Fannie and Freddie Spend 23 Million Dollars Lobbying Congress

The Washington Post reports:

Fannie Mae and Freddie Mac last year together spent nearly $23 million on lobbying, as Congress considered legislation to tighten oversight of the two mortgage finance companies in response to their multibillion-dollar accounting scandals.

According to records filed last week with the House of Representatives, the two companies remained among the most prolific corporate spenders on lobbying, despite controversy over their efforts to influence lawmakers.


The two companies are heavily regulated by Congress and chartered with a public mission of encouraging homeownership. Critics argue that their lobbying has been too geared toward trying to avoid tighter regulation and toward benefiting stockholders.

Freddie Mac spent $12.6 million on lobbying, down from $15.44 million in 2004 but still enough to place it 11th among corporations that so far have filed lobbying disclosure forms for 2005, according to the Web site PoliticalMoneyLine. Fannie Mae was 15th. The rankings are likely to change because many of the 2005 filings are still being processed, but in previous years Fannie Mae and Freddie Mac routinely ranked in the top 25.

This isn't the altruistic image Fannie tries to portray of themselves making homeownership more affordable.It appears Fannie is trying to buy the ability to run an Enron style balance sheet.Fannie's campaign contributions sure look like bribes.