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We Owe Respect to John McCain
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 |
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