OpenSercrets.org has posted the amount of contributions that members of Congress have received from the two Great Society quasi-governmental mortgage agencies Fannie Mae and Freddie Mac for the roughly 19 years between 1989 and 2008.
At the top of the list, there are two Democratic Senators, Chris Dodd, a member of the US Senate since 1980, and Barack Obama a first term Senator that has served just three years in the Senate. And of course, Barack Obama is the Democratic nominee for President.
Let’s take a closer look at the numbers for Obama and Dodd. Over 19 years, Dodd received a total of $165,400 from PAC’s and individuals associated with the two agencies. Over the past three years, Obama has received a total of $126,349.
Now if we do a little math and divide each of these totals by 19 years, we find that Dodd received an average of $8705 per year and the rookie Senator Obama received an average of $42,116 per year. So, Obama has a rate of accepting funds from Fannie May and Freddie Mac that is almost five times greater than Christopher Dodd.
Considering that Fannie Mae and Freddie Mac more than any other institution lead to the creation of the sub-prime mortgage fiasco that has lead to so much financial loss, I wouldn’t be surprised if Obama’s detractors take a closer look at this in the form of a political commercial.
And how much has McCain received over the past 19 years? $21,550. That calculates to an average of roughly $1134 per year. So Obama has received almost six times the amount of money than McCain has from the two mortgage giants. And if we look at the rate of contribution, Obama has a rate that is over 37 times the rate of McCain.
0 Responses to “Obama’s contributions received from Fannie Mae and Freddie Mac - A comparison”