WASHINGTON (AP) — 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.
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1 comment:
Everyone questioned who was responsible for the collapse of Frannie and Freddie now we know. It was the GOP who brought down the companies. Yes and our man Hank Paulson slipped in just before he announced the collapse Hank got his Mom a very cheap interest rate for her home in Chicago. He's such a good son to get his Mom some of the stolen funds. Now we see the CEO's and Fannie/Freddie were in bed with the GOP now let's see the other mates involved. Now you know the Foreign Leaders wont get involved with this Administration seeing they steal from their own citizens.
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