Kagen returns Fannie Mae campaign contribution
MILWAUKEE -- Wisconsin Republicans have been trying to link Rep. Steve Kagen to Fannie Mae, the troubled mortgage giant.
While the Democrat recently received a $1,000 contribution from Fannie Mae, Fagen's campaign says the contribution was returned immediately. According to the Federal Elections Commission, candidates don't have to report donations if they are immediately returned.
Kagen's opponent in this year's election is Republican John Gard. Kagen defeated Gard in 2006.
Both Fannie Mae and Freddie Mac have given millions of dollars to members of both parties in the past two decades before being taken over by the federal government this year.
According to the Center for Responsive Politics, four Wisconsin members of Congress have received contributions from the companies, including Senator Russ Feingold and Reps. Gwen Moore, Dave Obey and Paul Ryan.
Sep 29, 2008 at 11:32 a.m.
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Yeah, I didn't realize Barney Frank was in Congress since before World War II. He's looking pretty good for 140. Good grief, who told usanet that load of horse hockey? FOX News?
Sep 29, 2008 at 8:39 a.m.
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"Fannie Mae was founded as a government agency in 1938 as part of Franklin Delano Roosevelt's New Deal to provide liquidity to the mortgage market. For the next thirty years, Fannie Mae held a virtual monopoly on the secondary mortgage market in the United States." Wikipedia- knowledge IS power.
Sep 28, 2008 at 10:02 p.m.
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You might want to thank Barney Franks.
He was one of those that established Fannie & Freddie. How come all the checks and balances weren't put in back in the 90's when it was set up?
The concept was great. The results, well, your reading about the bailout today.
The truth is, there is plenty of blame to be shared by both political parties, wall street and in some instances, the public.
Now, we have to hope that a bipartison bailout bill will pass and that it will correct many if not all of the failed Freddie & Fannie policies that placed our country in this position.
Contact your represenatives and let them know that your tired of the blame game and that you want RESULTS NOT EXCUSES.
Sep 28, 2008 at 6:58 p.m.
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Another fine Republican mess -- but quick, before anyone figures it out, let's blame it on the Democrats!
Sep 28, 2008 at 5:29 p.m.
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Well that was sweet....
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