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McCain Campaign Manager Got Monthly Payments from Freddie Mac

HeadlineSep 25, 2008

McCain’s delaying attempt comes as his ties to the financial industry are under increased scrutiny. Reports have emerged showing the lobbying firm of McCain’s campaign manager, Rick Davis, continued to receive monthly $15,000 payments from the troubled mortgage giant Freddie Mac until last month. The New York Times reports the firm, Davis Manafort, appeared to do little work for the company but was kept on the payroll because of Davis’s close ties to McCain. McCain has previously denied Davis’s links to Freddie Mac. The disclosure follows revelations Davis was paid nearly $2 million to serve as president of an advocacy group set up by Fannie Mae and Freddie Mac. As president of the Homeownership Alliance, Davis earned more than $30,000 a month for five years to beat back regulatory challenges as they began buying riskier mortgages with implicit federal backing.

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