Bailout Oversight: House Democrats Attacked ‘Oversight’ Regulator in 2004

“…I’m just pissed off at FHEO (Federal Housing Enterprise Oversight), because if it wasn’t for you, I don’t think we’d be here today.”
–Rep. Gregory Meeks (D-NY) 2004 Congressional hearing
To Almando Falcon, FHEO director who presented the report of widespread accounting irregularities in Fannie Mae and Freddie Mac

“I don’t see anything in the report that raises safety and soundness problems.”
–Rep. Barney Frank (D-MA) 2004 on Fannie Mae and Freddie Mac irregularities

C-SPAN video footage of a Congressional hearing you will not see in the Mainstream Media.

Democrats insist that the $700 billion bailout will have “oversight”.

What happened four years ago when the Federal Housing Enterprise Oversight director issued a report raising the alarm about irregularities at Freddie Mac and Fannie Mae?

Democrats attacked the agency in charge of oversight. Why will it be any different with the “New Improved Oversight”?

“…I’m just pissed off at FHEO (Federal Housing Enterprise Oversight), because if it wasn’t for you, don’t think we’d be here today.”
Rep. Gregory Meeks (D-NY) 2004 Congressional hearing
To Almando Falcon, FHEO director who presented the report of widespread accounting irregularities in Fannie Mae and Freddie Mac

“I don’t see anything in the report that raises safety and soundness problems.”
–Rep. Barney Frank (D-MA) 2004 on Fannie Mae and Freddie Mac irregularities

“I get the feeling that the markets are not worried about the safety and soundness of Fannie Mae…”
–Rep. Lacy Clay (D-MO) 2004 hearing

“Under the outstanding leadership of Frank Raines, everything in the 1992 Act has worked just fine.”
–Rep. Maxine Waters (D-CA) 2004 hearing

“But the concern that I have is that you are making very specific–what you have correctly acknowledged–very broad and categorical judgments about the management of this institution, about he willfullness of practices that may or may not be in controversy. You’ve imputed various motives to the people running the organization. You went to the board and put a forty-eight hour ultimatum on them, without having any specific regulatory authority to put that ultimatum on them. It sounds like some kind of invisible line has been crossed.”
–Rep. Artur Davis (D-AL) 2004 hearing
To Almando Falcon, FHEO presenting the report about problems with Fannie Mae, Freddie Mac and Franklin Raines

Thanks to Naked Emperor News, this incredibly incriminating footage on C-Span from 2004 shows a Congressional hearing on oversight of Fannie Mae and Freddie Mac, investigating illegal book keeping of the government backed banking companies.

You’ll notice Democrats like Barney Frank, Maxine Waters, Gregory Meeks and Artur Davis saying Fannie Mae and Freddie Mac were doing just fine, didn’t need to be investigated and beating up on regulators trying to keep Fannie and Freddie honest.

Meanwhile, Republicans like Richard Baker, Ed Royce, Christopher Shays and Don Manzullo predict trouble ahead at Frannie and Freddie, call for more oversight and condemn the incredible profits of the CEOs of these government sponsored financial companies.
–2004 Footage Shows Democrats Defending Fannie/Freddie Illegal Book Keeping While Republicans Call for Oversight

One of the chief roadblocks to the $700 billion bailout is the House Republicans not buying into handouts to the very people that we were warned about four years ago.

The House Republicans are well aware how well “oversight” worked four years ago when the agency responsible exercised some oversight.

Meanwhile, the Mainstream Media cautions their remaining “news” customers not to make the financial bailout into a partisan issue.

Little wonder.

by Mondo
image: amnesty international

Tags: 2004, 700 dollar, Almando Falcon, attack, bailout, congressional, Democrats, Fannie Mae, FHEO, Freddie Mac, hearings, House of Representatives, oversight, VIDEO