What could possibly be their reasons for this? Is it because the Presidency and Congress would go Republican if the public knew the Democrats were behind this mess?

Fannie Mae, Freddie Mac, AIG, Lehman Bros, Bear Stearns… clearly this mess was caused by lax oversight based upon the policies of a republican president and repub congress early in this decade.

Now we’re supposed to trust McCain with healthcare???

I’ve heard this claim made recently in every Obama campaign speech and also by Biden during the VP debate.

Who did Obama warn and is there a link substantiating this warning? I’d like to see something in writing from two years ago, or perhaps a video of Obama standing before Congress issuing this warning. Does any such link exist?

Thanks for the help!

Shouldn’t multi trillion dollar crimes be punished? The writing is on the wall. This is gangster type of crime, planned, methodical and downright evil. It is traitors that rob the national treasuring using loopholes and laws. Why is the GD U.S. Congress on vacation??????? Citizens should line up by the millions around the Capital and demand emergency action. Damn!

Fannie Mae’s former CEO and now Obama adviser, Franklin Raines made over 0 Million cooking the books of this Government oversight corporation while spending lavishly on democrat politicians as a lobbyist to get the democrat congress to change the rules that helped him make exorbitant wind-fall profits for himself.

It’s well known that the fall of Freddie and Fannie were the start of Wall Streets collapse.

How responsible was Obama’s adviser Franklin Raines, and should Obama fire him, or wait until he’s arrested?

the u.s. congress should be holding an emergency session but they need their vacation. so much stress and long hours fouling up the economy. remarkable group of people.
The first answer is right. I might have asked about cheeseburgers and got the same answers. The extent of ignorance continues to startle me. Kind of hopeless.

I would like to see some sites, since I hear so much talk about how these companies have single-handedly destroyed our economy?
How do I get some of these facts?
Did Obama work for these companies?
Hey Boosman….Wasn’t that a Republican controlled congress in 2003? I think we had corruption on both sides if the truth came out!

Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. In the event that there was some sort of financial collapse within either of these companies, U.S. taxpayers could be held responsible for hundreds of billions of dollars in outstanding debts. A recent investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars and resulted in the termination of three of the company’s top executives. Ongoing investigations by Congress, particular the House Finance Services subcommittee that oversees the activity of GSEs, will determine the future role of Fannie Mae and Freddie Mac and the secondary mortgage market that they dominate.

"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."
Did you notice no Obama supporters dared to answer the question?
Seems facts burn their eyes!

I’m curoius to know much people understand this bailout crisis. Why are we "having" to bail out Freddie Mac / Fannie Mae? Yes, I know, it keeps the "credit flowing", but it’s heard often enough already that unless Congress bails them out, people will lose homes. Explain how.
Thanks, Christopher B, very good.

If government spends billions bailing out Fannie Mae and Freddie Mac because of the mortgage and financial crises, does this help the little guy or just tax the little guy to help lenders?

I do not think I agree with Congress taking this approach, and it bothers me that every time there is some sort of financial crisis, they come to the rescue of the lenders at the expense of the borrowers.

Thoughts?

One only needs to do an internet search to find that many top people in congress recieved political contributions from Fannie and Freddie. These Government Sponsered Entities are supported by taxpayer dollars and have been losing money for many years.

Yet many of the top people in congress have received contributions in the 10’s of thousands of dollars. If we are upset about companies giving bonuses, should we not also demand these donations be returned to the federal bank account?

Congress was enraged by the AIG bonus plan but seems content to reward Fannie Mae and Freddie Mac employees for engineering the massive losses there. Naturally the media is ignoring it and only by reading foreign papers can you read about it.

I have told that the connection between the Mortgage Bankers Assn., the invention of ARMs and the expansion of Fannie Mae and, later, Freddie Mac is the smoking gun. But will Obama, Emanuel, Soros, Frank, Dodd, Waters and Schumer ever be exposed. Will the alleged cover up ever be examined by regulators, FBI, and others in congress? They knew and you know it.