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Reformed Chicks Blabbing


Maxine Waters: “We do not have a crisis at Freddie Mac and particularly Fannie Mae under the outstanding leadership of Frank Raines”

posted by Susan Johnson

Waters made that clueless comment during a hearing in 2004 and yes, that’s the same Frank Raines who cooked the books so that he could receive huge bonuses and who is an advisor to the Obama campaign. Here’s a video of the Democrats praising Freddie and Fannie and claiming there’s nothing wrong and the Republicans calling for more regulations:It’s clear that the Republicans wanted oversight but the Democrats did not. Why in the world would we want the Democrats involved in cleaning up the mess that they created? Why should we trust anything they do now? They looked the other way when the irregularities were uncovered and blocked legislation that would have given the government more oversight of Freddie and Fannie and now we have to pay billions of dollars to fix their mess! And yet Franks and Waters will be re-elected yet again because their constituents are clueless to the mess they’ve made of our economy.



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ashley

posted September 29, 2008 at 10:17 am


Isn’t it really the people – the american public that have gotten into this mess. People are the ones buying ridiculously big house they can’t afford, after all. No one is forcing them to buy expensive houses. Why don’t we operate on a standard of rent and save until you can afford to buy? (And then buy modest houses.) Wouldn’t that make a lot more sense than risky loans (on both the part of the lenders and those being lent to) and paying collectively millions in interest each year?



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Susie Johnson

posted September 29, 2008 at 10:26 am


Listening to Barney Franks on C-Span right now…what I want to know is WHAT THE HECK IS HE DOING THERE??
He should be removed from any leadership role in “fixing” the problem that he helped create.
What a sham! People of Massachusetts, you need to vote this guy out!



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MzEllen

posted September 29, 2008 at 11:00 am


Why don’t we operate on a standard of rent and save until you can afford to buy? (And then buy modest houses.) Wouldn’t that make a lot more sense than risky loans (on both the part of the lenders and those being lent to) and paying collectively millions in interest each year?
Good question. That’s the way it used to be.
FAnnie Mae
~~~~~
It’s wiki so follow up appropriately: (During the Clinton administration)
Related rule changes gave Fannie and Freddie extraordinary leverage, allowing them to hold just 2.5% of capital to back their investments, vs. 10% for banks, encouraging banks to make even more loans to low income communities, often with no down payment and little documentation. By 2007, Fannie and Freddie owned or guaranteed nearly half of the $12 trillion U.S. mortgage market.[5] Due to massive financial losses, on September 7, 2008 the Federal Housing Finance Agency (FHFA) put Fannie Mae and Freddie Mac under the conservatorship of the FHFA.[10]
~~~~~
These mortgages may be given to people with low income, poor credit history, little or no down-payment and sometimes illegal aliens.
Now ask: who are these entities (Fannie Mae and Freddie Mac) donating the most money to? Do we trust the largest recipients of cash to handle the oversight?



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yelladawgNC

posted September 29, 2008 at 11:20 am


Though I realize all too well that it falls on deaf ears, I ask once more that you, who call yourself a Christian, refrain from repeating lies on your blog.
No matter how many times you or your candidate say it, Franklin Raines is not an advisor to the Obama campaign, nor has he ever been.
And speaking of Republican lies, McCain has lied repeatedly about the ties of his campaign manager, Rick Davis, to Freddie Mac. McCain told the world that it had been “years” since Davis took any money from FM & FM. The truth is, they paid him nearly $2 million dollars in increments of $30,000 a month for “access” to McCain until 2005, and until August of this year, in clear contradiction to McCain’s statement, Davis’s firm was still taking $15,000 a month from Freddie Mac for “access” to McCain. “That’s just the business we’re in,” McCain said in the debate. It certainly is.
Why hasn’t McCain fired Rick Davis? Either Davis lied to him and McCain didn’t know Davis was still pulling in $15,000 a month to lobby for Freddie Mac, or McCain knew all the time and has been lying repeatedly to the American people.
McCain hasn’t even bothered to deny the truth of Davis’s recent $15,000 a month payments from Freddie Mac. In typical Republican fashion, he and his campaign merely attacked the newspaper that published the truth.
As for the lie attempting to tie Raines to Obama:
“Raines said in the statement through the campaign, `I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters.’
“Obama spokesman Bill Burton added an attack:
`This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth. Frank Raines has never advised Senator Obama about anything — ever. And by the way, someone whose campaign manager and top advisor worked and lobbied for Fannie Mae and Freddie Mac shouldn’t be throwing stones from his seven glass houses.'”
http://www.politico.com



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MzEllen

posted September 29, 2008 at 11:36 am


No matter how many times you or your candidate say it, Franklin Raines is not an advisor to the Obama campaign, nor has he ever been.
Zero contact between Obama’s campaign and Raines, or just not very much?



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KM

posted September 29, 2008 at 12:11 pm


Don’t worry about it. “The fundamentals of the economy are strong.” (John McCain, September 2008) Remember?



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MzEllen

posted September 29, 2008 at 12:19 pm


I asked before, “what are the fundamentals?”
Is it small business, the American worker, the spirit of independence of the common man?
Or is it big business, big banking and lobbyists?
“Zero contact between Obama’s campaign and Raines, or just not very much?”



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Moonshadow

posted September 29, 2008 at 2:00 pm


He should be removed from any leadership role in “fixing” the problem that he helped create.
Everyone is responsible for correcting the wrongs they have committed. It’s a sign of desperation and abandon to say otherwise.



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MzEllen

posted September 29, 2008 at 2:11 pm


Everyone is responsible for correcting the wrongs they have committed. It’s a sign of desperation and abandon to say otherwise.
“whoever is dishonest with very little will also be dishonest with much.”
In the business world, when you mess up very badly, you are removed from your job.
If the man was dishonest in his dealings, why expect that he will be honest now?
It’s not so much a matter of responsibility, it’s a matter of integrity.



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yelladawgNC

posted September 29, 2008 at 5:38 pm


I couldn’t agree more. That’s why McCain should immediately fire Rick Davis and should own up to the influential role of the 177 lobbyists he has running his campaign as well as to his part in the financial debacle caused by his partnering with Phil Gramm to dismantle the protections put into place in the Great Depression, along with a lifetime of anti-regulatory talk and action.



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MzEllen

posted September 29, 2008 at 6:01 pm


uh huh…
“Zero contact between Obama’s campaign and Raines, or just not very much?”



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Reaganite in NYC

posted September 29, 2008 at 6:35 pm


YellowDogNC: “No matter how many times you or your candidate say it, Franklin Raines is not an advisor to the Obama campaign, nor has he ever been.”
No, YellowDogNC, you’re wrong on this. Franklin Raines literally BRAGGED to the Washington Post earlier this year that he was advising the Obama campaign on housing issues. The Washington Post investigated the claim and ran with it in their story. No matter how strident the “after-the-fact” denials we’re getting NOW from Raines and the Chicago thugs who run B.O.’s campaign … Mr. Raines hoisted himself (and his candidate) on his own petard.
Kudos to Michele McGinty for her bravery in exposing these truths and for facing down the not-so-subtle intimidation she’s getting from lefties on this blog.



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yelladawgNC

posted September 29, 2008 at 7:14 pm


No, Reaganite, it is you and MzEllen who are wrong, wrong, wrong. So I guess you’ll have to think of another lie to propagate. It shouldn’t be difficult, judging from your candidate’s astonishing and nearly continuous lie-making machinery, thanks to the same slimy operatives who destroyed his own campaign in 2000.
From the Washington Post’s own Fact Checker:
The Facts
The McCain video attempts to link Obama to Franklin Raines, the former CEO of the bankrupt mortgage giant, Fannie Mae, who also happens to be African American. It then shows a photograph of an elderly white woman taxpayer who has supposedly been “stuck with the bill” as a result of the “extensive financial fraud” at Fannie Mae.
The Obama campaign last night issued a statement by Raines insisting, “I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters.” Obama spokesman Bill Burton went a little further, telling me in an e-mail that the campaign had “neither sought nor received” advice from Raines “on any matter.”
So what evidence does the McCain campaign have for the supposed Obama-Raines connection? It is pretty flimsy, but it is not made up completely out of whole cloth. McCain spokesman Brian Rogers points to three items in the Washington Post in July and August. It turns out that the three items (including an editorial) all rely on the same single conversation, between Raines and a Washington Post business reporter, Anita Huslin, who wrote a profile of the discredited Fannie Mae boss that appeared on July 16. The profile reported that Raines, who retired from Fannie Mae four years ago, had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
Since this has now become a campaign issue, I asked Huslin to provide the exact circumstances of the quote. She explained that she was chatting with Raines during the photo shoot, and asked “if he was engaged at all with the Democrats’ quest for the White House. He said that he had gotten a couple of calls from the Obama campaign. I asked him about what, and he said ‘oh, general housing, economy issues.’ (‘Not mortgage/foreclosure meltdown or Fannie-specific,’ I asked, and he said ‘no.’)”
By Raines’s own account, he took a couple of calls from someone on the Obama campaign, and they had some general discussions about economic issues. I have asked both Raines and the Obama people for more details on these calls and will let you know if I receive a reply.
The Pinocchio Test
The McCain campaign is clearly exaggerating wildly in attempting to depict Franklin Raines as a close adviser to Obama on “housing and mortgage policy.” If we are to believe Raines, he did have a couple of telephone conversations with someone in the Obama campaign. But that hardly makes him an adviser to the candidate himself — and certainly not in the way depicted in the McCain video release.”



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MzEllen

posted September 29, 2008 at 7:25 pm


Yelladawg,
ZERO contact between Obama’s campaign (especially when THEY called HIM), or just a little?



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EG

posted September 29, 2008 at 10:51 pm


“Kudos to Michele McGinty for her bravery in exposing these truths and for facing down the not-so-subtle intimidation she’s getting from lefties on this blog.”
Ooh, so much bravery sitting behind the safety of a computer and vomiting. And what intimidation? She never even shows the slightest inkling of checking these comments.



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anonymous reincarnate

posted September 30, 2008 at 1:41 am


“I asked before, ‘what are the fundamentals?'”
and i answered. maybe you should read it. i get so tired of repeating myself.



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Brog

posted September 30, 2008 at 9:48 pm


These are the same things Obama supporters say about all of his associations. They weren’t associates they were neighbors, pastors, unpaid spokesman. They can’t and won’t admit his judgement is horrible.



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Brian N

posted October 6, 2008 at 12:35 pm


I LOVE the smoke screen!!! The dems scream “HE DOESN’T WORK FOR OBAMA!!” and that seems to make everyone FORGET that the democrats CAUSED this. The democrats DEFEND this. The democrats SCREAMED regulation away when they were fairly WARNED where this was headed. STUPID REPUBLICANS!!! The democrats weren’t done looting it yet!!!



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Mr. Unite Us

posted October 8, 2008 at 12:54 am


What problem did Fannie Mae have in 2004?
The company was doing well. Check the stock prices.
Where is that proof that Raine cooked the books?
There was none during the investigation
Fannie Mae had very little involvement the sub prime lending prior,
Raines leaving Fannie mae in 2005.



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Elephant In The Room

posted October 10, 2008 at 10:59 am


Mr Unite Us- You’ve got to be kidding, correct? The stock price was fine equals no problems? Thats the extent of your analysis? Nice. And by the way, the Clinton administration pressured Fannie and Freddie to toward sub-prime in 1999, search NY Times website and you’ll find it.



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Whitese7en

posted October 14, 2008 at 2:34 am


“The company was doing well. Check the stock prices.”
Wow!! Mr Unite Us, that is the very same level of cognitive reasoning skills that has gotten us in this fix in the first place.



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JD

posted November 15, 2008 at 12:01 pm


Now that the election is over, it is not too late to put enough pressure on Barney Frank and Maxine Waters to lose their jobs in Congress. BARNEY FRANK AND MAXINE WATERS HAVE cost this country bilion of dollars and thousnads of jobs. WHY aren’t people callinf for them to resign. PLEASE AMERICA..WAKE UP!!!!!!!!!!!!!!!!!!!!!!!!



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KennedyG

posted April 18, 2009 at 6:52 am


The number of foreclosures are rapidly increasing, and banks are overwhelmed with all of the delinquent loans. They are unable to attend to everyone that needs help. Many homeowners who have or are facing having a mortgage in trouble count on loan modification. If you have delinquent payments and meet the requirements you can apply for the Federal Loan Modification program. Requirements are defined – you must be able to prove hardship. You also have to have gotten the mortgage before Jan 1st, 2009. If your mortgage is through Fannie Mae or Freddie Mac, your window of opportunity closes in 2010, if not then you have until 2012 to file an application. If your mortgage or personal loans are in trouble, then you would do well to get assistance with loan modification.



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Karla

posted April 3, 2010 at 4:59 pm


I gots me lots of Republican friends, especially those who get NBDE and fed me while I was a bag lady and the fine folks who supply me and Michelle with free hair straightener. Maxine is such an intellectual giant.



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wpvzudmacc

posted June 23, 2010 at 8:12 am

Helen H.

posted July 23, 2010 at 6:32 am


Forgiveness never comes easy, and in lending it never comes cheap. These debts will be forgiven, and the toxic loans that spawned them will be cleansed from the system — mostly through foreclosure. I have a hot flashes because it…



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Matt

posted August 17, 2010 at 8:55 pm


While the politicians jockey for who is in control, homeowners in trouble with their mortgage can feel empowered with good information on loan modifications. It’s easy to feel overwhelmed, so this is where you can take advantage of a free website like http://www.hopeforfree.org with their free on-line class, “Loan Modification Explained in 15 Minutes”. It is a painless way to get up to speed.



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Jim

posted December 24, 2011 at 3:36 pm


We need the Barney Franks, and Women like Waters around these days. Thankfully. They remind the rest of us how terribly dumb, ignorant, and stupid so many Democrat Members of Congress really are.
That’s why we have SPEED LIMIT signs on the highways. Members of congress are the same thing. NOBODY PAYS ATTENTION TO THEM.



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