The Top 10 Obama Administration Investigation Targets

The Top 10 Obama Administration Investigation
Targets

January 17th, 2011

Human Events

Rep. Darrell Issa (R.-Calif.), the new chairman of the House Oversight and
Government Reform Committee, has signaled he will conduct numerous oversight
investigations of the Obama Administration. Here are the Top 10 areas ripe for
investigation for Issa and other congressional Republicans:
(1) ObamaCare: Any
measure that restructures one-sixth of the U.S. economy bears scrutiny
particularly when passage of the bill required legislative bribes such as the
Louisiana Purchase
and Cornhusker
Kickback
. To paraphrase Nancy Pelosi, now that ObamaCare has passed, let’s
see exactly what is in it — and how it got there.
(2) Stimulus: The American people deserve to know what they
got for the $787 billion stimulus package that Obama signed in February 2009,
including how much money was spent frivolously to publicize the legislation. And
where exactly are all those jobs that the administration claims were “created or
saved?”
(3) Freddie and Fannie: Previous attempts by congressional
Democrats to get to the bottom of the 2008 financial meltdown conveniently
overlooked the role of Fannie Mae and
Freddie Mac. How much of the housing crisis was due to financial donations going
to Democratic officials, who overlooked financial transgressions at the agencies
so long as mortgages flowed to unworthy credit risks?
(4) Wikileaks: Someone in
the administration needs to explain how the lowly serviceman who served
up secret documents to Wikileaks
could have access to such a large amount of
classified material. And were any actions taken to shut down Julian Assange in
the months after the initial disclosures and before the embarrassing leak of
State Department cables?
Read more.

Freddie Mac asks for fresh 10.6 billion dollar bailout

Freddie Mac asks for fresh 10.6 billion dollar bailout

AFP – Thursday, May 6
Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.

WASHINGTON (AFP) – – Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.

Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.

The Washington-area company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.

It warned that further demands would be on the way: “Freddie Mac expects to request additional draws,” the firm said in a statement.

“The size and timing of such draws will be determined by a variety of factors that could adversely affect the company’s net worth.”

In 2008, the government pledged to ensure that Freddie Mac, and its larger sister organization Fannie Mae, kept a “positive net worth.”

The deal was designed to prop up the vital US housing market from collapsing totally and pushing the economy over the precipice.

But in a sign that the US housing sector is still in difficulty, Freddie said the percentage of its loans not paid on time or in full rose to 4.13 percent in the first three months of the year.

In the final three months of last year the rate stood at 3.98 percent.

The future of Fannie and Freddie has become the latest bone of contention between Democrats who argue they must remain government-backed to aid low-income housing and Republicans who advocate their privatization.

In March, Treasury Secretary Timothy Geithner swatted aside pressure for a swift reform of the mortgage giants as data pointed to a still struggling real estate market.

Geithner told Congress any restructuring of Fannie Mae and Freddie Mac, which received a 100-billion-dollar-plus government bailout at the height of the housing crisis, “must be done as part of a reform of the wider housing finance system.”

Geithner argued reforms would “take several months” to develop and should only be “enacted and executed at a time of greater market stability.”