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That video and bill was from 2005. He was wrong in opposing the bill but he wasn't responsible for killing it. He wasn't the chairman then.
True. He wasn't solely responsible. The bill was voted down primarily by democrats and was sent to committee where it died. Frank became Chairman in 2007, raised no flags about any collapse or about the practices being used, said Fannie and Freddie were solid etc. I'm not saying that he bears sole responsibility; I'm saying that he bears some, as do many on both sides of the aisle.
True. He wasn't solely responsible. The bill was voted down primarily by democrats and was sent to committee where it died. Frank became Chairman in 2007, raised no flags about any collapse or about the practices being used, said Fannie and Freddie were solid etc. I'm not saying that he bears sole responsibility; I'm saying that he bears some, as do many on both sides of the aisle.
There is lots of blame to go around, but as stated by me before the bill made it out of committee. It was never brought to the senate floor for a vote. Why it wasn't brought to the floor for a vote we will probably never know, but the democrats weren't in charge. That doesn't mean that they didn't have anything to do with it, it just means that they weren't in control so those in control share atleast equal responsibility. H.R. 1461 [109th]: Federal Housing Finance Reform Act of 2005 (GovTrack.us)
"It's instructive to go back to the early stages of the subprime market, which has essentially emerged out of the CRA," ex-Fed chief Alan Greenspan said in recent testimony on the roots of the crisis.
"It's instructive to go back to the early stages of the subprime market, which has essentially emerged out of the CRA," ex-Fed chief Alan Greenspan said in recent testimony on the roots of the crisis.
No wonder nothing good ever gets done in this country. So much pretzel logic here by the supporters of Frank. No one who would do the long tiresome research on this subject would ever come to the conclusion that one party or one person was all at fault.
Not exclusively. It's a matter of degree. Something of a lopsided matter, though.
Quote:
Originally Posted by SAI126
Didn't Time Magazine do a story on the 25 people most responsible for this economic crisis? Barney's not on the list but take a look at who comes in #5?
Franklin Raines can be easily enough implicated regarding the accounting controversies at Fannie Mae. Those and the subsequent operational impacts of agreeing to restate the books can be tied to him in part, but those issues never did go to safety and soundness, nor should they necessarily be allowed to obscure such good work as he may have done in other areas. He might belong somewhere in a Top 25, but his ranking at #5 would seem to me to have resulted more from circumstances that were beyond his control than from anything that he himself actually did. He was after all forced out by OFHEO at the end of 2004, well before the worst of what little involvement Fannie Mae ever had in the crisis came to pass. All of that was on the watch of a rather obviously overwhelmed Daniel Mudd, and it is he who should have the larger share of the spotlight from 2005 on.
Quote:
Originally Posted by SAI126
I'm sure Franklin Raines is just as innocent as Barney Frank in that nether realm that some here reside in.
Overall, I don't think you've surveyed the nether realm sufficiently well to understand it.
Loans originated by lenders regulated under CRA in general were “significantly less likely to be in foreclosure” than those originated by independent mortgage companies that weren’t covered by CRA.
Loans made by CRA lenders within their geographic assessment areas covered by the law were “half as likely to go into foreclosure” as those made by the independent mortgage companies.
28% of loans made by CRA lenders in low income areas within their geographic assessment areas were fixed-rate loans, compared with 18.2% of loans made by independent mortgage companies in low income areas.
12% of the loans made by CRA lenders in these areas were high-priced loans, a technical definition of subprime, compared with 29% of the loans made by those lenders outside their assessment areas and 52.4% of loans made by independent mortgage companies in low-income areas.
Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Stop Covering Up And Kill The CRA
Articles like this are why Investor's Business Daily has a reputation at or below the level of NewsMax or the National Enquirer. There is barely an honest sentence to be found anywhere within this piece.
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