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"I hope by next year we'll have abolished Fannie and Freddie," he said.
And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie." When I asked Frank about a long-term phase-out plan that would shrink Fannie and Freddie portfolios and mortgage-purchase limits, and merge the agencies into the Federal Housing Administration (FHA) for a separate low-income program that would get government out of middle-income housing subsidies, he replied, "Larry, that, I think, is exactly what we should be doing." Frank also said that any federal housing guarantees should be transparently priced and put on budget. He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive.
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.
Its the quintessential double standard. A top GOP House aide agreed.
Imagine what would happen if Franks political affiliation was R instead of D?
So did Fannie and Freddie play a role in the beginning of the mortgage craze? Did they play a bigger role in the sub-prime binge than the private sector? A study by the Federal Reserve found that in 2006, five out of six of sub-prime mortgages were issued by private lenders.
If GSEs helped pave the road toward the cliff, it was private sector loans and securitization that nearly took drove us over the edge.
"He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. "If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least whats not in the stock market - that this would be considered germane," added Gainor, a T. 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.Clinton now blames such Democrats for planting the seeds of todays 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. Not one word about the gay escort service he was running. This was old KGB and Mossad tactics to compromise people in embaressing sexual situations and then use them accordingly.Was Barney taking down democracy with his power and influence?Presumably, he could have used his perch on the committee to be a stronger critic of Fannie and Freddie's practices.So what role did the two government housing giants play?
Barney Frank has announced his decision not to run for another term in Congress, the world is once again revisiting the notoriously combative politician's role in U. Republicans say that Frank failed to police the GSE's (i.e.: government-sponsored enterprises) as their lending standards deteriorated and they bought up more and more sub-prime mortgage debt in years before the crash. Leave aside the fact that Frank was in the House minority for most of the Bush Administration, when the mortgage bubble expanded.