Truth about Freddie Mac, Fannie Mae
I read Walt Zlotow's piece in Fence Post about the "Ponzi scheme" that has put our economy in a tailspin. He appears to be blaming this on John McCain. I am sure as fair-minded as he sounds, he would want the truth about Freddie Mac and Fannie Mae. I assume this is the Ponzi scheme he is referring to. These facts are very easy to verify.
Freddie Mac and Fannie Mae are GSEs. This stands for Government Sponsored Entity. They were created in the 1990s and sponsored by the Clinton Administration. He appointed Franklin Raines and Jamie Garelick to run Fannie Mae. Both Democratic supporters and contributors. Franklin Raines is now an adviser to the Obama campaign after siphoning off millions from Fannie Mae and being forced to resign after a 2004 investigation finds massive fraudulent bookkeeping at Fannie Mae.
These GSE's were created to give the opportunity to buy homes to people with bad credit, no credit or an inability to make payments on a mortgage. Another well-meaning socialistic idea plays out. The Democrats fought all attempts to bring these GSE's under control. This is what is at the root of the debacle we face today.
While Obama was not around in the late '90s when these GSEs were created, (he was still in Chicago running Ponzi schemes with the terrorist Bill Ayers, the convict Tony Rezko and the racist Jeremiah Wright.) it should be pointed out that he is the No. 2 recipient of money from Fannie Mae. Not sure for what. Do you think he will do the 'patriotic' thing or the 'neighborly' thing and give it back?
Anyway, Walt, now you have facts.
Mike Di Pompeo
Glendale Heights