Kucinich to Investigate Fannie/Freddie Bailout

If the White House thought they could slip the bailout of Fannie and Freddie through by announcing it in a Christmas Eve news dump, think again. Dennis Kucinich just released this statement:

"As Chairman of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, I'm announcing that the Subcommittee will launch an investigation into the Treasury Department's recent decision to lift the current $400-billion cap on combined federal assistance to Fannie Mae and Freddie Mac, opening the way for additional, unlimited funds through the end of 2012. This investigation will include the role played by Fannie Mae chief executive Michael J. Williams and Freddie Mac chief executive Charles E. Haldeman in the decision, if any, and will seek to ensure that the additional assistance is used for homeowners and not Wall Street."

"Many questions remain unanswered regarding this move by the Treasury. Why suddenly remove the cap? Indications are that Freddie and Fannie, even as millions of Americans lose their homes, have used just $111 billion of the $400 billion previously available to them. Is lifting the cap on assistance a back-door TARP?"

"Additionally, I want to determine whether Fannie and Freddie have a cohesive plan to buy up the under-performing mortgages that remain on the books of the big banks, at appropriate prices, and undertake a massive reworking of the terms of the mortgages so as to stem the foreclosure crisis that continues to plague our country. This new authority must be used responsibly and for the benefit of American families. This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U. S. taxpayers and acting as a back-door TARP."

On Christmas Eve, they also announced $4-$6 million compensation packages for their top executives. But they'll start foreclosing on homeowners again in January.

Fannie and Freddie have been corrupt cesspools for years, a place where presidents of both parties parked friends like Dennis DeConcini and Rahm Emanuel, giving them lucrative spots on the board of directors as political payoff. As government sponsored entities (GSEs) selling shares to the public, they operate like hedge funds that socialize losses and privatize profits. From the LA Times last year:

"This week … news broke that until August, the lobbying firm owned by McCain campaign manager Rick Davis was paid $15,000 a month by Freddie Mac, one of the mortgage giants implicated in the current crisis (now taken over by the government and under investigation by the FBI). Apparently, Freddie Mac's plan was to gain influence with McCain's campaign in hopes that he would help shield it from pesky government regulations."

It appears they kept looking. The Democrats have been too intimidated by leadership to start looking into the utter corruption at these entities, but Kucinich just doesn't care.

http://kucinich.us/index.php?

Views: 60

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Anti Oligarch on January 25, 2010 at 5:33pm
The way things are I wonder why don't people like Kucinich, Ron Paul, Grayson, Tarpley etc. set up a movement for freedom.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post

Unusual Discoveries and Headlines

Archaeologists have discovered an ancient tool dated to be 6,000 years old, but even more…See More
1 hour ago
tjdavis posted a video

Inside Texas HOMELESS HELL – Even Cops Don't Dare Step In! - Documentary

In this powerful documentary, we explore the escalating Texas homeless crisis 2025, where cities and rural areas alike are witnessing a disturbing rise in th...
6 hours ago
tjdavis posted a photo
14 hours ago
John Miller replied to MAC's discussion BREAKING! UFO whistleblowers drop BOMBSHELL on D.C. | Redacted with Natali and Clayton Morris
"Crazy how these whistleblower stories are finally making it into bigger conversations. Makes you…"
yesterday
Burbia favorited tjdavis's blog post The Dems Love Their Demons
yesterday
John Miller commented on tjdavis's photo
Thumbnail

Comprehensive Coverage

"That car needs an exorcism, not an oil change."
yesterday
John Miller commented on tjdavis's blog post The Dems Love Their Demons
"If the Dems are dating demons, then that AI romance shoot was basically engagement photos."
yesterday
John Miller replied to cheeki kea's discussion Would-Be Trump Assassin Ryan Routh Gave Many Interviews with Mainstream Media
"Wouldn't be surprised if there's a whole lot more buried under the surface here."
yesterday
Less Prone favorited rlionhearted_3's photo
Saturday
Less Prone left a comment for John Miller
"Welcome John."
Saturday
Doc Vega posted a blog post

The Saga of Ape Canyon Revisited

 In the years that I’d written for the Plano Star Courier I got several invitations to go on…See More
Saturday
John Miller is now a member of 12160 Social Network
Saturday
Less Prone favorited tjdavis's photo
Saturday
tjdavis posted a photo
Saturday
Burbia posted a video

The lIIumlnatl Stallions: MethyIene Bluecifer & Mind-Control Horses [ FULL DOCUMENTARY ]

🐴🦄🐸 Get the NEW "lIIumlnatl Animal Coloring Book!" 🐴🦄🐸NOW AVAILABLE ON AMAZON - CLICK HERE: https://amzn.to/3SYgAkC🔑 Get MORE Access to the Secret Vid...
Saturday
Doc Vega commented on Doc Vega's blog post Memorial Weekend Getaway Horror Story
"Less Prone thanks for your support Buddy! "
Friday
Doc Vega replied to cheeki kea's discussion Would-Be Trump Assassin Ryan Routh Gave Many Interviews with Mainstream Media
"cheeki kea, I really appreciate the reporting of Sky News. I think they've done a great…"
Friday
Doc Vega posted a blog post

When

 Sad blue eyed poet rehearses his craftJust took a salvo in the compartment aftHis chances of…See More
Friday
cheeki kea replied to cheeki kea's discussion Would-Be Trump Assassin Ryan Routh Gave Many Interviews with Mainstream Media
"You're damn right there Doc V. but we may never know exactly where all the funding came from…"
Friday
cheeki kea commented on tjdavis's photo
Thumbnail

Me-Again

"Oh Look a new version of Megan, can't say the old version looked to flash either. Seems like…"
Friday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted