Fannie & Freddie banked on Obama


September 8th, 2008

According to Open Secrets since the 1990 election cycle Fannie Mae & Freddie Mac employees and PAC’s doled out $19.5 Million to members of Congress. While 53% of that money was given to Republicans Senator Barack Obama, who has made an end to lobbyists reign in Washington a central theme of his campaign, received $122,850 from both companies an amount second only to fellow Democrat Chris Dodd. Additionally Obama received the most from individuals associated with Fannie Mae at $101,150. (John McCain, has received only $21,300 from both since 1989)

The nationalization of both companies is expected to cost taxpayers billions and Senator Obama announced today that economic problems in association with the bailout could “delay” his plans to rescind the Bush tax cuts. Obama had planned on using the money generated from the removal of those tax cuts to fund large portions of his domestic programs.

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