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Friday, September 26, 2008
Another WND Reporter Covers for McCain on Fannie, Freddie
Topic: WorldNetDaily

Good news: A WorldNetDaily news article finally mentions for the first time connections between the McCain campaign and the Fannie Mae-Freddie Mac meltdown.

Bad news: It's mentioned only in passing, gets it wrong, and heaps most of the guilt-by-association on Obama.

A Sept. 25 article by Chelsea Schilling discussing the problems at Fannie and Freddie noted that "Both Sens. John McCain and Barack Obama have come under fire for allegedly having donors and campaign advisers tied to Fannie Mae and Freddie Mac," then added:

McCain's campaign manager, Rick Davis, was reportedly paid a total of $35,000 a month from 2000 to 2002 by Freddie Mac and Fannie Mae. McCain told the Times Davis no longer works for the mortgage giants and has had "nothing to do with it" since he left the payrolls.

Unlike fellow WND reporter Jerome Corsi, Schilling actually makes note of this. But not only does she grossly understate the extent of Davis' connection, Schilling gets the amount of time involved wrong. In fact -- as the New York Times reported, Davis was paid that amount -- acting as president of the Homeownership Alliance, an advocacy group funded by Fannie Mae and Freddie Mac that tried to fend off regulation sought by large private banks and mortgage lenders -- through 2005, not 2002 as Schilling claimed. The Times quoted a former Fannie Mae official stating that "The value that [Davis] brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again."

Schilling also failed to note another connection: Freddie Mac paid the lobbying firm Davis founded $15,000 a month from the end of 2005 through August 2008. While campaign officials insist that Davis has had no involvement with his firm while working for the McCain campaign, he's still listed as an officer of the company.

That single paragraph, by the way, is Schilling's only attempt to detail the ties between McCain's campaign. By contrast, Schilling devotes several paragraphs to detailing the Obama campaign's alleged links to Fannie and Freddie.

Schilling leaves out certain important details of the story. For instance, in citing "A Washington Post profile published July 17 said [Franklin] Raines was then playing a role advising the Obama presidential campaign on mortgage and housing policy," Schilling fails to mention -- llike Corsi before her -- that both Raines and the Obama campaign have denied that Raines is an adviser.

Schilling also asserts, "In 2005, McCain warned of the coming mortgage crisis and pressed for regulatory reform of Fannie Mae and Freddie Mac," but she fails to point out that McCain has introduced no bills related to banking or housing in the current session of Congress.

If WND boss Joseph Farah doesn't want McCain elected, why are his reporters continuing to cover for McCain?

Posted by Terry K. at 9:17 AM EDT

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