Obama has a lot of nerve to come out today blasting McCain with both barrels and blaming him for the mortgage-related losses that forced the U.S. Treasury to take over the quasi-governmental mortgage giants. Obama was second largest recipient of Freddie Mac and Fannie Mae campaign contributions, while McCain was sounding the alarm of a looming mortgage crisis and calling for regulatory reform of Fannie Mae and Freddie Mac. Of course, facts mean little to most liberals, and lying about your opponent is just “feisty” campaigning (as the AP called it today….Obama ads are feisty, McCain’s are “dirty” and “attack ads”).
Campaign contributions from Fannie Mae and Freddie Mac made to Barack Obama may backfire if the Democratic presidential hopeful wages an aggressive campaign to cast blame on rival John McCain and the Republicans in Congress for the mortgage-related losses that forced the U.S. Treasury to take over the quasi-governmental mortgage giants.
A review of Federal Election Commission records back to 1989 reveals Obama in his three complete years in the Senate is the second largest recipient of Freddie Mac and Fannie Mae campaign contributions, behind only Sen. Christopher Dodd, D-Conn., the powerful chairman of the Senate banking committee. Dodd was first elected to the Senate in 1980.
According to OpenSecrets.com, from 1989 to 2008, Dodd received $165,400 in Fannie Mae and Freddie Mac campaign contributions, including contributions from PACs and individuals, followed by Obama, who received $126,349 in such contributions since being elected to the Senate in 2004.
In contrast, McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac.
Read the whole article here.