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Obama calls for $275 Billion mortgage package while FDIC nears insolvency.


CofCC.org News Team

Obama wants $200 Billion for his pals at Fanny and Freddy! While FDIC goes bankrupt!

FDIC is the federal insurance on the money in your bank account in case the bank goes under. Federal Deposit Insurance Corp. Chairman Sheila Bair says the insurance fund is about to run out. While Obama/Pelosi/Reid are spending trillions of dollars that the government doesn’t have, everyone’s savings is being put in jeopardy!


Read Article on FDIC!

Obama calls for $75 Billion in Federal subsidies to banks to refinance certain mortgages at lower rates. He also wants to spend an extra $200 Billion bailing out Fannie May and Freddie Mac. Obama is one of the top recipients of their campaign contributions.

Between 1989 and 2008, Obama received more campaign contributions from Fanny and Freddie than anyone except for Chris Dodd. Despite only being in the Senate a short time!

Dodd, Christopher J S CT D $165,400
Obama, Barack S IL D $126,349
Kerry, John S MA D $111,000
Bennett, Robert F S UT R $107,999
Bachus, Spencer H AL R $103,300
Blunt, Roy H MO R $96,950
Kanjorski, Paul E H PA D $96,000
Bond, Christopher S ‘Kit’ S MO R $95,400
Shelby, Richard C S AL R $80,000
Reed, Jack S RI D $78,250
Reid, Harry S NV D $77,000
Clinton, Hillary S NY D $76,050