Freddie, Fannie Were Big Campaign Donors

Investor's Business Daily (09/11/08) P. A1; Hogberg, David
Records show that both Fannie Mae and Freddie Mac's now-defunct political action committees (PACs), set up in 2003, contributed just over $3 million to federal candidates. The money, funneled into various candidates' election campaigns and their leadership PACs, helped the two government-sponsored enterprises prevail on issues on Capitol Hill. The GSEs spread their money evenly--Democrats received 51 percent, with Republicans getting the other 49 percent. The extent to which these contributions compelled Capitol Hill lawmakers to overlook Fannie Mae and Freddie Mac's problems is not clear, however.