Barack Obama largest recipient of political funds from mortgage giants Freddie Mac, Fannie Mae

The federal takeover of mortgage giants Freddie Mac and Fannie Mae may stabilize the economy and help the housing industry.

But some politicians could take a hit too, most particularly Democratic presidential nominee Barack Obama.

Individuals who list their employers as one of the two entities, plus political action committees formed by the government-sponsored firms that own or guarantee half the nation's mortgages, have donated $4.3 million to federal elected officials and their various campaign committees since 2005.

The money has gone to both Republicans and Democrats.

But Obama is the recipient of the largest individual money, at $111,849, according to federal campaign finance reports compiled by Times researcher Maloy Moore.

One reason Obama has raised the most from the entities is that he has out-raised all other candidates, $390 million so far and counting.

The mortgage money has not influenced Obama's stands, Ben Labolt, a campaign aide asserted.

The candidate has “consistently supported stepped-up regulation for Fannie Mae and Freddie Mac to ensure that instead of....

...rewarding speculators who relied on the government to reap massive profits, taxpayers and struggling homeowners are protected,” Labolt said.

Republican nominee John McCain has taken $16,400 from Freddie and Fannie employees since 2005. But the groups have had an in with him. McCain campaign manager Rick Davis is past president of the Homeownership Alliance, an advocacy group whose members included Freddie and Fannie. In that role, he defended them against increased regulation.

Democratic and Republican committees set up to fund congressional and Senate races are the biggest recipients. Freddie PAC, Fannie PAC and their employees have given $171,000 to the Democratic Senatorial Campaign Committee, and $123,000 to the Republican Senate committee since 2005.

Other major individual recipients include House Republican Leader John Boehner and his political action committee, $71,750; Senate GOP leader Mitch McConnell and his PAC, $62,500; and Senate leader Harry Reid and his PAC, $61,000.

Hillary Rodham Clinton took $56,100 and Christopher Dodd took $53,450.

Obama’s running mate, Joe Biden, brought up the rear during the period reviewed, receiving just one donation from one Freddie employee of $500. McCain's running mate, Alaska Gov. Sarah Palin, is Freddie- and Fannie-free, having never run for federal office.

-- Dan Morain

Comments

[DrBanks]

What Obama has received from Fannie Mae and Freddie Mac employees is nothing from what his top economic advisors, Franklin Raines and Jim Johnson have done for his coffers. Both are recent CEOs of Fannie Mae and made millions of $$s off the questionable practices under their control. They also funneled massive funds from non-employees. Also, Rahm Emanuel was a Democrat member of thge Board of Freddie Mac, where he consistantly voted the Obama/Democrat line - opposition to every reform suggested by the Bush Admin.

Obama is up to his ears in this scandal - watch for the MSM to stop its reportage.

We never hear Joe Biden refered to as "The Senator from MBNA" anymore. Google the phrase and see what this guy has done to make himself rich.

[plankbob]

There are clear differences on the candidates' economic plans:

http://news.yahoo.com/s/ap/20080908/ap_on_el_pr/candidates_economy&printer=1;_ylt=AqXjHlbt.cILk2CPF_bu.jph24cA

McCain wants more tax cuts for people who don't need them. Trickle down doesn't work, never has, never will.

[Joe Fine]

So Obama is for more regulation of F& F and McCain is for less, so what's your point.

Obama raised more money than anyone else so in dollar amounts, his contributions from virtually all sources are larger than anyone else. You have an endless series of article you could write all with the small meaningless conclusion.

What PERCENT of his contributions come from this source. $100,000 out of $300million??? Do you even understand percentages? $1 out of every $3000 comes from F&F. Big F'ing deal.

What is the average SIZE of the contributions? F& F have lots of employees. Many work in DC, and MD, both heavily democratic areas.

Articles like this aren't fit for wrapping fish.

[jenn]

It is incredibly intellectually dishonest of this newspaper to count individual employees' donations as "industry donations." It's not as if people have a choice about listing their employers on federal donation forms--they don't. It's required. But it sure doesn't mean that the donation was made with the employer's interests in mind.

So don't sit there and try to say that the $100 donated by some random administrative assistant at a Freddie Mac-related entity is "industry money." That's misleading at best, and an outright lie at worst.

[Sims]

So? At least the Fannie Mae and Freddie Mac's lobbyist are not on his payroll. Look at McCain money.

[exhuming mccarthy]

This is such lazy reporting. I work in the insurance industry, and I give money to Obama. Does that mean he is in any way connected to the insurance industry? I don't do it because I think he is good for the industry, I do it because I think he is good for the country.

You should track how many maxed out donations they get from bigwigs. Getting a whole bunch of low level employees giving $100 is different than executives maxing out and bundling.

[Elizabeth]

Do people understand that "Individuals who list their employers as one of the two entities" includes secretaries, janitors, drivers, and computer operators. When I donate - to Obama!! - my donations would be included as coming from the industry for which I work .......................... althought my views are totally dissimilar from the people who run and benefit from that industry. --- This story is meaningless unless you compare the number of donors, the size of the donations, and whether it came from individuals or PACs. If any reporter cared enough to get the important facts, I'm sure you would find that the money going to Obama comes from a large number of individuals who are donating small amounts and that there is no PAC money. ---- The conclusions of the first poster are utterly ridiculous based on the very limited information provided in this article. Saying something doesn't make it so. --- Folks, we HAVE to get over this mental laziness and *think* about the facts, not just accept someone's word for it - on anything. ---- I became a fervent supporter of Sen. Obama because I doubted and tested many of his statements and positions, and I've learned that he tells the truth and is who he says he is. Don't let someone else steal your vote: find out the facts on an issue (or issues) that interest you and *then* decide which candidate makes sense.

[Jan]

DrBanks, that is some amazing info. Thank you! The Harold Raines info is especially revealing.

Obama's netroots slime machine jumped on Gov. Palin's "gaff" about this just yesterday.

Now I'm starting to get this sneaky suspicion that Gov. Palin is studying all of the oppo research on Obama, setting up a trap with her own campaign speeches at rallies, then netroots go into their usual feeding frenzy, then Obama gets exposed for the hypocrite he is, and then DailyKoz, TMP, and Huffington Post are humiliated yet another day.

AND...
BHO is still the one being forced to respond to the GOP VP candidate instead of Joe Biden, because no one is listening to the DEM VP candidate.

As a PUMA, this is delicious.

The netroots connection is the worse judgment call made by BHO.
They are the same ones who encouraged him to ignore the voices of 18 million Democrats and therefore blow his own party to smithereens.

"Uniter, not a Divider"?
Where have we heard that before?
PUMA

[The Guilty Carnivore]

You're doing it again.

If somebody from the KKK gave $2300 to McCain, would your headline say "McCain largest recipient of white supremacy money"?

We're talking individual contributions - people are free to support who they want. It should come to no surprise that individuals who work for a living and want to see their children have a better life are supporting any candidate, on either side.

To imply that either candidate is beholden to their employers is disingenuous, at best, and unethical journalism, at worst.

[Phil]

Newsflash. Obama got more money from every sector.

[Todd]

To keep this blog from being solely pro-Republican, keep in mind John McCain's son's involvement in the $2 BILLION FAILURE of Silver State Bank:

Citing to overexposure to risky real estate loans, state and federal regulators have closed down Nevada's Silver State Bank. The bank had nearly $2 billion in assets and 17 branches in Arizona and Nevada. Andrew McCain, son of Republican presidential nominee Sen. John McCain of Arizona, was a member of the bank's board and its three-member audit committee until six weeks ago. After serving five months on the board, Andrew McCain--Sen. McCain's adopted son from his first marriage--left the Henderson, Nev., bank, citing "personal reasons." There is no evidence of wrongdoing by Andrew McCain, nor any indications that Sen. McCain knew about or was involved in Silver State's financial problems, analysts said (MarketWatch Sept. 7)

[dee clary]

Check out Rick Davis lobbying on behalf of F&F. And now he's McCain' campaign advisor!?

[james]

Being a on the board of directors for a bank 5 months is much more than drawing a check, discussion and voting on a few issues. Hardly causing a failure as one man serving. But it is supprising that the media has not picked it up and skewed it since they are not running down the middle of the road. Compare past interviews on the net and see where the love fest is. MSM is rediculous and alienating a portion of the public.

[From Illinois]

OBAMA is in bed with Fannie Mae and Freddie Mac. The corruption in Illinois from Obama and friends is very, very deep. They steal money from local government health insurance reserve funds and use the money for their own programs. Then they deny access to local government employees in order to line their pockets. Corruption is rampant in Illinois and Obama will take his show to Washington.

[alex]

you're kidding me, right?

this is pathetic journalism. look at the title of your article

"recipient of largest funds from mortgage giants..."

then look at what you're actually reporting. my high school newspaper had more decency then this.

[Reno Voter]

Since Barak Obama is benefiting from Freddie Mac, Fannie Mae, and Fiancial Companies donation perhaps he
could pay back these institutions and the American Voters in their time of need.

[Rose Curnutt]

Obama should give the money back. HAH! He cut his teeth in Illinois politics -- the most crooked state in the U.S.--Illinois. Loooong history of corruption, and he's part of it -- Rezko, Blagovich, Daley, and one and on.

[Frank Turchi]

Why don't you print the rest of the list and open
up the following website.
I'm sure I'll never see this on your blog.
McCain has taken more from Lobbyists & Officers of Fannie Mae and Freddie Mac then Obama.
$169,900 for McCain & $16,000 to Obama.
Let's be fair & present all the facts.

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

[mike]

It's amazing, politicians taking money! mmh? Their all in the same boat. When will we see a politician not take money for someone elses special interest? I wonder if Gov. Palin will start the trend?

390 million so far! whatever happened to the community organizer putting the needs of the poor before his own?

Conservative or liberal "the buck has to stop here!

[Robert]

People that say "Trickle down doesn't work, never has, never will." are clearly demonstrating two things: Everything they know comes from Bumperstickers distributed by the Democratic Party, and secondly, they know absolutely nothing about Economics.

Next thing you'll see is somebody saying raising taxes helps the Economy...

And taxing corporations is a good idea.

Robert

[Judith]

Barack Obama ran a campaign without ever revealing much about who he was, what change was he talking about, and how was he going to bring about change. I still don't get the hype about the man, although he does have a great smile and he looks good shirtless! He compares himself to Abraham Lincoln who freed the slaves and learned to write by reading the Bible. Lincoln was a man of principles and truths. Barack Obama still baffles me!!