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December 2, 2008 7:58:51 PM CST

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McCain, Obama Both Have Ties to Loan Giants

Posted Sep 10, 08 7:01 AM CDT in Business,  Politics 

(Newser) – Barack Obama and John McCain are both railing against the excesses of Fannie Mae and Freddie Mac on the campaign trail, and promising to end the lobbyist culture in Washington that led to their fall. But both candidates and their parties have multiple ties to Fannie and Freddie, the New York Times reports, and both have taken campaign contributions from their leaders.

Neither senator has ever challenged the GSEs in the Senate, making difficult the task as president to right the mortgage industry. And both campaigns feature high-ranking staffers who were key players for the mortgage giants —including McCain's campaign manager and vice-presidential vetters on both sides.

Source New York Times

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Treasury Secretary Henry Paulson, Jr. speaks during a news conference in Washington, Sunday, Sept. 7, 2008 on the bailout of mortgage giants Fannie Mae and Freddie Mac.   (AP Photo/Susan Walsh)
Democratic presidential candidate Sen. Barack Obama, D-Ill., addresses supporters at Lebanon High School High School in Lebanon, Va., Tuesday, Sept. 9, 2008.   (AP Photo/Don Petersen)
Republican presidential candidate Sen., John McCain, R-Ariz., greets supporters on his way into a campaign rally in Lancaster, Pa., Tuesday, Sept. 9, 2008.   (AP Photo/Stephan Savoia)
Both John McCain and Barack Obama have taken money from top figures at Fannie and Freddie.   (AP Photo)
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Barack Obama • John McCain • Financial Crisis • subprime crisis • Fannie Mae • Freddie Mac • political donations


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