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Fannie Mae and Freddie Mac, the government-sponsored mortgage underwriters who recently received a massive federal bailout, have decided they probably shouldn't be buying drinks and hobnobbing when the convention rolls into town.
The pair were slated to co-sponsor a Sept. 2 event at the swanky Graves 601 Hotel in Minneapolis. Already under intense pressure about lobbying activity by U.S. Senate critics and others, 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," Fannie Mae spokeswoman Amy Bonitatibus said.
Asked why, Bonitatibus said, "I'm not going to comment on that."
One clue might come from Sen. Jim DeMint, a South Carolina Republican. DeMint has sought a ban on lobbying by Fannie Mae and Freddie Mac and was a critic of recent legislation that threw the two companies massive, multibillion-dollar lifelines.
"If Americans are being forced to bail them out, they should learn to buy drinks on their own dime, not the taxpayers'," spokesman Wesley Denton told the Washington Post.
Through the first two quarters of 2008, Fannie Mae has spent $2.9 million on lobbying, according to the Center for Responsive Politics.
Freddie Mac, meanwhile, spent $4.5 million during the same period.
Dozens of companies are expected to sponsor parties and events during the Republican National Convention, which runs Sept. 1-4 at the Xcel Energy Center.
And the party will go on. The Sept. 2 event, dubbed "Building Stable Communities for America's Future," is sponsored by Independent Community Bankers of America, the National Association of Realtors and the National Association of Home Builders.
A spokeswoman for the National Association of Home Builders confirmed that the event is still scheduled.
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