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FreddieMac
Fannie Mae Bailout: Mortgage Giant Wants More Taxpayer Billions
By Tom Diemer - Politics DailyTalk about bad timing. With the Senate in the thick of debate about reforming government oversight of the financial system, Fannie Mae, the quasi-public mortgage giant, reports that it lost $11.5 billion in the first three months of the year and needs another bailout --this time, $8.4 billion -- to keep going. Some Republican senators are so fed up that they introduced an amendment Monday to the reform bill calling on the Obama administration to cut loose Fannie and its cousin, Freddie Mac, within two years. Co-sponsored by Sen. John McCain (R-Ariz.), the proposal would force the companies to ...
Bailed-Out AIG Reports $1.8 Billion Profit
By Ria Misra - Politics DailyFor the first time since 2007, AIG on Friday claimed a profit. The insurance giant reported second-quarter net income of over $1.8 billion. That's still just a fraction of the $180 billion that AIG received as part of a government bailout in 2008. AIG's chief executive claimed that the profits demonstrated "stabilization," while acknowledging that parts of the company were still troubled.News of AIG's gain comes as the federal government is again looking at ways to deal with serial problem children Freddie Mac and Fannie Mae, also beneficiaries of a large bailout -- more than $85 billion. The ...
Fannie Mae Lobbyist on Barack Obama's Transition Team
By Mark Impomeni - Politics DailyThe former head of troubled mortgage giant Fannie Mae's federal lobbying operation, Thomas Donilon, holds a position as an adviser to President-elect Obama's transition team. Donilon was in charge of the government sponsored entity's efforts to block increased federal regulation and oversight for six years from 1999 to 2005. During that period, the use of non-traditional mortgage loans, so called sub-prime loans, which eventually lead to this year's mortgage meltdown, became widespread throughout the industry, including at Fannie Mae and its counterpart, Freddie Mac. On the campaign trail, ...
'Ambition' - New McCain/RNC Ad
By Greg McNeilly - Politics DailyA new joint ad by the Republican Natinoal Committee and the John McCain campaign has been released titled "Ambition." It is :30 seconds. ...
Obama Wins by Not Losing
By Mark Impomeni - Politics DailyHeading into tonight's second presidential debate, expectations were for a feisty exchange between the candidates with lots of fireworks, mud-slinging, charges and counter charges. But instead what was delivered was a pretty staid and boring debate that mostly covered ground already gone over in the first debate. The format was a town hall style debate in which undecided voters were supposed to pose questions to the candidates. But moderator Tom Brokaw did his best to get in the way of the voters by reinterpreting and in some cases outright redirecting the question to policy areas he wanted ...
Post-Debate Reax
By Dave - Politics DailyI just gotta be honest and say that for the most part I thought this was an absolute snoozer. I wouldn't be surprised if this debate gets half the ratings of the first debate. Part of the problem is that I know this is all targeted at undecided voters and so both candidates are pitching their arguments away from the political junkies and ideologues that hang around most of the political sites and message boards. This also means a lot of platitudes and not much red meat.But I did hang around on the TV to see that most of the focus groups seemed to split on who they thought won with a slight ...
Guilt by Association
By David Knowles - Politics DailyIn philosophical parlance, it is known as the "Bad Company Fallacy." Guilt-by-association posits that if you befriend someone who has questionable beliefs, then, by definition, you too have questionable beliefs. This "company you keep" critique has been a running theme in this year's race for the White House, and it exploded this week when Sarah Palin and John McCain decided to try refocus Barack Obama's associations with William Ayers and Jeremiah Wright into a central theme of their campaign. Obama has fired back with McCain's involvement in the Keating 5 scandal, and, in terms of ...
Bill Clinton Stars in McCain Ad
By Christopher Weber - Politics DailyNot by choice, of course, and totally out of context, but I doubt Bubba will raise a stink. He's happy any time he can help McCain win. The ad is called "Rein" because of all the "reining in" of Fannie Mae and Freddie Mac that economics ninja John McCain allegedly did. Unfortunately he was thwarted at every turn by the Democrats. And now look at the mess we're in. Thanks a lot, Dems. Bill Clinton knows who is responsible.PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President ...
Palin: I'll Get Back to You on That, Katie
By Denise Williams - Politics DailyLet's swing it back around to Sarah, now. Shall we? While we may never hear her in a debate or answer another substantive question, we can reflect on this. (h/t HuffPo)In her interview with CBS News anchor Katie Couric, Governor Palin appeared to be unable to come up with a single thing that John McCain has done in 26 years of Senate work to help with regulating the financial markets that are today spiraling out of control:COURIC: You've said, quote, "John McCain will reform the way Wall Street does business." Other than supporting stricter regulations of Fannie Mae and Freddie Mac two years ...
Who is Rick Davis?
By Dave - Politics DailyWell to the New York Times, Rick Davis is the smoking gun:The disclosure undercuts a remark by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years.Mr. Davis's firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the two people said.And Obama, anxious to not talk about Franklin Raines, Jim Johnson or Obama's large ...
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