Sept. 2008, Center for Responsive Politics came out this week showing that Barack Obama was the 2nd largest recipient of cash from troubled financial giants Freddie Mac and Fannie Mae, who were in deep doo-doo this summer and they were facing going belly up. Now taxpayers will have to bail these two giants out.
Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a privately-owned and run government sponsored enterprise (GSE) of the United States federal government. It is a stockholder-owned corporation, authorized to make loans and loan guarantees. Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a publicly owned government sponsored enterprise (GSE). It is a stockholder-owned corporation authorized to make loans and loan guarantees.
According to the Center for Responsive Politics who has been following who Freddie Mac and Fannie Mae have been giving money too since 1989, everyone was surprised that the second largest money given to Washington D.C. representatives came from those associated with Freddie Mac and Fannie Mae was to Barack Obama during a time they have been following these two financial giants. Even though Barack Obama has only been in office for four years he received the second most contributions from both of these failed financial institutions. Barack Obama received at total of $126,349 dollars combined from the Freddie Mac and Fannie Mae PACs and individuals.
When reporters asked Barack Obama at his Washington D. C. office about getting money from Freddie Mac and Fannie Mae, Obama stated "I thought Freddie Mac was the big brother on TV, who had that comedy show. You know the one that just died". Apparently Obama had been confused with Bernie Mac, the African-American comedian who died over the summer. "And I thought Fannie Mae was that Washington D.C. madam"?
Obama said, while he was counting his 66 million dollars he got this month in campaign contributions. "I thought they wanted to help a brother out on the campaign trail by dishing out some money? I didn't know they were financial businesses? Who calls a financial institution after a brother and another one after a Ho"?
"I was going to buy Freddie Mac a pimp hat for giving me so much money and I was going to score Fannie Mae a diamond studded garter to entertain men with. Who knew they weren't real people giving me big bucks like they did"? Obama said with a wink and big smile on his face.