Freddie Spent $5.9MM on Lobbying in 1st Half '03

Freddie Mac spent $5.92 million lobbying elected officials during the first half of last year, ranking 10th among all U.S. firms, according to figures compiled by Political Money Line.Freddie, which has been plagued by an accounting scandal since early June, was the only pure financial services firm among the top 10. Compared with the first half of 2002, its lobbying expenditures rose 44%. General Electric, which owns a mortgage insurance division and other financial-services-related businesses, ranked first in lobbying expenditures, with $9.66 million. GE's mortgage insurance division, GE Capital Mortgage Insurance, Raleigh, N.C., also is a key player and funder of FM Policy Focus, a group that lobbies to contain Fannie Mae and Freddie Mac. Fannie spent $3.8 million in lobbying during the first half, and J.P. Morgan Chase, another key FM Policy Focus backer, spent $3.83 million.