Skip to comments.The Cynically Ruthless Barney Frank, Enabler Of The Mortgage Meltdown
Posted on 10/20/2010 9:41:06 AM PDT by Ooh-Ah
Among longtime politicians who are being seriously challenged for the first time this election year, Congressman Barney Frank of Massachusetts best epitomizes the cynical ruthlessness that hides behind their lofty rhetoric.
Having been a key figure in promoting the risky mortgage lending practices imposed by the federal government on lenders, and on Fannie Mae and Freddie Mac to buy these risky mortgages from the lenders, Frank blamed the resulting collapse of financial markets and the economy on everybody except Barney Frank.
In February 2009, as chairman of the House Financial Services Committee, Congressman Frank summoned the heads of some of the biggest banks in the country before his committee. In the words of the Los Angeles Times, these bankers "endured hours of hectoring" by "indignant lawmakers" on that committee.
These bankers were in no position to talk back to members of this committee, much less point out how committee members including Chairman Frank had themselves promoted laws and policies responsible for the current economic disaster.
This is a committee with the power to promote legislation detrimental to this heavily regulated industry. That in turn gives the committee the power to force others to sit there and take it, when they are demonized on nationwide TV.
Congressman Frank has never hesitated to use his power ruthlessly. On one occasion, he threatened bankers with summoning them before his committee and forcing them to reveal their home addresses which would of course put their spouses and children at the mercy of any kooks that might come along.
...Congressman Frank could piously invoke "social justice" in defense of similarly ruthless community activist groups like Acorn or National People's Action, which had in fact besieged the homes not only of bankers but also of public officials who dared to oppose their agendas.
(Excerpt) Read more at investors.com ...
Yes, and I pray this buffoon Frank goes down to defeat.
Discover the link:
Barney Franks former so-called spouse was a man named Herb Moses.
At the time, Herb Moses was a director for housing initiatives at Fannie Mae.
Herb Moses helped develop many of Fannie Maes affordable housing and home improvement lending programs.
Herb Moses was reportedly a mortgage expert who left Fannie Mae in 1998 to start a pottery business.
But not before his lover Barney Frank lobbied hard to widen Fannie Maes ability to give mortgages to high-risk borrowers.
A Herbert M. Moses from Washington D.C. and employed by Fannie Mae gave $1500 to Democrats in the 1990s.
A Herbert M. Moses in D.C. is listed at whitepages.com
At this whitepages page, you will find a background records link that allows you to buy a detailed report on that name from a list of several links.
Several of those links will give a teaser list of cities where the named person presumedly has lived or lives.
Fact check: you can type in the name of someone you know and see that the list of teaser cities is an actual list of the actual cities where the named person has lived.
For Herbert M. Moses of D.C., Huntington Beach, CA, is one of 6 cities listed as a current or former residence.
Newport Beach is 6 miles from Huntington Beach
A google search of Herbert Moses
brings you to a photo and contact page of Herb Moses working at Wells Fargo in the mortgage department
and Herb Moses of Wells Fargo mortgage is also listed at this website
A brand new FReeper, Stevie1958, has posted an interesting note at FR claiming that this same pictured Herb Moses has made porn films with his current long-term gay sex partner.
A google search using key terms revealed by this new FReeper, Stevie1958, does lead to webpages with photos of the same pictured man (identified above as Herb Moses) engaged in explicit homosexual sex acts.
So, it seems that Barney Franks former homosexual spouse who was a Fannie Mae executive, is now a third rate loan salesman and gay pron star. It makes Franks old housemate, Steve Gobie, who Frank met when he hired him as a male escort, and who ran a gay escort service from Franks D.C. home, seem pretty tame in comparison (Representative Barney Frank received a formal reprimand from the House for his relationship with a male prostitute - Gobie).
And one more thing: Is Stevie1958 really Stephen L. Gobie?
Barney who? Hey, did I ever show you the picture of my
retirement cottage in Ireland?
IMHO Barney should be in prison and make sure that justice is served it should be in a woman’s prison.
I’ll never forget a segment of BOR confronting BF not long after the collapse of the financial markets, a collapse that was clearly caused by policies that BF was a prime architect of.
Did BOR confront BF on those policies?
He tried to prove that Barney had profited from the early sale of some bonds that he continued to promote after he sold them... and then they crashed.
Maybe true... but it was like having Mason on and trying to get him to admit that yes, he did indeed shoplift from supermarkets back in the 60s.
BOR is a bore. Barney Frank is an evil architect of the destruction of the free market in America.
Thanks for posting this very important information. Our society literally can not afford anything like Barney Frank again.
Frank is a corrupt idiot.
BTW, here’s Bush in a speech, pushing for home loans for totally unqualified minorities.
Frank needs to LOSE!
But he’s from Ma.
I fear it’s just too much to hope for. :(
The bankers should have studied Howard Hughes. He told them to go to hell.
Those Video clips should be playing 24/7 as Republican commercials in Massachusetts. This criminal pervert, together with Chris Dodd (did he leave the country?) pretty much caused the mortgage crisis all by themselves, with a little help from Clinton, Reid, Pelosi and the usual suspects.
Yes, and I pray this buffoon Frank goes down to defeat.
There is a very good chance of that if enough of us are pissed off enough to send a check to the Tea Party Express IV, which is on its way as we speak to do exactly that, among others : defeat Bawney.
The "Contribution" link is in the upper right of that page, for those pissed off enough to contribute.
Bawney Fwank is one of their main targets; in addition to rallies, TV commercials are planned. As many as they can afford.
There is no meaner animal on this planet than a threatened Massachusetts communist.
Hey, did I ever show you the picture of my freezers.
Freddie Mac Posts $6 Billion Quarterly Loss
Troubled US mortgage firm Freddie Mac reported Monday a second quarter net loss of six billion dollars and sought another 1.8 billion dollars from the Treasury to contain the red ink.
The government-backed company said its strategies to boost business and sustainable homeownership were taking hold but cited high unemployment posing very real challenges for the already embattled housing market.
Freddie Mac suffered a 6.009 billion dollar net loss attributable to common stockholders in the April-June period from a loss of 7.980 billion dollars in the first quarter and 840 million dollars in the year ago period.
“These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis.” Sept 11, 2003
“I want to roll the dice a little bit more in this situation towards subsidized housing.” Sept 25, 2003
“I believe there has been more alarm raised about potential unsafety and unsoundness [of Fannie and Freddie] than, in fact, exists.” Sept 25, 2003
“Frannie and Freddie are fundamentally sound, they are not in danger of going under. I do think their prospects going forward are very solid.” July 14, 2008
"Fer cornsake, Barney, would you please take your effing hand off my a**."
Frank'a got more than ethics questions. Frank was closely identitfied with the criminal money-making enterprise of the Democratic party---Fannie Mae. Read on.
Frank Accused of Fannie Mae Conflict of Interest
Friday, October 03, 2008
By Bill Sammon, Washington FOX News, Deputy Managing Editor
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.
Lefty financier and congresswomans fiancée dodged U.S. taxes as Virgin Island Resident
Weekly Standard | Oct 15, 2010 | ALANA GOODMAN
FR Posted Saturday, October 16, 2010 by fight_truth_decay
Liberal financier and "philanthropist," S. Donald Sussman, the hedge-fund billionaire has pumped millions into the coffers of Democratic politicians and their political pet projects since 1989. Sussman, the "philanthropist," sits on the board of the non-profit Center for American Progress, the non-profit Democracy Alliance and the dovish non-profit Israel Policy Forum, and hes been one of the top contributors to left-leaning 527 non-profit organizations.
Progressive organizations and Democratic pols have taken significant financial contributions from Sussman and have long vilified offshore tax havens, pointing to them as evidence of corporate greed gone wild. Sussman's girlfriend, with whom he lives, Rep. Pingree (D-Maine) has been an outspoken critic of this type of tax evasion, and made it one of the cornerstones of her unsuccessful 2002 senate bid against Sen. Susan Collins (R-Maine). (Excerpt) Read more at weeklystandard.com ...
Sussman has long kept a behind-the-scenes profile, a recent ethics controversy in Maine has flung him into the center of a complicated dispute over state residency, tax dodging and congressional ethics the implications of which extend all the way from the rocky coast of southern Maine to the offshore tax haven of the U.S. Virgin Islands. According to Sussmans fiancée, Rep Chellie Pingree (D-Maine), the philanthropist lives with her and has been a resident of Maine since 2009. But financial records and other documents indicate that Sussman has claimed full-time residency and extensive tax breaks in the U.S. Virgin Islands for years and may be continuing to claim them.
HOW'D THEY DO THAT? The court-appointee ID'ing Ponzi Madoff's assets, unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... and assets and businesses in 11 places overseas. The Virgin Islands is a premier offshore money laundering haven.
No question,tax evasion and money laundering was the name of the game for the wealthiest ----- posing as philanthropists----businessmen who were funneling income to Madoff to avoid US taxes. The crooks take on the image of "philanthropists" ....forming non-profits that contribnute to their fave "charities"....the MO for tax evasion and money laundering.
Frank's and Sussman's connections to Israel, and the non-profit Israel Policy Forum, should be rigorously scrutinized----Israel is the only place in the world, one can debark, go to a bank with a suitcase full of cash, and nobody asks where it came from or if taxes were paid on it.
Much worse than that:
The Cook Political Report currently classifies the Massachusetts 4th District seat as going “likely Democratic”, but we’ll see. A political upset against Frank cannot be ruled out.
There is a difference in wanting to help minorities and prostitution.
BTW, heres Bush in a speech, pushing for home loans for totally unqualified minorities.
“There is a difference in wanting to help minorities and prostitution.”
Explain how giving people mortgages that cannot afford them, and are not qualified, is honorable or somehow helps?
I can only assume you’re a Bush fan. Take your time here.
I never brought Bush up in the first place. But there are some huge differences. I doubt Bush had a boyfriend that was a Fannie Mae executive.
Bush actually had confidence in the low income person while I think Frank was using the mortgage industry for person gains and other benefits.
Barney is fighting like he knows he’s in trouble. I hope he is!!!