Aug 12, 2008 6:21 am US/Central
Fannie Mae, Freddie Mac To Skip RNC
ST. PAUL (AP) ―
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A Fannie Mae spokeswoman tells the St. Paul Pioneer Press they will no longer be participating in the Democratic or the Republican conventions, including the housing industry events.
2008 Republican National Convention
Troubled mortgage giants Fannie Mae and Freddie Mac will skip the Republican National Convention.
The government-sponsored mortgage underwriters were scheduled to co-sponsor a Sept. 2 event at the posh Graves 601 Hotel. But Fannie Mae and Freddie Mac have had their names removed from party invitations.
"We will no longer be participating in the Democratic or the Republican convention, including the housing industry events," said Fannie Mae spokeswoman Amy Bonitatibus.
When the St. Paul Pioneer Press asked why, Bonitatibus said, "I'm not going to comment on that."
Fannie Mae and Freddie Mac already have been under pressure about lobbying activity by U.S. Senate critics and others.
Sen. Jim DeMint, R-S.C., for instance, has proposed to ban the companies from lobbying or making political contributions to lawmakers.
"We can't have the people who are supposed to watch over these organizations getting money from these organizations," DeMint has said.
The Republican National Convention runs September 1-4 at the Xcel Energy Center in St. Paul.
During the first two quarters of 2008, Fannie Mae has spent $2.9 million on lobbying, according to the Center for Responsive Politics. Freddie Mac spent $4.5 million during the same period.
Even without the mortgage companies, the Sept. 2 event will go on. It's called "Building Stable Communities for America's Future" and is sponsored by Independent Community Bankers of America, the National Association of Realtors and the National Association of Home Builders.
A spokeswoman for the home builders groups confirmed that the event is still scheduled.
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According to GOP.com, the Republican Party was born in the early 1850's by anti-slavery activists and individuals who believed that government should grant western lands to settlers free of charge. In 1860, Abraham Lincoln was elected as the first Republican Party president.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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