Uh oh!

For all the ranting and raving some on the fringe right do when it comes to blaming Democrats for the current housing crisis, a report by the Associate Press indicates mortgage giant Freddie Mac secretly paid a Republican consulting firm two million dollars to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse. Let’s not forget this is the same Freddie Mac that was paying McCain campaign chairman Rick Davis fifteen thousand dollars a month until August 2008, presumably to lobby on their behalf to Senator John McCain, the Republican presidential nominee. What’s more, Rick Davis has profited handsomely from his relationship with Freddie Mac:

McCain’s campaign manager, Rick Davis, or his lobbying firm has taken more than $2 million from Fannie Mae and Freddie Mac dating to 2000. In December, Freddie Mac contributed $250,000 to last month’s GOP convention.

Now sure, the article makes it clear Sen. McCain himself was not a target of the campaign to kill the legislation that would have regulated and trimmed Freddie Mac and Fannie Mae, but considering his campaign manager’s close ties to Freddie Mac, it’s not inconceivable to believe Freddie Mac didn’t need to target Sen. McCain because Freddie Mac had an “ace in the hole” in Rick Davis.


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