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New York Times
Loan Titans Paid McCain Adviser Nearly $2 Million

Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

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A 2004 photograph from a report by the Homeownership Alliance, an advocacy group for Fannie Mae and Freddie Mac, shows John McCain with Ken Guenther, a former chairman of the group, left, and David Lereah of the National Association of Realtors.

At the time that Fannie Mae and Freddie Mac recruited Mr. Davis to run the Homeownership Alliance in 2000, they were under new pressure from private industry rivals and deregulation-minded Republicans who argued that the two companies’ federal sponsorship gave them an unfair advantage and put taxpayers at risk.