Obama keeps getting a lot of mileage out of a bill that he, Durban and Menedez submitted back in February of 2006.
The bill, S. 2280 appears to set up multimillion dollar penalties for “Mortgage professionals” who seek to execute a “scheme or artifice”
The bill: `(a) In General- It shall be unlawful for any mortgage professional to knowingly execute, or attempt to execute, a scheme or artifice–
`(1) to defraud any natural
person or financial institution in connection with the offer or extension of consumer credit (as such term is defined in subsections (e) and (h) under section 103 of the Truth in Lending Act (15 U.S.C. 1602(e) and (h))), which credit is, or is to be, secured by an interest–
`(A) in real property; or `(B) in personal property used
or expected to be used as the principal dwelling (as such term is defined under section 103(v) of the Truth in Lending Act (15 U.S.C. 1602(v))) of the natural person to whom such consumer credit is offered or extended; or
`(2) to obtain, by means of false or
fraudulent pretenses, representations, or promises, any money or property, including without limitation in the form of fees or charges, from a natural person in connection with an extension of consumer credit secured by an interest–
`(A) in real property; or `(B) in personal property used or expected to
be used as the principal dwelling of such natural person;
Read twice and submitted to the Banking, Housing and Urban Committee.
Now, just what this bill would have done any different to stop Obama’s friends at Fannie Mae escapes me. He obviously thinks we are too lazy to dig it up. He knows that he will get the usual free pass from the Liberal Media if this bill somehow received some scrutiny.
I wonder if we should ask one of our great legal minds, the Gamecock, to peruse the bill, to determine with certainty that the above conclusions are correct.
Notwithstanding the outcome of close legal examination, the fact remains Obama did not appear to pursue this issue. Since his friends at Fannie Mae who profited greatly from activities that would make an Enron executive blush and ran roughshod over the law without fear of examination, I have serious doubts that anything in S. 2280 would have impacted the situation.
As it is said in the deep south, once again, Obama is “full of beans.”