I've heard countless times Obama wrote som mysterious letter two years ago that addressed Fannie and Freddie and demanding action be taken. I've never seen this letter nor has it ever been produced to my knowledge. Can anyone please produce at least the link? I've seen and read McCain's sponsored legislation and heard his speech on the Senate floor.
__________________
John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.
We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes.
Paraphrased: "We've got to figure out ways to keep poor people in their homes, even if they aren't paying their monthly mortgage payments."
Note... 2007... 2 years after McCain warned of the problem...
Between that letter with no date and all the links to Obama dirt and McCain and Palin smearsthat have mysteriously disappeared makes you wonder about his campaign organization.
__________________
"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
Don't tell me that McCain warned about the problem. He had no credability. He also told us that Iraq would be quick, we would be welcomed and we would be out of there fast.
Later he said that "we were lead to believe the war would be over quickly" duhhhhh he was doing the misleading.
McCain not only put it in writing, he sponsered a bill to take action and spoke about it on the floor. Once again, where is Obama's letter about the looming crisis.
All D's on committee opposed including Dodd and Schumer in mark up.
Quote:
S.1508 Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes. Sponsor: Sen Hagel, Chuck [NE] (introduced 7/31/2003) Cosponsors (4) Related Bills: S.1656 Latest Major Action: 4/1/2004 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. Jump to: Summary, Major Actions, All Actions, Titles, Cosponsors, Committees, Related Bill Details, Amendments SUMMARY AS OF: 7/31/2003--Introduced. Federal Enterprise Regulatory Reform Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish in the Department of the Treasury the Office of Federal Enterprise Supervision. Transfers to the Director of such Office supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development. Prohibits merger or consolidation of such Office or its functions.
Requires: (1) the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized; and (2) that each enterprise have prior approval of the Director before implementing a new program.
Sets forth operating, administrative, and regulatory provisions of the Director, 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; and (7) reporting.
Sets forth certain retained authorities of the Secretary.
Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.
MAJOR ACTIONS: ***NONE***
ALL ACTIONS: 7/31/2003: Sponsor introductory remarks on measure. (CR S10623) 7/31/2003: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 8/1/2003 S10623-10631) 4/1/2004: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. TITLE(S): (italics indicate a title for a portion of a bill) ***NONE***
COSPONSORS(4), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)
Sen Dole, Elizabeth [NC] - 7/31/2003 Sen Lott, Trent [MS] - 1/22/2004 Sen McCain, John [AZ] - 9/10/2003 Sen Sununu, John E. [NH] - 7/31/2003 COMMITTEE(S): Committee/Subcommittee: Activity: Senate Banking, Housing, and Urban Affairs Referral, Markup, In Committee RELATED BILL DETAILS: (additional related bills may be indentified in Status) Bill: Relationship: S.1656 Related bill identified by CRS
__________________
John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Where is Obama's letter?
