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Senator Obama and Senator Jack Reed of RI held up any serious reform of Fannie Mae in order to cut out a “low income trust fund” that Fannie had to pay money into to offer loans to bad credit risks.
The NILCH (National Institute for low income housing) had a press release that featured Senator's Reed and Obama talking about what a wonderful program that was in May of this year.
They were buying votes with Fannie Mae all the while Senator McCain was calling for divesture of some loans in order to shore up Capital Reserves.
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