Home -> Law Blog Directory -> Criminal Law Blogs -> Crime & Federalism

Criminal Law

: Crime & Federalism

McCain Cosponsored Federal Housing Enterprise Regulatory Reform Act of 2005; Reform of Fannie and Freddie

In 2003, Senator John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005. (Text of bill and related information.)  The reform, due to Democratic resistance, never became law.  Here was a statement John McCain made in support of the Federal Housing Enterprise Regulatory Reform Act of 2005: Statement by John McCain Sen. John McCain [R-AZ]: 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. The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives...continue to full post

Full post as published by Crime & Federalism on September 21, 2008 (boomark / email).