Fannie, Freddie, who favored reforms?

Real Estate Broker/Owner with Atlas Realty Service, LLC Ga Re lic. 266576

 Did any body see the troubles with with Fannie and Freddie coming? 

The "Federal Housing Enterprise Reform Act of 2005" was voted down by the Democratically controlled Senate. 

"....For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation."

Senator John McCain May 25, 2006  See link to the congressional record here


Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

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Steve Dalton
219-465-8352 - Valparaiso, IN
Northwest Indiana Home Builder

Thanks for the great quote, again we see John McCain's reputation as a leader who says what he sees not what the parties want to hear.

Sep 17, 2008 05:00 AM #1
JP Micek

Good research Bob. I knew McCain had spoken about this befroe but didn't have the time to go find the proof. Pretty powerful words considering how the Democrats are now trying to push this off on Bush. (Jeeesh, next thing they'll be saying is Bush got Eve to eat the apple. lol)

Sep 17, 2008 05:19 AM #2
Amanda McCumber
DRM Residential Properties, Inc. - Cypress, TX

That is awesome.  Thank you for that.  It just goes to show what kind of smoke screen the Dems are trying to pull over the publics eyes.  Whey they screw up, it's always someone elses fault.


Sep 17, 2008 07:12 AM #3
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Great post.  Thanks for the information.  I'll be sharing it with my dem friends.

Sep 17, 2008 01:12 PM #4
Mike Saunders
Lanier Partners - Athens, GA

Bob - looks like we were both onto this, thanks for posting, the more the merrier.

Sep 17, 2008 03:25 PM #5
LaNita Cates
REMAX of Joliet - Joliet, IL

I watched Hannity and the other guy last night about Obama being the 2nd largest "taker" of Fannie and Freddie. How can the American public not see through this guy?

Sep 18, 2008 01:40 AM #6
Bill Schwent
Casa Tierra Realty - Santa Fe, NM
Santa Fe Broker


I am somewhat confused about this whole mess.  I thought that OFHEO was set up to make sure someone was watching FNMA. What were they doing to  prevent this train wreak?  I have heard that they did not have the regulatory authority to correct mistakes they discovered at FNMA.  So, what is OFHEO all about? 

Sep 18, 2008 07:20 AM #7
Mike Saunders
Lanier Partners - Athens, GA

Bill - part of what the 2005 S. 190 would have done is to change the regulations and provide more teeth to the OFHEO.

Sep 18, 2008 10:44 AM #8
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