In article ,
Dave wrote:

Telamon wrote:
In article ,
Dave wrote:

Telamon wrote:
In article
Isn't it ironic that had they heeded McCain's warnings back in 2005-6
about Fredie and Fannie it is very likely McCain would likely be the
next President.
The Dem's with Barney in charge did what they wanted on the banking and
fiance committee actually encouraging bad lending as policy at
government lending agencies creating this economic fiasco.

Instead the Liberal fascistic media allow the Democrats to get away
with lies, extortion, fraud and theft of your home, pension and 401K.
The Financial Services Committee was chaired by a Republican during the
time in question:

http://www.sourcewatch.org/index.php?title=Mike_Oxley

Nope. Barney has been running things since 2004.

Let's hear it for "4 more years".


Rep. Frank was "Ranking Member" until 1 January 2007, when he became
Chairman.

This is a good summary.

http://newsgroups.derkeiler.com/Arch...ush/2008-10/ms
g00083.html

Wrecks, Lies and Barney Frank

Quote:

In truth, the Bill that would have likely averted the Fannie/Freddy
failure -- the Federal Housing Enterprise Regulatory Reform Act of
2005 (S. 190) -- was Republican legislation introduced by Sen. Charles
Hagel [R-NE] in January of 2005. And it was the Democrats who opposed
it in committee, fearing that its restrictions and portfolio caps
might impair mortgage market liquidity, and subsequently, affordable
housing. Despite the "nay" votes of all 9 Democrats on the Senate
Committee on Banking, Housing, and Urban Affairs, the bill moved to
the Senate floor, where it died in limbo lacking a filibuster-proof
majority. The Bill was reintroduced in the 110th Congress as S. 1100,
but was kept on ice by committee chairman Chris Dodd, who,
coincidently, received $133,900 in grease from Fannie and Freddie over
the past decade.

What's more, the "regulation" Frank now takes credit for was not his
(H.R.1427 passed the House last year but never escaped Senate
committee) but rather Nancy Pelosi's (H.R. 3221 - The Housing and
Economic Recovery Act of 2008). And Pelosi's version, not surprisingly
and unlike its Republican predecessors, was signed marked up with over
66 pages of Liberal wealth redistribution wish-fulfillment under the
guise of assuring "affordable housing." While it did establish (and
way too late, Barney) the Federal Housing Finance Agency, with
regulatory authority over Fannie Mae, Freddie Mac, the Federal Home
Loan Banks, and the Office of Finance, it's bogged down with tons of
pork-fat. This oinker even increased the national debt limit from
$9.82 trillion to $10.62 trillion, and commissioned a boatload of
programs for low income families to spend it on.

Frank did, however, introduce legislation of his own in October of
last year. Would you believe that H.R. 3838 was actually an attempt to
temporarily increase the caps on Fannie/Freddie portfolios and to
mandate the "use of 85% of such increase for refinancing subprime
mortgages at risk of foreclosure?"

Funny how the congressman neglected to mention that when he assured
another C-SPAN caller that:

"Yes, I did want to help affordable housing, but I also wanted to
prevent bad loans."

Simply hilarious, especially considering the joyous September 18th
2007 announcement on the congressman's own website that Maxine Waters'
H.R.1852 had passed the House. As proudly emphasized by co-sponsor
Frank at the time, the Bill authorized "zero and lower down payment
loans for borrowers that can afford mortgage payments, but lack the
cash for a required down payment." It also "more than doubled"
funding to counsel "subprime homebuyers and borrowers late on mortgage
loan payments" and directed the FHA "to provide mortgage loans to
higher risk (but qualified) borrowers, without authorizing unnecessary
fee hikes on such borrowers." It also raised "FHA single family loan
limits, which now bar loans above 95% of the median home price in each
local area and shut FHA out of higher cost home markets."

That was last year. Four years after the Bush Administration had
sounded the alarm. Yet, shortly after his C-SPAN appearance last
Sunday, Frank responded to the Boston Herald questioning his awful
projections of half a decade ago with "in 2003, nobody that I knew of
foresaw the crisis of subprime lending, and that is what caused this
problem."

Does anybody really believe that the chairman of Financial Services
somehow fails to understand the ingredients of the bad loans that have
created all of the toxic paper at the root of this problem?

Un-quote.

More to read there and other places. Have fun.

Don't bother with the self-serving BS Barney himself spews.

--
Telamon
Ventura, California