From the McCain-Palin campaign ...
ARLINGTON, VA -- Today, McCain-Palin 2008 released its latest television ad, entitled "Rein." The ad highlights John McCain's record of fighting to reform Fannie Mae and Freddie Mac. While John McCain was fighting to rein in these mortgage giants, Barack Obama was taking their campaign contributions, their advice and staying silent. As former President Clinton stated, responsibility for this crisis lies in part on those who prevented reforms and stayed silent. The ad will be televised nationally.
View the ad HERE.
Read the script for "Rein" (TV 1:00):
ANNCR: John McCain fought to rein in Fannie and Freddie.Ad facts: Script for "Rein" (TV 1:00):
The Post says: McCain "pushed for stronger regulation"..."while Mr. Obama was notably silent."
But, Democrats blocked the reforms.
Loans soared.
Then, the bubble burst.
And, taxpayers are on the hook for billions.
Bill Clinton knows who is responsible.
PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
ANNCR: You're right, Mr. President. It didn't have to happen.
JOHN MCCAIN: I'm John McCain and I approve this message.
ANNCR: John McCain fought to rein in Fannie and Freddie. The Post says: McCain "pushed for stronger regulation"..."while Mr. Obama was notably silent." But, Democrats blocked the reforms.
· In 2006, John McCain Said Fannie Mae And Freddie Mac Were "Deeply In Need Of Reform." "Mr. President, the OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform." (Office Of U.S. Senator John McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06)
· John McCain Cosponsored The Federal Housing Enterprise Regulatory Reform Act Of 2005. "'Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal. ... I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation." (Office Of U.S. Senator John McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06)
· John McCain Co-Sponsored The Federal Enterprise Regulatory Reform Act of 2003 Which Would Have Created The Office of Federal Enterprise Supervision In The Treasury, And Given The New Office's Director Supervisory And Regulatory Authority Over Fannie Mae And Freddie Mac. (S. 1508, Introduced 7/31/03)
· The Washington Post: In 2006, John McCain Pushed For Fannie And Freddie Regulation "While Mr. Obama Was Notably Silent." "In 2006, he pushed for stronger regulation of Fannie Mae and Freddie Mac -- while Mr. Obama was notably silent. 'If Congress does not act, American taxpayers 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,' Mr. McCain warned at the time." (Editorial, "'Always For Less Regulation'?" The Washington Post, 9/19/08)
· Sen. Dodd Called The President's Suggestions For Regulations On Fannie Mae And Freddie Mac "Inane" And Recommended The President "Immediately Reconsider His Ill-Advised" Proposals. "As recently as last summer, when housing prices had clearly peaked and the mortgage market had started to seize up, Dodd called on Bush to 'immediately reconsider his ill-advised' reform proposals. Frank, now chairman of the House Financial Services Committee, said that the president's suggestion for a strong, independent regulator of Fannie and Freddie was 'inane.'" (Al Hubbard and Noam Neusner, Op-Ed, "Where Was Sen. Dodd?" The Washington Post, 9/12/08)
· "In 2000, Then-Rep. Richard Baker Proposed A Bill To Reform Fannie And Freddie's Oversight. Mr. Frank Dismissed The Idea, Saying Concerns About The Two Were 'Overblown' And That There Was 'No Federal Liability There Whatsoever.'" (Editorial, "Fannie Mae's Patron Saint," The Wall Street Journal, 9/10/08)
ANNCR: Loans soared. Then, the bubble burst. And, taxpayers are on the hook for billions.
· "How Washington Failed To Rein In Fannie, Freddie" (Binyamin Appelbaum, Carol D. Leonnig and David S. Hilzenrath, "How Washington Failed to Rein In Fannie, Freddie," The Washington Post, 9/14/08)
· "Fannie Mae Eases Credit To Aid Mortgage Lending" (Steven A. Holmes, "Fannie Mae Eases Credit To Aid Mortgage Lending," The New York Times, 9/30/99)
· "Mortgage Giants Were Blind To Housing Risks" ("Mortgage Giants Were Blind To Housing Risks," The Associated Press, 9/8/08)
ANNCR: Bill Clinton knows who is responsible. PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac." ANNCR: You're right, Mr. President. It didn't have to happen. JOHN MCCAIN: I'm John McCain and I approve this message.
· Former President Bill Clinton: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac." (ABC's "Good Morning America," 9/25/08)
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