I heard it differently Bawney. I heard democrats lied to protect their buddies & lovers cooking the books and then refused regulations of any kind saying it was racist.
Bill Clinton to Chris Cuomo that Democrats for years have been “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.”
Bawney? Bill is a republican now?
Barney Frank said there was nothing wrong with Fannie Mae and Freddie Mac September 11, 2003:
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” Barney Frank, 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.”
Gee Bawney, where was Moses to fill you in?
Frank 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 Clinton’s 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 today’s economic crisis.
Rep. Barney Frank described the "arrangement" at a committee hearing on GSE reform in 2003:
"Fannie Mae and Freddie Mac have played a very useful role in helping to make housing more affordable . . . a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing."
Franklin Raines, a Democrat and obama buddy misrepresented $11 billion in Fannie Mae’s accounting system in order to game the system so that he and other senior executives could collect multi-million dollar bonuses. Fannie Mae was fined some $500 million for the violations.
2004: At a dramatic hearing in Richard Baker’s subcommittee, Fannie’s chair, Franklin Raines, stood by the company’s accounting, claiming that Fannie was being victimized by an overzealous regulator.
2005 offering conciliatory statements and suggesting that they had no serious problems with the regulatory proposals that Congress was then contemplating, the GSEs were clearly alarmed by the idea that their portfolios might be limited or reduced. Fannie and Freddie and their constituent support groups–the homebuilders and the realtors, among others–made clear that they would fight limitations on GSE portfolios, and Senator Charles Schumer (D-N.Y.) and other Democrats made clear that they, too, would oppose any effort to limit this aspect of the GSEs’ operations.
2004 Congressional hearing about Fannie Mae and Freddie Mac, Maxine Waters:
Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.
Bawney playing the race card 2008; "They (republicans) get to take things out on poor people." "Let's be honest: The fact that some of the poor people are black doesn't hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people."
Bawney 2008; Some were misled, others took part in the deception. There were people, for instance, who lied about their incomes.
But we have made a mistake in this society. (who you talkin' 'bout WE bawney?) The assumption that everybody can be a homeowner is wrong. We pushed and encouraged people into home ownership - people who, in some cases, weren't ready for it. You can't act on wishes that are unrealistic without having negative consequences.
So Bawney, you saying you made it possible for people to buy homes they could not afford? Now your new policy is they should qualify? But for now taxpayers must foot the bill for your mistake?
2006; Maxine Waters and Rep. Robert Ney today overwhelmingly passed H.R. 5121, the “Expanding American Homeownership Act of 2006.” H.R. 5121 will revitalize the 72-year-old U.S. Federal Housing Administration (FHA), enabling it to make home ownership more accessible to millions of moderate to low-income American families.
Waters, “This legislation is going to give Americans—especially the people of California Watts area—more flexibility. It is going to plant the dreams of homeownership on a solid foundation if taxpayer dollars, and instead of paying thousands of dollars a year in rent,taxpayers will foot the bill in trillions, more people will know the joy of taking that same money and putting it toward anything but their own home.”
I changed the wording. Hee! H.R. 5121 expanded the FHA limits for Maxine Waters district with median home prices of $515,000 the limit was $363,000. H.R.1852 - Expanding American Homeownership Act of 2007 Sponsor: Maxine Waters / 110th Congress No 3% down required.
Pay to Play for passing the bill, Waters received total of 109,650 from Real estate agents, Mortgage bankers and brokers.
Bawney Fwank received $206,986 from Mortgage bankers, brokers,Real estate agents and Minority/Ethnic Groups
Arrest Dodd and Frank, try them and put them in prison
The Democrats are transparent in their efforts to block reining in Frannie/Freddie. It takes but a quick youtube search to find overwhelming evidence.
My only question is that if Republicans did control the Finance committees chairs, how exactly did/could Franks/Dodd block legislation from at least getting out of committee and onto the floor for debate? My kool-aid friends have brought up this point and I don’t quite have an answer. Any information would be appreciated?