Loan Titans Paid McCain Adviser Nearly $2 Million

September 22, 2008 | Posted by admin

McCain is running ads linking Obama to heads of Fannie Mae and Freddie Mac, as if Obama is the cause for this. He’s not. McCain’s chief economic adviser, Phil Gramm, was a major player in the deregulation of Wall Street and now it’s come out that McCain’s campaign manager has recieved nearly $2 million by advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations.

Several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.

“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said. Continue Reading

Categories: News | Tags: economy, John McCain, Phil Gramm, Rick Davis | No Comments »