Barney Frank is very much culpable for the housing and lending mess. In any other world he would be charged with fraud.
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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 …
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.
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These idiots should have a cable access show - and no more...yet, they run our country...
Run it into the ground more like..