director of government and industry relations for Fannie Mae. The Senate Lobbying Database says Suarez oversaw the lending giant's $47,510,000 lobbying campaign from 2003 to 2006. And other current McCain campaign staffers were the lobbyists receiving shares of that money. According to the Senate Lobbying Database, the lobbying firm of Charlie Black, one of McCain's top aides, made at least $820,000 working for Freddie Mac from 1999 to 2004. The McCain campaign's vice-chair Wayne Berman and its congressional liaison John Green made $1.14 million working on behalf of Fannie Mae for lobbying firm Ogilvy Government Relations. Green made an additional $180,000 from Freddie Mac. Arther B. Culvahouse Jr., the VP vetter who helped John McCain select Sarah Palin, earned $80,000 from Fannie Mae in 2003 and 2004, while working for lobbying and law firm O'Melveny & Myers LLP. In addition, Politico reports that at least 20 McCain fundraisers have lobbied for Fannie Mae and Freddie Mac, pocketing at least $12.3 million over the last nine years. For years McCain campaign manager Rick Davis was head of the Homeownership Alliance, a lobbying association that included Fannie Mae, Freddie Mac, real estate agents, homebuilders, and non-profits. According to Politico, the organization opposed congressional attempts at regulation of Fannie and Freddie, along the lines of what John McCain is currently proposing. In his capacity of president of the group, Davis went on record in 2003 and insisted that no further reform of the lenders was necessary, in contradiction to his current boss's sentiments. "[Fannie and Freddie] are subject to an innovative and stringent risk-based capital stress test," Davis wrote. "The toughest in the financial services industry." At a campaign rally Wednesday morning in Fairfax, Virginia, John McCain said that the heads of Fannie Mae and Freddie Mac ought to give back the millions of dollars they've earned. What about the lobbyists who helped Fannie and Freddie game the system? Maybe McCain can ask them — at the next campaign strategy meeting.

Re: Lease prices [rolento76]

by mcginsu on Wed Oct 01 10:21:27 PDT 2008

Thanks for the info. I'm going out this month to a few dealers to see what they quote. I was very disappointed in the dealership (Davis Acura) where my family has already leased 4 Acuras ... it was a new salesperson and he was just terrible but I really love the car!!

Re: How dumb can one speaker be? [fintail]

by gagrice on Tue Sep 30 11:18:16 PDT 2008

Being paid does not excuse one from accountability. If someone pays me to kill you, should I be excused? It does if what you are being paid to do is legal. Our system loves their lobbyist. Who else will eat lunch or dinner with a Congress person? Why was Rick Davis and company paid to lobby Congress? That would be the question to ask. You come to me and say here is $345,000 and all you got to do is wine and dine Chris Dodd and Obama. For that amount I would do it. Another question is why is a government entity Fannie Mae lobbying Congress? Or why are they giving millions to Jesse Jackson and all types of political people and groups? Get to the people buying lobbyist services and you have your people that should be hanging in front of the Jefferson Memorial. Start with Frank Raines. He ripped off F&F for 7 years before being caught. He got off with early retirement and millions.

Re: How dumb can one speaker be? [gagrice]

by fintail on Tue Sep 30 10:15:27 PDT 2008

Being paid does not excuse one from accountability. If someone pays me to kill you, should I be excused? :P Why can't the friends of neocons be held accountable for their actions? Shouldn't Davis be strung up with those old Clinton crooks the cowardly neocons can't get over? The last bit of this article from a usually smarmy shill is very amusing

Obama had a part in sub-prime mess/financial crash

by xrunner2 on Tue Sep 30 07:16:59 PDT 2008

"Homeownership has been a cornerstone of the country’s economic strength throughout the past decade. “State and local governments nationwide must expand their efforts to ensure that every family in America has the opportunity to own a home,” said Davis. The home ownership by those who could not afford it began in the Clinton administration. It was aided and abetted through the years by Democrat US Reps such as Barney Frank, Maxine Waters of CA, Gregory Meeks of NY, Lacy Clay of Missouri and most significantly by Obama advisor Franklin Raines with regard to Fannie and Freddie. Also include Dem Jamie Gorelick of 911 fame who had put in procedures in the 90's that prevented FBI, CIA and other intelligence orgs from working together and finding and connecting "the dots". Perhaps Raines should be in jail for cooking books to enable him to illegitimately get millions in bonuses. House Republicans in late 2004 had wanted to put in reforms and better regulatory processes in Freddie and Fannie but Frank, Waters, Clay and Meeks strongly objected. The House Committee hearing on this matter, courtesy of CSPAN2, is on Utube. Obama had a hand in the sub-prime mess. He was recruited by Acorn founder Madeline Talbot back in 90's as "community organizer" to train agitators for Acorn in confrontational tactics. The agitators would go into banks and intimidate personnel and management to provide loans/mortgages to people who would otherwise not qualify. Acorn is the organization that also registers voters. They have been found to falsely register voters as in Washington State where it was found that of some 1600 voters registered in a particular time frame, less than 10 were legitimate. Public needs to know the ties and association between Obama and Acorn, both past and present. The "negotiated" financial rescue bill in Congress that failed yesterday had previously had a clause inserted by the Democrats that would have given some benefits to Acorn. Incredible!!!!!! But, House Republicans had found that part and had it removed. The Bill originally submitted by Bush/Paulson to Congress was 3 pages long. The one voted on was 100 pages.

Re: How dumb can one speaker be? [steve_]

by gagrice on Tue Sep 30 07:06:51 PDT 2008

“The more Americans we have owning homes, the stronger our economy and the greater the benefit.” Was not Rick Davis and his organization doing what Freddie Mac paid him to do as a lobbyist? A home ownership for every family is a noble idea. Just not practical. As long as sound economic policies are used to determine a person's ability to pay back a mortgage it would be fine. Low interest loans made it possible for more people to afford a home. It was the uncontrolled mortgage brokers that are the real culprits. We probably all know one or two. I bought the home I am living in from one that was on the brink of bankruptcy. Here in CA it seemed like every other person was selling mortgages. Then the banks would buy the paper. When you signed the papers you had no idea who your loan would end up with. Who is to blame for the lack of regulation in the home mortgage sales business? I think the equity loan business was even more sleazy. I can remember an ad campaign that got shot down. It said take some of your equity and invest in the stock market and you can be wealthy. Do like the big guys do. Words to that end. Many people were seduced into borrowing on their equity to buy a car or other big items. It was a way to write off the interest on your taxes. It is illegal and if caught you face big fines. Yet lenders pushed those ideas and people bought into it by the droves. Also the 105% equity loan sales should have never been allowed. Many lenders holding paper on equity loans will lose the entire amount. Why should my tax dollars be given to them? This is what the millions of Americans emailing and calling Congress are against. I feel for those that were stupid enough to fall for all that sales crap. I am not of a mind to bail them out of their ignorance. I know we already gave to family in an attempt to avoid foreclosure. It was money down the drain when we got the letter from the Bankruptcy court saying so sorry you big dumby. We knew when we loaned it to them it was a gift that kept them in their home a few more months.