John McCain warned "they are deeply in need of reform"

Credit to The Travis Monitor blog for info gathering...
Here are the facts:
• John McCain cosponsored the Federal Housing Enterprise Regulatory Reform Act of 2005. It doesn't get any clearer then this one. John McCain and his Republican co-sponsors saw a problem and Democrats, including Barack Obama, killed this bill.
"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." - John McCain, May 25 2006

• The Obama Campaign Connection- Barack Obama has been advised in his Presidential bid by two ex-Fannie Mae CEOs, both having left in scandal. In the case of Raines, it was reported in 2004: "Although Fannie Mae chief Franklin Raines was fired for bungling its books, he’ll get a $26 million parachute — not counting a monthly pension of $116,300 for life. The 55-year-old Washington, D.C. insider and his CFO J. Timothy Howard left their jobs last week under a cloud of suspicion that the execs undermined the financial soundness of Fannie Mae, creating losses of up to $9 billion." NY Post, Dec 28, 2004

• Obama said and did nothing to point out the malfeasance of these Obama supporters and advisors, and he's had the intention of leaning on these men who created this mess to somehow advise him on how to fix it.

• Obama and Jack Reed (D) of RI held up any serious reform of Fannie Mae in order to cut out a “low income trust fund” that Fannie had to pay money into to offer loans to bad credit risks. The NILCH (National Institute for low income housing) had a press release that featured Reed and Obama talking about what a wonderful program that was, in May of this year. They were buying votes with Fannie Mae all the while McCain was calling for divestiture of some loans in order to shore up Capital Reserves.

• Barney Frank- Obama was not the only Democrat in the tank for Fannie Mae: ‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’

Credit to The Travis Monitor