Freddie Mac Steps Up CampaignActivity
WASHINGTON - (08/03/04) -- Secondary mortgage market,struggling to fend off new regulatory initiatives by Congress,formed its own political action committee last week to directcampaign contributions to individual lawmakers. The creation ofFreddiePAC follows a similar move by Fannie Mae, which formed itsown PAC last November, just two days after the Supreme Court upheldthe new ban on soft money contributions. Soft money had been thepreferred political largesse for the two government sponsoredenterprises, which donated more than $10 million to the Republicansand Democrats over the previous three elections, including almost$6 million in the 2002 elections, alone. The two companies havealso turned out in force for the party conventions, with eachexpected to spend more than $1 million in contributions orsponsoring receptions for members of Congress during the separateevents.