Skip to comments.New Ad Ties Barney Frank to Fannie & Freddie
Posted on 10/25/2010 5:14:35 AM PDT by FreepShop1
About time someone made an ad like this. (posted on TheBlaze.com). No hype, not even a voiceover. Just the facts, which are absolutely damning. I would suggest the makers of the ad adapt it to go NATIONAL. Could do a lot of damage to Dems. For now, to help run it to defeat Barney Frank, use donation link below:
"BETRAYED OUR TRUST"
I’ll bet Barney’s been tied to a fannie or two before.
And probably to Freddy’s fannie as well.
Barney Frank tied to Freddie’s Fannie?...............
Barney Frank is the single most responsible person to have caused the global financial crisis. He must be defeated. BTW, great add.
This ad could use some support.
but will the ultra libs in his district prevail over common sense...
Tune in November 3rd for the definitive answer...
Good! I hope it gets run nightly in Beilat’s district!
Frank’s ex-”spouse” Herb Moses (you remember, the one who was a Fannie Mae exec in charge of low-income loan programs) quietly took a new position at the FDIC in California. Recently Frank has been criticized for using his power as a member of Congress to pressure the FDIC to give special assistance to a California bank partially owned by the husband of Congresswoman Maxine Waters of California. Frank even voted to give special support - by name - to that same bank.
Google these terms to read a bit more: Frank, FDIC, Fannie, Freerepublic.
No one is yet reporting the curious timing of Moses’ resurrection at FDIC right when Frank (Moses’ ex-”spouse”) was demanding special assistance from the FDIC.
Let’s assume Barney’s intentions are good, but his role in Fannie/Freddie shows that he thinks he knows more about our financial machinery than he actually knows. He needs to be replaced.
Recall that, despite the "ultralibs" in his district that Scott Brown CARRIED Barney Frank's district in January. This ad CAN work, if it gets enough support.
‘Bout d@mn time. This should be a NATIONAL commercial.
Unfortunately, Frank is still gonna win. The people of the People’s Democratic People’s Republic of Massachusetts are that attached to Democrat party. It took a Kennedy’s death, a weak, corrupt, Democrat candidate, and a miracle to elect a liberal Republican to the Senate there.
It just ain’t possible to defeat a Democrat incumbent in PDRM, no matter how dreadful he is.
Scott Brown carried Barney Frank's district by 7 points. There are lots of middle and working class voters there who will react with fury at an ad like this. That's why I am supporting it.
Media Mum on Barney Frank's Fannie Mae Love Connection:
Democratic House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive
By Jeff Poor
Business & Media Institute, 9/24/2008
"Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his "spouse." Another Washington Post report said Frank called Moses his "lover" and that the two were "still friends" after the breakup.
Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk."
Lawmaker Accused of Fannie Mae Conflict of Interest
By Bill Sammon, October 03, 2008
WASHINGTON -- Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Franks efforts to deregulate Fannie Mae throughout the 1990s.
So did Franks partner, a Fannie Mae executive at the forefront of the agencys 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 Fannies 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.
"Its 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 whats 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 hes gay. Its the quintessential double standard."
A top GOP House aide agreed.
"Cmon, 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 Franks political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxleys wife or [GOP presidential nominee John] McCains wife was a top exec at Fannie for a decade while they wrote the nations housing and banking laws."
Franks 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 Maes affordable housing and home improvement lending programs."
Critics say such programs led to the mortgage meltdown that prompted last months 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 Clintons 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 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.
Bill Sammon is FOX News' Washington Deputy Managing Editor.
If there were any justice at all Frank would be behind bars.
What You Dont Know about Mortgagegate Could Crush the U.S. Banking System
Money Morning | 10/15/2010 | Shah Gilani, Contributing Editor
FR Posted on October 25, 2010 Chunga85
Frightening Fallout In order to easily buy and sell mortgages between themselves so that these loans might be repackaged, securitized and then sold to investors as mortgage-backed securities, banks and other lenders needed a quick way to "trade" individual mortgages.
They created a company called Mortgage Electronic Registration Systems (MERS). This group includes Bank of America Corp. (NYSE: BAC), GMAC LLC (NYSE: GMA), Wells Fargo & Co. (NYSE: WFC), Washington Mutual (now owned by JPMorgan Chase), the United Guaranty Corp. unit of American International Group Inc. (NYSE: AIG), Fannie Mae (OTC: FNMA), Freddie Mac (OTC: FMCC), mortgage-servicing companies and other similarly interested members.
You may not realize it, but at your home-purchase "closing," you sign a document that appoints MERS as the "nominee" for the lender that granted you a mortgage. That gives the nominee the right to flip your mortgage to any other bank or lender it chooses. That's how banks move mortgages around to package them into different securities.
But that brings us to the crux of the controversy: Every time there's change on the title (a change occurs when the nominee switches the lender on your title out for another), local governments require that a new title be recorded. Of course, those governments - the county or municipality that you live in - also charge a "recording fee." MERS also charges a fee, but it's a lot less than government recording fees.
Here's the problem. In creating MERS, these institutions actually changed the land-title system that this country - for much of its history - has relied upon to determine legal ownership status of land titleholders (Excerpt) Read more at moneymorning.com ...
US Rep Barney Frank, in an intensifying clash with GOP upstart Sean Bielat, has pledged not to take campaign cash from lenders that got federal bailouts yet has raked in more than $40,000 from bank execs and special interests connected to the staggering government loans, a Herald review found.
Frank vowed in February 2009 that he wouldnt accept campaign donations from banks that received money under the $700 billion Troubled Asset Relief Program (TARP) or political action committees tied to such institutions.
But Frank has hauled in thousands from top execs at Bank of America, Citizens Bank, Wainwright Bank, JP Morgan Chase and other institutions that received billions in TARP money.
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