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I think it is important to hold politicians in our highest elected offices accountable for the lies they choose to spread for votes and their mismanagement of their office. Both parties need to do a better job of this, including Barney Frank looking in the mirror on the Housing policies he helped put in place and then lied about. However, kudos to Senator Frank for doing this.
Both parties must hold their politicians accountable if our country is to get back on the right track.
Barney is appalled that people in the Administration lied? Every time Barney opened his mouth at a hearing or at a TV camera, he lied. [There's no problem with housing loans is one of his whoppers]
i wonder if the good people of newton, massachusetts were as appalled that barney's boy toy was running a callgirl, er callguy operation out of his d.c.digs a few years ago.....!
Barney Frank is one of those liberals I can respect like a Ralph Nader or Jon Turley He has a history of trying to put the 'liberty' back into 'liberal.' I would disagree with him on most things, but respect him for being merely misguided, and not flat out dishonest like most libs.
I think it is important to hold politicians in our highest elected offices accountable for the lies they choose to spread for votes and their mismanagement of their office. Both parties need to do a better job of this, including Barney Frank looking in the mirror on the Housing policies he helped put in place and then lied about. However, kudos to Senator Frank for doing this.
Both parties must hold their politicians accountable if our country is to get back on the right track.
Surprisingly, Barney Frank has become somewhat more enlightened since leaving Congress. He also finally publicly acknowledged the fact that HUD's Affordable Lending Goals imposed upon Fannie and Freddie caused the 2008 financial crisis:
Quote:
"Former Democratic Rep. Barney Frank, co-author of the Dodd-Frank Wall Street Reform and Consumer Protection Act, said in a recent forum on the crisis that the government — through its decades-long national homeownership campaign and affordable housing goals — "propelled" lenders and investors to excesses they would not have otherwise gone to in the absence of such political incentives.
Frank, former chairman of the House Financial Services Committee, made the stunning remarks at the close of a 90-minute panel discussion hosted by the American Action Forum and held earlier this month in Washington.
...But soon, Frank dropped several unexpected bombshells in response to questioning by the moderator, CNBC anchor Steve Liesman.
Asked about the government's affordable housing goals compelling Fannie Mae and Freddie Mac before the crisis to devote more than half their portfolios to riskier nonprime mortgages for low-income borrowers, Frank blurted out: "No more goals, no more telling the private sector" how to invest in the housing market.
"Barney," Liesman asked, "are you suggesting that the goals of Fannie Mae and Freddie Mac, the concept of promoting homeownership, was something that contributed to the crisis?"
"Yes, it was, very much so — and Bill Clinton did it, and George Bush did it, everybody did it," Frank said.
Note that the specifically mentioned HUD mandate compelling Fannie and Freddie to devote more than half their purchases to riskier nonprime mortgages for low-income borrowers was issued during the Clinton Admin.
Fannie and Freddie, "the two largest sources of housing finance in the United States," were forced by HUD mandates to buy more than 50% high-risk loans from originators (Countrywide, etc.), subsequently repackaging them as MBS and selling them to investors worldwide without disclosing the fact that they were largely composed of HUD-mandated high-risk loans. As those high-risk loans began defaulting at critical mass, the 2008 financial crisis ensued.
Barney is appalled that people in the Administration lied? Every time Barney opened his mouth at a hearing or at a TV camera, he lied. [There's no problem with housing loans is one of his whoppers]
Location: By the sea, by the sea, by the beautiful sea
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They say politics makes strange bedfellows and watching the self-Righteous climb into the sack with Vladimir Putin and Barney Frank recently certainly confirms that, eh?
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