Too late, and it NEVER fails.
Amazing << Hear this. Feel this, and tell me that this isn't music.
Oh, dear...
Posted on 03/15/2009 4:23:34 AM PDT by Libloather
LETTER: Bush raised red flags about Fannie and Freddie
March 14, 2009 6:00 AM
Bush raised red flags about Fannie and Freddie
In its editorial, "Protect homeowners: It's job No. 1 for Congress" (March 8), The Standard-Times proclaimed that Rep. Barney Frank has been a victim of unfair criticism and that he was actually among the voices "warning that disaster loomed" at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Having an entirely different recollection of the facts, I did a little digging. Here is what I found.
Starting with the 2002 budget request in April 2001, the Bush administration raised red flags about Fannie Mae and Freddie Mac. In 2003, the White House warned that financial problems with the organizations could spread well beyond the housing sector and proposed to Congress that they create a new regulatory agency to supervise Fannie and Freddie.
On Sept. 10, 2003, Rep. Frank objected, stating, "Fannie Mae and Freddie Mac are not in a crisis"¦ The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the treasury, which I do not see. I think we see entities that are fundamentally sound financially"¦ But the more pressure there is, then the less I think we will see in terms of affordable housing."
In 2005, Alan Greenspan stated, "If we fail to strengthen our GSE regulation, we increase the possibility of crisis."
To that end in 2006, Sen. John McCain cosponsored regulations to tighten oversight, stating, "The GSEs need to be reformed without delay." The bill passed the Republican-controlled committee on a party-line vote, with all Democrats voting in opposition. But knowing that they did not have sufficient votes to overcome a Democrat filibuster, the Republicans withdrew the legislation.
If you are unsure which version of the facts to trust — mine or The Standard-Times' — you can see a video of Rep. Frank speaking his own words at http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1.
Peter D. Friedman
Dartmouth
Editor's note: The Standard-Times said Rep. Frank "warned several years ago that not everyone could afford to own a home and that Fannie Mae and Freddie Mac should encourage more multifamily and apartment houses." We made no mention of his take on the financial well-being of the agencies. At a Financial Services Committee hearing Feb. 18, 2002 regarding the proposed 2003 budget, Rep. Frank said, "I am in favor of trying to help lower income people get the advantages of homeownership"¦ But almost by definition, the large majority of poor people are going to need rental housing. And we will never alleviate the terrible housing crisis that affects so many people in this country if we do not do a much better job of building decent, affordable rental housing."
How do you know he does?
Over the last decade I have argued that through Gerrymandering the US Senate is the worst collection of carpet-baggers since Reconstruction. I haven’t changed my mind. A potential historical analogy to consider would be the Roman republic’s Senate that had turned corrupt and was easily destroyed by Caesar; all we need is another depression and our Senate will implode with disastrous consequences.
He should have took it to the American people who vote for Congress. Bush lost the concept of “We The People”.
I can only imagine some of the people on my street who were also trying to unload their homes after our sales price was officially transacted at $176.5K and their homes were not moving at $185K with similar comps. Of course it didn't help them that my wife was a Realtor and we could afford to drop the price lower since she could forego her commission.
Refrence bump - lots of ammo - Thanks! ;-)
How many time do you have to tell someone your on fire before they start to look for water?
While gerrymandering is done in congressional districts, it is not done with respect to the Senate. The entire state votes for senators. No Gerrymandering involved.
It rubbed my friend the wrong way as well. He turned it down and somebody else bought the home about a week later for the same price as the "dream on America loan"..
Too late, and it NEVER fails.
Amazing << Hear this. Feel this, and tell me that this isn't music.
Oh, dear...
Correct. Hindsight is 20/20.
But the war was won because Pres. Bush pushed on despite tremendous obstacles. Amazing how quickly so many conservatives forget.
I stand corrected. Of course you are right, but it does not gainsay the fact that this Senate is comprised of aging nitwits and bloviators. As for the House, I believe you would admit that it has been Gerrymandered to the extent that very few seats now offer any competition.
Bttt
Well done.
It was the Democrats.
It was begun under the Clinton Administration and hushed up by Rubin, Greenspan, Summers and Schumer ....
Brooksley Born & The Regulatory Limit of Democrats
You should know better than to post here blaming republicans for everything.
It was hushed up, for crying out loud!
Bush is one man in the universe of public servants surrounded by officials whose job it is to care for regulations and yet you blame the one man who made repeated attempts to flag the danger as being the one responsible.
Why don’t you sleep in tomorrow as you obviously need some rest.
Henry Cisneros and James Johnson partnered at Lago Vista-KB Homes, Countrywide, Sub-Prime Mortgages
http://topics.nytimes.com/top/news/business/series/the_reckoning/index.html
The sentence above is mine; no excerpt involved.
The page is replete with background includes everything but Barney Frank and Chris Dodd. I agree with your interpretation of why Bush let Congress alone in the Budget arena.
If the Republicans have the majority and let issues like this come to pass, then why should I vote for them? Fannie and Freddie became a problem not just because of the corruptness of the Democrats, but because the Republicans failed to lead. If Fannie and Freddie were such a problem and the Republicans had the majority, they could have done something if they had the will. They didn't. IMO, both parties had their thumb in the pie and are both to blame.
Congressional letter from Barny and friends demanding President Bush stop his campaign to reform F&F and regulate GSE’s
http://www.redstate.com/moe_lane/files/2010/09/economic-reality.pdf
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