See other (s)Elections Articles
Title: Fannie Mae and Freddie Mac Invest in Democrats
Source:
opensecrets.org
URL Source: http://pfds.opensecrets.org/092408.html
Published: Jul 16, 2008
Author: Lindsay Renick Mayer
Post Date: 2008-09-25 07:42:45 by Flintlock
Keywords: None
Views: 114
Comments: 2
Fannie Mae and Freddie Mac Invest in Democrats Published by Lindsay Renick Mayer on July 16, 2008 5:27 PM The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006. Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen.Chris Dodd (D-Conn.) chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs. 
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Flintlock (#0)
McCain's guy got $ 15,000 per month from Freddie and Fannie.
Rick Davis's Fannie-Freddie Scandal Continues, McCain and the Bailout, Obama Leads in a Poll More damaging reports surface about McCain Aide Davis, and Obama leads by 9 points in a new poll Posted September 24, 2008 Rick Davis: In the Doghouse It's only getting worse for John McCain's campaign manager, Rick Davis. Following the news that Davis was paid $2 million over five years as president of an advocacy group set up by Fannie Mae and Freddie Mac, the New York Times now reports that Freddie Mac paid Davis's lobbying firm $15,000 a month up until last month. The firm was kept on the payroll because of Davis's close ties to McCain. The news comes after McCain insisted that Davis has had no involvement with Freddie Mac for several years, leading progressive bloggers to wonder whether McCain lied to Americans or whether Davis lied to McCain.
Dems? You must believe in the 2 party system. Hate to break your bubble.
#2. To: Flintlock (#0)
http://www.usnews.com/articles/opinion/2008/09/24/blog-buzz-rick-daviss-fannie-freddie-scandal-continues-mccain-and-the-bailout-obama-leads-in-a-poll.html
Top • Page Up • Full Thread • Page Down • Bottom/Latest