Let's make this clear with some facts - Obama has been inside Fannie Mae scandal from the start and DID nothing to stop the collapse.  In his short term in Congress, Obama has raked in more Fannie Mae donations than any other member of Congress in 20 years except Senator Dodd. Obama has sought the campaign advice of two former Fannie Mae CEOs who took money based on the "purposely obscured" accounting documented by the audit report. Obama has bundlers and advisers from the collapsed institution sprinkled over his campaign like sugar over cookies.

This is a quote from the audit report on Fannie Mae -

"By deliberately and intentionally manipulating accounting to hit earnings targets, senior management maximized the bonuses and other executive compensation they received, at the expense of shareholders. Earnings management made a significant contribution to the compensation of Fannie Mae Chairman and CEO Franklin Raines, which totaled over $90 million from 1998 through 2003. Of that total, over $52 million was directly tied to achieving earnings per share targets."

So while Franklin Raines, currently adviser to Senator Obama, walks free with millions in his pockets, homeowners and taxpayers all over America are paying the price of his failed leadership.

Then there is Jim Johnson, former Fannie Mae CEO turned adviser to the Obama campaign. According to the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, Johnson obtained millions of dollars of hidden income from the corporation.

In fact, investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million, when it fact it was $21 million.

And how about Daniel Shapiro?  Shapiro is one of Obama?s top foreign policy advisers on the Middle East, also registered to lobby for several corporate clients in the last year. Shapiro, who worked during the 1990s for President Bill Clinton?s National Security Council, lists some of America?s biggest corporate names among his clients, including the American Petroleum Institute and Freddie Mac.

Where was John McCain? In 2005, Sen. McCain proposed legislation that could have prevented this whole mess to reform Fannie and Freddie.

McCain's legislation was defeated by Dodd and the Senate Democrats. Since then Dodd along with Democrat Sens. Obama, John Kerry, and Hillary Clinton - the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 - actively opposed any reform measures and supported weakening existing regulations.

Ted Janulis, head of Mortgage Capital at Lehman Brothers until his retirement in September 2008, is a "Bundler" for Obama's Presidential campaign - Committed to raising $50,000 to $100,000. (Obama For America Website, www.barackobama.com, Accessed 5/19/08)

In just four years, Obama has received more money from Lehman Brothers than any other member of Congress since 1989 except Sen. Hillary Clinton. (Lindsay Renick Mayer, "Brothers Grim: Is Lehman Next?" Center For Responsive Politics' "Capital Eye" Blog, www.opensecrets.org, 9/12/08)

John Rhea, a managing Director and co-Head of global consumer and retail investment banking for Lehman Brothers, is a "Bundler" for Obama's Presidential campaign committed to raising $50,000 to $100,000. (Obama For America Website, www.barackobama.com, Accessed 5/15/08)

"[N]adja Fidelia, who is also a Managing Director at Lehman Brothers, has raised at least $50,000 for Obama..." (Timothy Williams, "Obama Takes His Campaign to Harlem," New York Times, 11/30/07)

William Daley is a top economic advisor to Obama - Daley served on the Fannie Mae Board and received hundreds of thousands in stock options and Director fees. "After Clinton passed over Daley for a Cabinet post in his first term, he appointed him to the Fannie Mae board. Daley reported collecting $ 24,814 in director's fees in 1996 from the firm. He also listed deferred compensation and stock options from Fannie Mae worth between $ 215,000 and $ 500,000." (Charles R. Babcock and Barbara J. Saffir, "In Wealth, Clinton Team Doesn't Look Like America," The Washington Post, 6/24/97)

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And what did John McCain say/do about Fannie and Freddie?

"I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation.  If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." (Office Of U.S. Senator John McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06)

His bill was defeated in an effort led by Senators Dodd, Obama, Clinton and Kerry.