Skip Nav
Romantic Comedies
101 Romantic Movies You Can Stream on Netflix Tonight
Gift Guide
100+ Gifts Your Man Will Love (and Actually Use!)
Netflix
18 Sex-Filled Films to Stream on Netflix

What Ties Do Campaigns Really Have to Mortgage Giants?

Late last week John McCain criticized Barack Obama for his alleged ties to Fannie Mae, a mortgage giant that, along with counterpart Freddie Mac, received a sweeping federal bailout. In a video McCain inaccurately linked Obama to Franklin Raines, who retired four years ago as the CEO of now bankrupt Fannie Mae. McCain also has been hitting Obama for tapping former Fannie Mae CEO Jim Johnson to lead his VP search team, before he was asked to step down.

Well this line of attack has had somewhat of a boomerang effect on the McCain campaign, which employs 26 advisers or fundraisers who have lobbied or are currently lobbying for Fannie Mae or Freddie Mac. To find out how the top of McCain's campaign is connected,

.

McCain's campaign manager Rick Davis' firm reportedly received $15,000 a month from Freddie Mac from 2005, until the mortgage firm was taken over by the federal government last month. Davis is on leave from his firm, but remains as an equity holder. As late as Sunday, McCain asserted that Davis' firm had no connection to the mortgage companies.

As for campaign contributions, since 2004 Obama has received around $126,000 from employees of Fannie Mae and Freddie Mac. McCain has received $22,000 over the last 10 years. Are you surprised McCain is calling out Obama for his connections to the failed mortgage companies, when the top of McCain's campaign has been financially benefiting from Freddie Mac up until last month?

Source

Around The Web
Join The Conversation
T22 T22 8 years
Fact Check: Obama has received $526,000 in contributions from Fannie Mae and Freddie Mac combined. He is the largest recipient of such contributions behind Sen. Chris Dodd. This whole process began in the late 90's with an experiment in social engineering. Bill Clinton along with other eager Democrats and Republicans decided the best way to make low income wage earners more productive and more secure would be to give them access to low interest mortgages. A well-intentioned idea that spiraled out of control as the lending standards kept being lowered. It might make some mad on this topic thread, but the fact is the Democrats fought for these relaxed standards (Dodd and Rep. Barney Frank were quite vocal about opposition to these relaxed standards and they killed John McCain's challenge to it 2 plus years ago). The Bush administration warned congress a lot, but not vociferously and they were wrong for that. The problem worsened when conditions in the housing market changed. I did a muliple resource check on this information. Both parties are to blame, but the truth is the Dems fought harder for this social engineering. Bottom line, you can't give loans to people who can't pay them back and you can't trust unscrupulous lending institutions not to exploit them and you can't trust Wall Street institutions not to trade and speculate on financial institutions - like banks who make bad loans to people who can't pay them back... Hence the difficulty we are in. Worst of all, only 5% of these loans are bad. Everybody else has been meeting their obligations, but the other 5% ruined it for all when they fell victim to the higher cost of living brought on by the energy cost spike.
metrostylee metrostylee 8 years
Keep in mind the market collapse is a Republican mess. "Deregulation" is their company motto. They Privatize profits and Socialize debt. - Bill Clinton
metrostylee metrostylee 8 years
Keep in mind the market collapse is a Republican mess. "Deregulation" is their company motto. They Privatize profits and Socialize debt.- Bill Clinton
Imabeliever Imabeliever 8 years
"..without bothering to notice that McCain's chief advisor, campaign manager Rick Davis was on Freddie Mac's payroll until a month ago whereas someone who works for the Obama campaign called Raines, who worked for Fannie Mae four years ago, to ask him a few questions." When you put it that way.. LOL!
mydiadem mydiadem 8 years
The difference here is the money changing hands, IMO. Was anyone from Obama's campaign paying Raines or vice versa?
mydiadem mydiadem 8 years
According to Sarah Palin's interview with Katie Couric, Rick Davis removed himself from the firm that took payments from Freddie Mac. When Katie then asserted that Rick Davis still has a stake in the firm, and therefore would get that benefit, and asked if that was a conflict of interest she just repeated her previous statement and danced around asking the question directly.
yesteryear yesteryear 8 years
good point TS... there's a big difference.
True-Song True-Song 8 years
My opinion is they are rude. I suspect if I had said the same thing to you, you'd agree. If you think I've just rubbed off on you, though, I invite you to point out to me where I have asked someone if they have read what I have posted, if their devotion is blinding them, or something similar. But to the point, I think this is another area where McCain is hoping the public will think, "They both did it! It's a tie!" without bothering to notice that McCain's chief advisor, campaign manager Rick Davis was on Freddie Mac's payroll until a month ago whereas someone who works for the Obama campaign called Raines, who worked for Fannie Mae four years ago, to ask him a few questions.
dreamsugar dreamsugar 8 years
[>Torg, are you reading what I am posting. >Are you so blinded by your devotion you can't see anything that doesn't fit with your views? Just to be clear, these are the parts of your post I'm ignoring because I think they're rude.] :rotfl: GWAD -- I love a good cat fight! :popcorn:
dreamsugar dreamsugar 8 years
[>Torg, are you reading what I am posting.>Are you so blinded by your devotion you can't see anything that doesn't fit with your views?Just to be clear, these are the parts of your post I'm ignoring because I think they're rude.]:rotfl: GWAD -- I love a good cat fight! :popcorn:
ali0420 ali0420 8 years
Raines was quoted in the Washington Post as saying he had had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." Hence, he claimed to be an advisor to Obama's campaign. Three times. And no one contradicted him until after the $hit hit the fan.
ali0420 ali0420 8 years
Raines was quoted in the Washington Post as saying he had had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." Hence, he claimed to be an advisor to Obama's campaign. Three times. And no one contradicted him until after the $hit hit the fan.
Great-Sommelier Great-Sommelier 8 years
Torg, they aren't rude. They are what I am picking up from you.
True-Song True-Song 8 years
>Torg, are you reading what I am posting. >Are you so blinded by your devotion you can't see anything that doesn't fit with your views? Just to be clear, these are the parts of your post I'm ignoring because I think they're rude. >Before the sh!t hit the fan Raines was bragging about being an advisor. As far as I know, he took a few calls from a campaign staffer. If you can show me something about this bragging, though, I'm happy to see it.
Great-Sommelier Great-Sommelier 8 years
Torg, are you reading what I am posting. Before the sh!t hit the fan Raines was bragging about being an advisor. Are you so blinded by your devotion you can't see anything that doesn't fit with your views?
True-Song True-Song 8 years
Both Raines and the Obama campaign say he has never been an adviser to Obama. Someone working for the campaign called him a few times.
MartiniLush MartiniLush 8 years
Hey, Bella!!! :wave:
MartiniLush MartiniLush 8 years
Hey, Bella!!! :wave:
Great-Sommelier Great-Sommelier 8 years
"taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."A Post reporter named Anita Huslin interviewed him on July 16 and he said this.
Great-Sommelier Great-Sommelier 8 years
"taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." A Post reporter named Anita Huslin interviewed him on July 16 and he said this.
bellaressa bellaressa 8 years
Hey Martini!
bellaressa bellaressa 8 years
Hey Martini!
ali0420 ali0420 8 years
Wait, so an ad that directly and accurately quoted the Washington Post is a lie because the Washington Post says it's a lie??? Well, was the Washington Post lying in the articles published in July and August or is it lying now? And if Raines did say that he advised Obama but now says that he did not, was he lying then or now?
True-Song True-Song 8 years
Raines said what was true? Raines stated he has not advised the Obama campaign.
Great-Sommelier Great-Sommelier 8 years
True, how is it innocent when before the hubbub started Raines himself said it was true?
Obama's Tweet From 2012 Is Most Popular in 2016
Where Obama Family Will Live After Presidency
Marc Anthony and Eva Longoria Sing "Jingle Bells" With Obama
Barack Obama Singing Christmas Carols at White House 2016
Pictures of Barack Obama and Joe Biden
White House Christmas Decorations 2016 (Video)
Donald Trump's Tweets Since the Election

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

From Our Partners
Latest Love
All the Latest From Ryan Reynolds