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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?


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