As a Senator, Barack Obama helped block reform of Fannie Mae and Freddie Mac

Senator Barack Obama was the third leading recipient of campaign contributions by Fannie Mae and Freddie Mac, behind only Christopher Dodd (D-Connecticut) and John Kerry (D-Massachusetts).

An article by Peter J. Wallison, in the Wall Street Journal, explains how Democrats in the Senate blocked regulatory legislation for the Government Sponsored Entities (GSEs) proposed by Republicans:

One chapter in this story took place in July 2005, when the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs on a party-line vote — all Republicans in favor, all Democrats opposed. The bill would have established a new regulator for Fannie and Freddie and given it authority to ensure that they maintained adequate capital, properly managed their interest rate risk, had adequate liquidity and reserves, and controlled their asset and investment portfolio growth.