Tuesday, May 11, 2010

(Reforming) Freddie's Dead...

My apologies to the late great Curtis Mayfield for altering one of his song titles, but it fits in this case since it seems the Democrats are stalling on reforming Freddie Mac and Fannie Mae, two of the mortgage giants whose failures contributed to the mortgage crisis that is still being felt today. Oh, they have plenty of excuses, including "it's too complicated" courtesy of Pennsylvania Democrat Representative Paul Kanjorski. Why do you suppose Democrats who were so serious about holding mortgage companies accountable for so much as a decimal point being out of place are so reluctant to open the books at Freddie and Fannie?

Because doing so would expose just how deep the Democrat corruption in Freddie and Fannie really was. And, trust me, it's deep enough to make Captain Nemo flinch.

Consider this: three of the people responsible for Freddie and Fannie's bad financial straits...were on President Obama's economic team during the 2008 campaign. Kinda makes you feel better about his economic plans, doesn't it?

Barney Frank sure has a lot to say about corrupt mortgage companies, but when it comes to reforming Freddie and Fannie, he's not so vocal. Of course, that might be because he carried water for them for so many years, denying anything was wrong with them. Then, in 2008, Frank all of the sudden found out Freddie and Fannie were in trouble! What caused this awakening?

An easy target: the mortgage industry.

Of course, Frank always seems to forget that it was the Community Reinvestment Act expanded under Bill Clinton that put Freddie and Fannie in such trouble. I'm sure it's just an oversight and he'll amend his previous statements blasting the free market.

For the Leftist "blogger" who leeches off me for material, that's sarcasm.

Of course, maybe the reason why Frank wants to keep Freddie and Fannie's books shut tight for now. After all, his former lover, Herb Moses, was with Fannie Mae for their ten year relationship. And, surprise surprise, guess who was serving on the House Financial Services Committee at the same time! Why, it's Barney Frank!

Maybe that's why earlier this year, he decided to advocate the elimination of Freddie Mac and Fannie Mae. What better way to destroy the evidence?

And while we're here, we can't forget Connecticut Senator Christopher Dodd. Seems he has a few connections to Freddie and Fannie, too, namely being the recipient of the most money from Freddie and Fannie's PACs from 1989 to 2008.

Of course, Democrats in both chambers of Congress are in no hurry to reform Freddie Mac and Fannie Mae this year. After all, it's an election year, one where they look to get stomped. Why open up Pandora's Box of Leftist Corruption if you don't have to?

Simple. Because mortgage company reform without reforming the two entities that back 97% of the mortgage loans right now isn't worth a damn.

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