Skip to comments.Barney Frank - Don't Blame me for the Housing Bubble !!
Posted on 07/20/2009 12:18:45 PM PDT by JosephSmithNAW
Whos to blame for the subprime housing bubble? A popular answer especially on the right side of the aisle - is Massachusetts Democrat, Barney Frank.
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.
Barney Frank in 2005: What Housing Bubble?
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
(Excerpt) Read more at finance.yahoo.com ...
Back door Barney blows cool
And the last two years don't count...?
Second, Democrats not only did not cause the crisis, they were aginst subprime lending all together: "The Bush administration made a big mistake; they were the ones that pushed home ownership for very poor people. Liberals wanted rental housing, we thought that was more appropriate," he claims.
Finally, the real estate crash was not something even the experts saw coming. "No one I know of - except Robert Shiller - saw the drop in conventional housing prices," he says.
Funny, all the Joe Sixpacks in my neighborhood saw it coming for years. Is Bawney saying he's blind to the common man's plight...?
You can bet that Barney Frank kept his eye on Freddie Mac’s Fannie Mae.
why would you think that he even knows any “common” men? /s
If it looks like a duck and sounds like a duck, I don't care what you call it, its a duck.
Barney and his cohorts are guilty as sin!.
Barney is just another typical Democrat liar.
Poo wittle Fwank. Yes you are to bwame, you, you, you!!! Ha!
It’s not 100 per cent fudgepacker Barney Frank’s fault but it’s close
Frank was part of the problem but the bigger cause was Greenspan. Bush contributed too and others.
Democrats will say they were in the minority so they couldn’t do anything about it. But weren’t they also in the minority when they stopped Bush from getting many of his court nominations approved?
He has delivered us from such a deadly peril, and will deliver us. On him we have set our Hope that he will continue to deliver us,... 2 Corinthians 1:10
If Bernie Madeoff is sentenced to 150 yrs in prison then Barney Frank should get 15000 yrs. The only problem is that Bawney would likely think it was weekends in his basement. Madeoff was made an example for wiping out the savings of a few hundred millionaires which is a pimple on a hippo compared to wiping out the entire Countrys savings. Millions of people across the Country have lost everything they had due to Bawney and his homosexual “husband” forcing banks to make loans to people who had no chance of paying them back. Why is Bernir in prison and Bawney is still in congress fleecing more Americans?
Bernie Madeoff was a crook that ran a ponzi scheme and preyed on the wealthy in the NE. He hurt hundreds of people that gave him $Millions to invest. They were receiving 15% returns and should have known that their $$ was at risk receiving those types of returns. These were sophisticated investors that knew what they were doing and should have been questioning their returns being higher than normal. Bawney on the other hand was putting the entire Country at risk and was warned numerous times by President Bush and Senator McCain that he was risking our financial security. Those who lost their life savings in this ponzi scheme werent receiving excessive returns and thought that their $$ was safe. Thanks to Frank & Co that was far from the truth. They lost their lives savings due to Bawneys lust for power and greed.
Everybody knows the disappearance of the $Billions that was the Madeoff scandal and how he was borrowing from Peter to pay Paul until the $$ ran out leaving everybody w/worthless paper. We have seen the stories of the wealthy investors who worked their entire lives to see it become worthless. What PravdABDNC will never report is the scandal that Bawney Fag was involved in as a ranking member of the Banking committee. He was able to write and pass laws that handcuffed the Banking Industry to the point of selling and holding worthless mortgages that has gotten us to where we are now. This is another example of the gummit getting involved in commerce and making the environment toxic.
In 1995 after Bawney was questionably acquitted of his underage prostitution ring he became involved with Fannie Mae exec Herb Moses. They exchanged DNA and Bawney declared himself Moses ugly wife. No truer words ever escaped his over used lips. They were quite the couple in Boston as Herb was able to slip him some campaign $$ in exchange for services rendered. What Moses was working on was a program that would allow farmers to qualify for loans that they clearly couldnt repay. Bawney pushed it through congress and w/the help of the Black Kookus expanded it into the inner city hoods.
Fannie Mae and Freddie Mac bought these mortgages up by Billions and overvalued them to make their books look better than they were. Congress had made the bonuses of all the Fannie/Freddie employees tied to the number of mortgages that they wrote. The more mortgages the bigger the bonus to the point that people like Moses and Jamie Gorlick of the 9/11 Gorelick Wall fame received over $25 Million in bonus money. Jim Johnson and Frank Raines the execs who cooked the books received over $300 Million in bonuses/golden parachutes. There couldnt be a worse idea for corruption of this DNC money machine than to allow them to buy worthless mortgages for more than they are worth and to make all of the people in the scheme paid by how much of this worthless paper they can write. Bawneys ponzi scheme makes Madeoff look like a jaywalker.
Whenever the Republicans wanted to investigate these corrupt gummit Corporations Fwank would sick the Black Kookus on them w/the Establishmedia Attack Machine and make them out to be KKK for forcing Blacks to qualify for loans. President Bush attempted to reform F/F a number of times and even when a whistleblower came forward w/proof that the Books were cooked, Bawney had the investigation shut down. There was no way he was going to have the DNC money factory get reformed. Just like Madeoff, as long as the $$ kept coming in and they could borrow from Peter/Paul then they could hide the fact that they were underwater. When the cost of gas/food went up and people stopped paying their mortgages then there was nothing they could do. When the paper was finally valued the entire banking system collapsed and millions of people lost $$Trillions.
The people who lost from Fwanks fraud were not the NE wealthy, they were the people who owned 401Ks or had mortgages that were owned by banks that collapsed. This was money invested by retirement funds and people who had their life savings invested in banks that were thought to be rock solid. These were elderly retirees making 5% on their money and invested in safe securities to live through their golden years. This was money invested for college funds by people who salted away a little each month to send their kids to college. These were avg working guys & gals across the Country. If Madeoff gets 150 yrs for bilking some rich people than what should Frank get for defrauding everyday Joes? How many millions of Americans have lost everything including their jobs thanks to Bawney Fag, and Madeoff gets 150 yrs!
Now Bawney is up to his same ol tricks, no not underage boys; he is saying that Fannie needs to ease up on their loan requirements to allow people who have no chance of repaying loans to get loans. He is calling anybody who disagrees w/this legislation a racist and hater of the poor. He is again pushing for Fannie execs to get record bonuses for the great job they have done in the past year. He is claiming that they will leave if we dont pay them a $100s of millions to keep them here. Dont let the door hit ya where Bawney... never mind. Rather than Chairing the Banking Committee this corrupt politician should be sharing a cell w/Madeoff. Rather he is going to take this business model to Wall St, Detroit, Energy and Healthcare with the same results.
Pray for America
He shouldn’t have been asking questions on the collapse. He should have been under oath ANSWERING questions.
Barney, if you keep insisting that financial institutions make bad loans, you set the stage for another financial crisis. The banks should return to sound banking practices. They are too critical to the economic system to function like charity institutions.
What neighborhood are you in? ;>)
It’s gonna be hard to run as an incumbent in 2010. Barney must be feeling the heat.
“Subprime” lending was never the culprit until the government got into the game.
Barney Frank is very much culpable for the housing and lending mess. In any other world he would be charged with fraud.
Enjoy the mocking. This is memorialized on YouTube with a sing-along to THE SUGAR PLUM FAERIE. Bwahahahahahahaha!
You have fremail.
In this article, all the dots are connected: http://www.freerepublic.com/focus/f-news/2198595/posts
It appears there are a number of people who take an all or none position on the sub-prime question. But any amount of bad debt contributed by the sub-prime helped sink the ship. Therefore the question is: how bad would the crisis have been without the sub-prime debt which some people (Edward Pinto) say totals in the trillions? I’m not an expert, so I don’t have all the answers. But I find it difficult to believe that bad sub-prime loans which many banks were forced to agree to didn’t have a very big and bad part in the disaster.
Pinging you to post 31.
Don’t cry for me, Argentina.
Such a drama queen.
Yup, the packer has more than his share of blame for the fiasco.
But, not to worry Bwaney, the sheep don't know the facts, the squishy middle is tto stoopid to figger it out and the rest don't care.
I suspect a distinction without a difference. If you lend money to folks who, statistically, are unlikely to pay it back, you'll likely get stiffed. And... that caught Barney's attention!
They know that...two generations of public education and leftist control of the media has prepared the electorate for the marxist takeover that nearing it’s final stages.
Oh, you are a bad, bad girl. :-))
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.
Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae
and lets not forget
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
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 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.
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.
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 enterprises 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 Emanuels 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 companiesFreddie 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.
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."
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.