Posted on 10/18/2008 8:41:44 PM PDT by Libloather
Protesters blame Frank for crisis
BY JIM HAND SUN CHRONICLE STAFF
Saturday, October 18, 2008 2:39 AM EDT
WESTPORT - About 15 protesters called for the resignation of U.S. Rep. Barney Frank Friday, saying he is responsible for the recent crisis in the financial markets that required a $700 billion government bailout.
The protesters claimed Frank supported regulations that forced banks to make risky mortgages to low-income families who could not afford to own homes, leading to foreclosures and the failure of financial institutions.
"He was pushing loans to people who could not pay them back. It was social engineering. He wanted to get low income people into homes," said Linda Rapoza of Fall River, a member of the Republican State Committee.
Some of the protesters were supporters of Earl Henry Sholley of Norfolk, a Republican running against Frank.
"A large volume of money was loans given out to people who could not afford them," said David Rose, another Fall River member of the Republican State Committee. They and others also said that, as chairman of the financial services committee, Frank failed to prevent institutions like Fannie Mae and Freddie Mac from getting into trouble.
"He should have foreseen this coming," Rose said of the financial markets crisis that has badly hurt the economy.
Frank said critics have been misinformed on the issue of mortgages for low-income families.
He said they are referring to the Community Reinvestment Act. The bill, he said, requires regulated savings banks to make loans in communities they receive deposits from so banks cannot discriminate against inner-city areas.
The bill was passed 31 years ago and never caused financial problems, he said.
The legislation also only applies to regulated savings banks, and they are not the institutions that made most of the risky loans that are now failing, he said.
Banks, he said, are regulated, can only loan to qualified customers and must have enough money in reserve to protect against problems.
Troubled firms Lehman Brothers and Bear Sterns are international investment banks and financial institutions that are not subject to the Community Reinvestment Act.
Frank said only 5 percent of mortgages by savings banks were of the risky subprime variety, while 35 percent of mortgages from other institutions were.
Maybe its just me but - why is it, whenever Barney talks, he sounds like he has a hot dog in his mouth?
Can you be convicted for ‘looking the other way’?
Not touching the hot dog line ...
Raines, Gorelick, Dodd, Obama, Frank, Waters, should have ALL of them do the PERPWALK!!
I think that is right, did I get this right or am I wrong?
He did indeed. And not only that, he helped block every GOP attempt to rein in Fannie. ....no doubt much to the delight of his boyfriend exec., who Barney loved only for his Fannie.
Wrong. It's spelled 'prostitute'.
You got it right. Of course, it’s a large apartment so how could he know what was going on?
Fertile ground but dangerous.
Barney was in bed with Fannie.
**”Not touching the hot dog line ...”
Fertile ground but dangerous.**
And all too TEMPTING, but I’ve already sent up enough posts that could get me banned.!!
Enough chances for one day!
That would tend to explain the mumbling.
bttt
You have to admit it's hard to resist.
OK just one then I’m going to bed ... the can ban me while I’m SLEEPING...
HEY BWANEY ... is that a HOT DOG in your MOuth?? or are you JUST Glad to SEE ME??
bttt
More than once I suspect.
I heard it was with Freddie and his boyfriend was in Fannie at the same time too.
“Barney was in bed with Fannie.”
Wow...So rife with potential, this line!
(But he would’ve rather been in been with Freddie!)
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