WIS News 10 - Columbia, South Carolina | SC lawmakers accepted donations from Fannie and Freddie

SC lawmakers accepted donations from Fannie and Freddie

COLUMBIA, SC (WIS) - The bailout of mortgage brokers Fannie Mae and Freddie Mac outraged many Americans and has become fodder for the presidential campaign, when it was released that Democratic contender Barack Obama was the second highest recipient of campaign donations from the companies.

However, the Democratic candidate's campaign wasn't the only one that received donations from the fallen mortgage brokers' employees and federal PACs. Republican and Democrat lawmakers from the state of South Carolina were also found on the list of 354 politicians.

Those lawmakers included Democrats Rep. James Clyburn ($29,750) and Rep. John Spratt ($21,500), as well as Republicans Rep. Gresham Barrett ($17,250), Sen. Lindsey Graham ($500) and Sen. Jim DeMint ($250).

"I get a lot of money from businesses. I get a lot of money from employees of businesses, because I am pro-business," said Sen. Lindsey Graham in an interview with WIS last week.

The Republican senator had no ill will towards his colleagues who have taken big bucks from Fannie Mae and Freddie Mac adding, "To any member of our delegation that has received money from Fannie Mae and Freddie Mac, I don't question their desire one bit to regulate Fannie Mae and Freddie Mac."  

The Federal Election Commission began tracking campaign donations in 1989, since then Graham has only taken a total of $500 in donations from the mortgage big wigs, but other South Carolina politicians have taken thousands of dollars in campaign donations, including. Rep. John Spratt, who has $21,500 from Freddie Mac and Fannie Mae's PAC and their employees.

Spratt defended his donations in a letter to WIS stating, "spread over 19 years, the contributions from Freddie Mac and Fannie Mae average about a thousand dollars a year. In most of those years, I faced serious opposition and had to raise funds to run for re-election."

Senator DeMint said in a statement, "Fannie Mae and Freddie Mac built the biggest political machine in Washington to protect themselves from real reform, but Senator DeMint is leading the fight to end all of their lobbying and political activity. He strongly opposed their bailout and has proposed privatizing them so taxpayers are never forced to pay for their mistakes again."

The good news concerning the congressional campaign money round-up is that contributions to South Carolina's federal lawmakers are minimal as compared to some. Senator Christopher Dodd (D-CT) raked in $165,400 from Fannie Mae and Freddie Mac and Senator John Kerry (D-MA) has a total of $111,000 from the companies.

For a complete list of lawmakers who have received donations from Fannie and Freddie, click here. To read complete statements by the politicians mentioned in this story, click here.

Updated by Logan Smith