New Agency Proposed to Oversee Freddie Mac and Fannie Mae [2003]

New York Times ^ | 9-11-2003 | New York Times

[smartyaz]

WASHINGTON, Sept. 10, 2003— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

.. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

[smartyaz]

Do not let Obama re-write history. The Dems have controlled both houses since '06! What piece of Dem regulatory reform did Bush veto?

Let's start posting the truth.

This article is from 2003!

[rovenstinez]

Good article! And while the Democratic controlled Congress was spending, and spending, all over the fruited plains the modus operandi was to borrow, and borrow more, even knowing the risks were getting very shaky. Governors, City Budgetary processes, Universities, Corporations and Madhoff, there’s a lot of people to take their share of the blame, including a
Senator from Illinois, a Jr. Senator who loved so spend.

[999replies]

It looks like Barney Frank should rubbed a Crystal Ball instead of his boyfriend’s ba*ls.

[homegroan]

Great idea-we have enough of this kind of crap to post for a year-at least!

[SueRae]

ping - another “must share” with my liberal friends

[999replies]

..should have rubbed...

[jmaroneps37]

By the end of Obama’s only term they’ll probably even try “It’s Lincoln’s fault!” but it won’t do them any good.

[RightOnTheLeftCoast]

A great catch, but in the future I recommend you don’t change the title. Append a brief summary in parentheses, if there’s room, but anyone searching for this article won’t find it if you change the title as much as you have. I’d suggest, “NYTimes: New Agency Proposed to Oversee Freddie Mac and Fannie Mae [ongoing Bush’s fault alert!]” or something of the sort.

[SonOfDarkSkies]

Yep.

Please don't change the title.

[smartyaz]

Good call, thx.

We could just send this video around:

http://www.youtube.com/watch?v=hxMInSfanqg&feature=related

[Condor51]

Sept. 10, 2003
: ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.

Oh oh. I feel a song coming....

Memories, pressed between the pages of my mind
Memories, sweetened thru the ages just like wine

Quiet thought come floating down
And settle softly to the ground
Like golden autumn leaves around my feet
I touched them and they burst apart with sweet memories,
Sweet memories

Of holding hands and red bouquets
And twilight trimmed in purple haze
And laughing eyes and simple ways
And quiet nights and gentle days with you

Memories, pressed between the pages of my mind
Memories, sweetened thru the ages just like wine,
Memories, memories, sweet memories

I have a hunch Barney is a HUGH fan of Babs. (most of 'those guys' are)

[nathanbedford]

ping

[truthkeeper]

Barney Frank...the gift that keeps on giving.

[AliVeritas]

I hope someone posts the youtube videos on this; I will when I get home if not. Also, the Bush admin tried 16 times to enter legislation on this, they were stonewalled. Can someone go to Thomas to post legm history?

[a fool in paradise]

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts

Barney Frank was in bed with Fannie Mae. This is a culture of corruption. The banking crisis was a man-made disaster and a key element of the Democrats' 2008 victory.

[a fool in paradise]

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts

Barney Frank was in bed with Fannie Mae. This is a culture of corruption. The banking crisis was a man-made disaster and a key element of the Democrats' 2008 victory.

[Let's Roll]

“By the end of Obama’s only term they’ll probably even try “It’s Lincoln’s fault!” but it won’t do them any good.”

Or maybe not, because they never want to remind the plantation dwellers that Lincoln was a Republican.