TV News LIES

Friday, Mar 06th

Last update08:41:28 PM GMT

You are here News Economy Mortgage firm arranged stealth campaign

Mortgage firm arranged stealth campaign

E-mail Print PDF

Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.


Freddie Mac's payments to DCI began shortly after the Senate Banking, Housing and Urban Affairs Committee sent Hagel's bill to the then GOP-run Senate on July 28, 2005. All GOP members of the committee supported it; all Democrats opposed it.

In the midst of DCI's yearlong effort, Hagel and 25 other Republican senators pleaded unsuccessfully with Senate Majority Leader Bill Frist, R-Tenn., to allow a vote.

"If effective regulatory reform legislation ... is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole," the senators wrote in a letter that proved prescient.

Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states, according to documents obtained by The Associated Press. The states and the senators targeted changed over time, but always stayed on the Republican side.

 

More...


Most Recent Related Stories...


11 big profitable companies pay no tax

11 big profit companies pay no taxYou’re probably figuring out how much you owe the tax man for 2014 about now. The...

IRS Audits of High-Income U.S. Households Drop to 6-Year Low

tax auditThe U.S. Internal Revenue Service, struggling with a smaller budget, audited 7.5 percent of households with...

Target to cut jobs in $2B growth strategy

Target to cut jobsTarget plans to invest billions of dollars this year streamlining its business, opening new stores that...

Walmart Gives 500,000 Workers A Raise

walmartIn a move that could alter the minimum wage debate and improve the image of the...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!