Location: land of the Lilliputians, In the state of insanity
Posts: 24,185
Obama fans explain this
Why did Obama vote agianst S.190. Notice McCain had the solution to the problems we are seeing, before they ever hit. Obama voted agianst this.
S.190 - A Bill Which Would Have Prevented The Financial Meltdown [/align][hr]
But was never passed.
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Sponsor: Sen. Charles Hagel [R-NE]
Cosponsors [as of 2007-01-08]
Sen. Elizabeth Dole [R-NC]
Sen. John McCain [R-AZ]
Sen. John Sununu [R-NH]
1/26/2005--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.
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kaafir mushrik
Unintended consequences and God have one thing in common: Liberals dont believe in either of them.
Although this might have helped after 2005 I think a lot of these mortgages were floated wayback to the Golden Clinton Years. Franklin Delano Raines (Ken Lay all over again) should be prosecuted to the full extent of the law.
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"Banning guns is an idea whose time has come."
- Joseph Biden
Associated Press 11/18/93
"Be thankful that we're not getting all the government we are paying for." Will Rogers
He did it because his Messiah vision wasn't working well that day,
Quote:
ORIGINAL: burniegoeasily
Why did Obama vote agianst S.190. Notice McCain had the solution to the problems we are seeing, before they ever hit. Obama voted agianst this.
S.190 - A Bill Which Would Have Prevented The Financial Meltdown
[/align][hr]
But was never passed.
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Sponsor: Sen. Charles Hagel [R-NE]
Cosponsors [as of 2007-01-08]
Sen. Elizabeth Dole [R-NC]
Sen. John McCain [R-AZ]
Sen. John Sununu [R-NH]
1/26/2005--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation.
Excludes the Federal Home Loan Banks from certain securities reporting requirements.
Abolishes the Federal Housing Finance Board.
Maybe he did not have his messiah vision going when he and Biden voted on the transportation funding bill that included, yes, the infamous bridge to nowhere. They also voted down an amendment to the bill for bridge repair in New Orleans in the wake of Katrina.
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Future DNC Message - From this point, all illegal aliens will be referred to Unregistered Democrats.
I can tell you exactly why he didn't vote for it. That bill never made it to the floor to be voted on. It was introduced and never went any further before the end of the session, when all pending legislation is cleared from the books.
Location: land of the Lilliputians, In the state of insanity
Posts: 24,185
RE: Obama fans explain this
Here is a hint.
"We came to this point last year, and we could not get a bipartisan consensus and no bill was put forward," said Bunning. "Unfortunately, I believe we will have the same result. I believe we will move a bill out of committee, but without bipartisan consensus the bill will again go nowhere, and we will not have the world-class regulator we need."--C.W.
My point is; McCain was on the right track. Regardless of the party. Many republicans are responsible, as well as all Democrats. Including Obama.
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kaafir mushrik
Unintended consequences and God have one thing in common: Liberals dont believe in either of them.
I looked as deep as I need to. IT WAS NEVER BROUGHT UP FOR A VOTE. Apparently they had more important things to attend to. Last action on this bill was coming out of the Committee on Banking, Housing and Urban Affairs. "Ordered to be reported with an amendment in the nature of a substutute favorably," whatever the hell that means. Then it just sat. No further action. No discussion. No vote. Bye bye, see ya later. End of session and it got cleaned off the books to be forgotten.
Oh, and by the way... Don't let this get around, just our little secret. This bill is the Federal Housing Enterprise Regulatory Reform Act of 2005. Obama wasn't elected to the Senate until 2006. Shhh! [8D]
Edit..................
Oops. I'm wrong about that he was elected in 2004. My bad. Still the fact remains unchanged that he could NOT have voted against this bill since it never was brought up for a vote.
Location: land of the Lilliputians, In the state of insanity
Posts: 24,185
RE: Obama fans explain this
Ummm, Obama was elected in Nov. 2004 and was sworn into the 109 congress in January, 2005..
What i'm trying to say. I have been eluding to GSE reform regulation bill that Obama was agianst. All came about due to S.190. McCain addressed congress of the urgancy to act agianst Freddi and Fanny. McCain was a head of the curve. Can you say that about Obama?
Here is the address McCain gave;
Mr. President, this week Fannie Mae"s regulator reported that the company"s quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company"s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight"s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae"s former chief executive officer, OFHEO"s report shows that over half of Mr. Raines" compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator"s examination of the company"s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
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.
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kaafir mushrik
Unintended consequences and God have one thing in common: Liberals dont believe in either of them.
Obama fans explain this
