Predatory Lending and Elliot Spitzer . . . .

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50 States tried to stop this abuse


The OCC was turned from its assigned task of protecting the public to

barring the necessary protections ---


http://www.youtube.com/watch?v=GMo7T9t0Gzk&NR=1

[JDPriestly]

1. Thanks for posting this reminder.

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6. Fannie, Freddie spent $200M to buy influence

If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions.

But the political tentacles of the mortgage giants extend far beyond their checkbooks.

The two government-chartered companies run a highly sophisticated lobbying operation, with deep-pocketed lobbyists in Washington and scores of local Fannie- and Freddie-sponsored homeowner groups ready to pressure lawmakers back home.

They’ve stacked their payrolls with top Washington power brokers of all political stripes, including Republican John McCain’s presidential campaign manager, Rick Davis; Democrat Barack Obama’s original vice presidential vetter, Jim Johnson; and scores of others now working for the two rivals for the White House.

Fannie and Freddie’s aggressive political maneuvering has helped stave off increased regulation and preserve special benefits such as exemption from state and local income taxes and the ability to borrow at low rates.

When their stock prices took a dive last week, their government allies extended another helping hand with a plan for the Treasury Department, the Federal Reserve and, possibly, Congress to shore up the companies.

http://dyn.politico.com/printstory.cfm?uuid=28F13661-3048-5C12-000140B077704AAA

[aquart]

2. So I have to watch the video to get a clue what you are talking about?

Insufficient information.

Right now, only people who already know know what you are referring to. I'm not one of them.

[screembloodymurder]

3. Bush is responsible for the collapse of our credit institutions.

Once again the Bush family has looted our banks. Restitution through revolution!

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5. Right and in this case evidently Phil Gramm once again was involved . . .

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4. Push --- this is by Brass Check TV . . .

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7. The connections to campaigns . ..

At least 20 McCain fundraisers have lobbied on behalf of Fannie Mae and Freddie Mac, netting at least $12.3 million in fees over the past nine years.

Political insiders Arthur B. Culvahouse Jr., picked by McCain to vet his vice presidential nominees, and Jim Johnson, picked by Obama to perform the same function, once worked for the mortgage giants.
McCain campaign manager Davis headed the Homeownership Alliance, a lobbying association that included Fannie, Freddie, nonprofit groups, real estate agents, homebuilders and consumer advocates. The group’s stated goal was to increase affordable housing. But it also worked to oppose congressional efforts to tighten controls on Fannie and Freddie.

In July 2003, Davis wrote to the American Banker, taking issue with an opinion piece by Leslie Paige of Citizens Against Government Waste, arguing that Fannie and Freddie should operate with greater transparency.

“Several of Ms. Paige’s assertions bear correction,” Davis wrote, defending Fannie and Freddie on behalf of the group. “The GSEs are subject to an innovative and stringent risk-based capital stress test — the toughest in the financial services industry.”

Other McCain aides with ties to the two companies include economic adviser Aquiles Suarez, who worked as Fannie’s director of government and industry relations; congressional liaison John Green, who lobbied for Fannie from 2004 to 2007; and finance co-chairman Frederic V. Malek, a former Freddie board member.

Jamie S. Gorelick, deputy attorney general in the Clinton administration and a chief policy adviser to Hillary Rodham Clinton, is rumored to be a possible attorney general in an Obama administration. She was vice chairman of Fannie Mae and sat on its board of directors.

Jamie Gorelick was also on the 9/11 commission . . .

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8. kick

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9. push