Posted on 07/20/2009 12:18:45 PM PDT by JosephSmithNAW
Who’s to blame for the subprime housing bubble? A popular answer – especially on the right side of the aisle - is Massachusetts Democrat, Barney Frank.
Why?
The argument, best summed up in an Investor's Business Daily editorial published in March 2009, goes like this: "Starting in the early 1990s," Rep. Barney Frank "(and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control." It goes on to say in, "2002, Frank nixed reforms" of Fannie Mae and Freddie Mac and that in 2003, "led by Frank, Democrats stood as a bloc against any changes" that President Bush proposed making to Fannie and Freddie.
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LIAR
Barney Frank in 2005: What Housing Bubble?
http://www.youtube.com/watch?v=iW5qKYfqALE
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs
(Excerpt) Read more at finance.yahoo.com ...
To me the real culprit is Fan and Fred pushing these absurd products based on an implicit federal guaranty. And they're immune from reform because of all the money they've give to Barney and his buddies. It's corruption on an amazing scale.
heres some pings on youtube that kind of discredit that whole barney frank not involved and Bush Syndrome (BS) fault stuff.
http://tiny.pl/hhr3r
Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae
and lets not forget
http://tiny.pl/hhr39
EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to make BAD LOANS and ACORN and Obama’s tie to all of it!!!
and last but certainly not least
http://tiny.pl/hhr3w
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
sooooo... barney frank can pound it out his homosexual rear end. circulate these videos.
Make sure that you download them, i am sure that they will try and take them away.
Unqualified home buyers were not the only ones who benefited from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s. So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions. Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives.
Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie. Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest.
Critics, however, remain skeptical. ‘It’s absolutely a conflict,’ said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? “If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane,’ added Gainor, a T. Boone Pickens Fellow. ‘But everybody wants to avoid it because he’s gay. It’s the quintessential double standard.’
A top GOP House aide agreed. ‘C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?’ the aide told FOX News. ‘No media ever takes note?
Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws.’
Frank’s office did not immediately respond to requests for comment. Frank met Moses in 1987, the same year he became the first openly gay member of Congress. ‘I am the only member of the congressional gay spouse caucus,” Moses wrote in the Washington Post in 1991. “On Capitol Hill, Barney always introduces me as his lover.’
The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses ‘helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.’ Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants.
In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis. ‘I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac,’ Clinton said recently.”
Why?
I wonder if gezzer fudgepacker Barney cornholed this guy Moses.........now that is one puke inducing picture.
Rahm Emanuel's Profitable Raping of Freddie_Mac
Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator. Emanuel should have to pay back the money he raped from Freddie Mac.
SOURCE http://www.duggback.com/politics/Rahm_Emanuel_s_Profitable_Raping_ofFreddie_Mac/
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The Obomamites are colluding to cover-up info damaging to his admin's insiders. Obama/Rahm/Holder covering-up details.
Freddie Mac records exempt from FOIA (Obama Admin Denies Request)
Sunlight Foundation | 03/26/2009 | Bill Allison
FR Posted 03/27/2009 by BuckeyeTexan
Bob Secter and Andrew Zajac of the Chicago Tribune report that, while researching what went at Freddie Mac during the period White House Chief of Staff Rahm Emanuel served on the government sponsored enterprise’s board of directors, they were unable to get minutes of board meetings and other information:
The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel’s time as a director. The documents, obtained by Falcon for his investigation, were “commercial information” exempt from disclosure, according to a lawyer for the Federal Housing Finance Agency. Freddie Mac executives cooked the books, mismanaged the firm, and ultimately drove it into the ground, costing taxpayers billions of dollars. The “commercial information” exemption is reserved for private companies–Freddie Mac is by no means a private company anymore.
COME AGAIN? Obama "said" in the FOIA memo, “The Government should not keep information confidential merely because public officials might be embarrassed by disclosure, because errors and failures might be revealed, or because of speculative or abstract fears.” Obama added later that “In responding to requests under the FOIA, executive branch agencies (agencies) should act promptly and in a spirit of cooperation, recognizing that such agencies are servants of the public.”
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Rahm Emanuel was director when Freddie Mac board was tipped to fraudulent BONUS scheme
"On (Rahm) Emanuel's watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments.
The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass. The accounting scandal wasn't the only one that brewed during Emanuel's tenure. During his brief time on the board, the company hatched a plan to enhance its political muscle.
That scheme, also reviewed by the board, led to a record $3.8 million fine from the Federal Election Commission for illegally using corporate resources to host fundraisers for politicians. Emanuel was the beneficiary of one of those parties after he left the board and ran in 2002 for a seat in Congress from the North Side of Chicago.
The board was throttled for its acquiescence to the accounting manipulation in a 2003 report by Armando Falcon Jr., head of a federal oversight agency for Freddie Mac. The scandal forced Freddie Mac to restate $5 billion in earnings and pay $585 million in fines and legal settlements.
It also foreshadowed even harder times at the firm. Many of those same risky investment practices tied to the accounting scandal eventually brought the firm to the brink of insolvency and led to its seizure last year by the Bush administration, which pledged to inject up to $100 billion in new capital to keep the firm afloat. The Obama administration has doubled that commitment."
SOURCE http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story
Yuck.........the thought is nauseating.
I understand the fudgepacker ran a gay teen hooker biz out of his townhouse about 10 years ago, isn’t that true?
Yup-—his “roomate” was running the operation———think they called it Dial-a-Dick.
they’re part of the same puzzle. the very nature of subprime lending was low to no down payment,regardless of credit history. its true that the upper tier of borrowers are now having the same problem but ask yourself this.
If one person buys a home that in any reasonable market is worth 100k but pays 200k,what does that do to valuations higher up? Subprime lending caused bottoms up inflation in the housing market.
At the end of the day,we know bwarney stood in the way. i wish i knew if the pubbies had the power to override him or is he simply attempting to blow smoke up the publics collective bottom,something i suspect he enjoys doing.
yeah, that’s right.... I think a kid ran it. How old was Barney the fudgepacker’s roomate?
Because we need to reform Fan and Fred, who were a big part of the problem, and Barney is blocking any meaningful reform.
They are both intertwined, it is a distinction without much difference.
Those who got subprime deals were the ones that should never have gotten loans in the first place.
In the end, the banks were RISKING OUR SAVINGS WITH POOR INVESTMENTS!
about right
My mother in law(always votes dem) is MA born and bred , thinks the state is the best place int he world but has never been anywhere but once to CA and once to FL.
When I told her this she never knew and then said no way he is not a homosexual and he would never let anything lie that happen.
This is what we are dealing with from the left along with how bad the media is up there.
There are many in that state which have no idea about this and Frank too.
Don’t know.
Everyone knows it was George Bush’s fault.
/S/
Click here. Sorry!
Without firing a shot!
Barney Frank is very much culpable for the housing and lending mess. In any other world he would be charged with fraud.
***
Look, there are a LOT of people responsible for this mess …
1. The Clinton administration for INSISTING that the Community Reinvestment Act (CRA) be liberalized by Congress to allow otherwise UNQUALIFIED borrowers to get a chance at the American Dream.
2. Congress, for going along with Clinton’s cockamamie plan.
3. UNQUALIFIED borrowers who KNEW OR SHOULD HAVE KNOWN that they COULD NOT afford a mortgage.
4. QUALIFIED borrowers who could afford a mortgage for a moderately-priced house, but thought they would “game” the system by taking out a larger mortgage that they COULD NOT afford in order to get a bigger house.
5. Mortgage companies who offered “No Doc” loans, “Liars” loans, “NINJA” loans, etc.
6. Banks who packaged and sold these loans to Wall Street.
7. Wall Street who packaged these loans as AAA-rated Collateralized Debt Obligations (CDOs) and sold them to investors.
8. Credit rating services that rated the CDOs as AAA-rated.
9. Wall Street who then got investors to buy “insurance” on these loans, better known as Credit Default Swaps (CDSs).
10. FINALLY, the dumb-ass investors who believed Wall Street.
Everybody was holding each other’s Johnson in one big circle-jerk, with each one feeding off of the next. NOW, everyone is left holding their own Johnson …
But, for Barney Frank to claim that he was NOT responsible is incredulous. And, if responsible, that he DID NOT know there was a problem. UNREAL !!!
Back in 2005 (there is YouTube video of this), the head of the watchdog agency that supervised Fannie Mae and Freddie Mac said in front of Frank’s House Banking Committee that those institutions were “cooking the books”. Barney, Maxine Waters, and the whole liberal “crew” on the committee ripped the watchdog head a new one - saying that he did not know what he was talking about and that he was racist.
Typical …
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