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2006 McCain letter blows the whistle on Fannie and Freddie By Rizzuto Sun Oct 12, 2008 - As we’ve seen over the past few weeks since the financial market took a nosedive, while Democrats like Barney Frank, Maxine Waters, and Christopher Dodd generally did their best to obstruct any reform or regulation of the GSEs (Fannie and Freddie), Republicans like Christopher Shays, Jim DeMint, and Rick Santorum, amongst others, were sounding alarms about the danger they posed. John McCain was amongst these whistle blowers. This letter, addressed to then Majority Leader Bill Frist, and Chairman of the Banking, Housing, and Urban Affairs committee Richard Shelby, is a testament to the foresight of a handful of Senate Republicans in 2006. It reads: We are concerned that if effective regulatory reform legislation for the housing-finance government sponsored enterprises (GSE’s) is not enacted this year, American tax payers 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. Therefore, we offer you our support in bringing the Federal Housing Enterprise Regulatory Reform Act (S. 190) to the floor and allowing the Senate to debate the merits of this bill, which was passed by the Senate Banking Committee.Check out the full text and scans of the 2006 letter at Human Events. The letter has the signatures of 20 Senators including John McCain. Senator Barack Obama, not surprisingly, is not among the signatories. Obama has somehow convinced the country that he was the one calling for regulation, while McCain was calling for “deregulation”. Obama’s talking point is that McCain once called himself “the deregulator”, and therefore must have been talking about deregulating Fannie and Freddie. Well, that line of attack is a load of utter bunk, and I think is slimy and dishonest enough to be considered a smear.
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