Obama Looted Fannie Mae and Freddie Mac

American Thinker

By Brian McNicoll

 

President Obama never was shy about using his phone and pen to achieve what he could not get from Congress on regulatory matters.

But documents revealed last week show the Obama administration may have been willing to get around congressional decisions on spending by using a slush fund of sorts funded by the profits of Freddie Mac and Fannie Mae, the two government-sponsored home loan giants.

Fannie and Freddie are federally chartered enterprises which buy mortgage loans from banks and bundle them into securities that are sold to investors, thus freeing up capital so that banks can make more home loans.

They are government-sponsored enterprises, which means the government guarantees their loans. But they are run as private enterprises, with private leadership, a board of directors and, most significantly for this purpose, investors. They’re even listed on the stock market.

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Hey, What Happened To That Maxine Waters Ethics Trial?

Pajamas Media

Rep. Maxine Waters (D-CA) was supposed to have faced trial for ethics violations last year, but the trial was suddenly delayed until after the November 2010 elections.

Waters stands accused of obtaining $12 million in TARP money for the bank OneUnited, on whose board her husband Sidney Williams once sat, and in which he owned more than $350,000 in stock. According to a story by the Washington Post in September of last year, Waters — together with Rep. Barney Frank, (D-MA) who was then the chairman of the House Financial Services Committee — changed a law and obtained the financing.

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