Architect of the Housing Bubble, Barn...

Architect of the Housing Bubble, Barney Frank, Bows Out

There are 654 comments on the www.unelected.org story from Nov 28, 2011, titled Architect of the Housing Bubble, Barney Frank, Bows Out. In it, www.unelected.org reports that:

It should never be forgotten that Barney Frank, through his strongarming of Fanny Mae, was responsible for the housing bubble.

Join the discussion below, or Read more at www.unelected.org.

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“Hillary, thirty years of lying”

Since: Nov 08

Paris

#2 Nov 28, 2011
He always bows..........he's a catcher not a pitcher.

SIR LANCELOT

“I just hate stupid people”

Since: Apr 07

DEEP SOUTHERN ILLINOIS

#3 Nov 28, 2011
Piece of liberal sh*t.
Gary

Bellingham, WA

#4 Nov 28, 2011
BS. The housing bubble happened under Bush
and for the main reason that there was no
one keeping an eye on the banksters and gangsters of
Wall Street. Like the BP oil spill and the West Virginia mine disaster. No one enforcing the regs.
That's conservative philosophy: no regulating.
.

“Angry Antlers ”

Since: Sep 08

Miami

#5 Nov 28, 2011
Whoever the Nazi is who wrote this headline, the fact is Barney Frank's district has been redrawn to include a few Fascist Right enclaves, and at 71, he's ready to retire- he had already planned to after anothr term had Rethuglicans not redrawn his district.

A liberal will keep the seat, so the Reich can keep their greedy paws down.
Stop the Madness

United States

#6 Nov 28, 2011
Gary wrote:
BS. The housing bubble happened under Bush
and for the main reason that there was no
one keeping an eye on the banksters and gangsters of
Wall Street. Like the BP oil spill and the West Virginia mine disaster. No one enforcing the regs.
That's conservative philosophy: no regulating.
.
Sorry Gary, Bush tried to rein in those loans and was overruled. Barney and Chris had a field day!

Since: Dec 07

Spring, TX

#7 Nov 28, 2011
Gary wrote:
BS. The housing bubble happened under Bush
and for the main reason that there was no
one keeping an eye on the banksters and gangsters of
Wall Street. Like the BP oil spill and the West Virginia mine disaster. No one enforcing the regs.
That's conservative philosophy: no regulating.
.
Bullshit in reverse, liberal propaganda lies.

The Community Reinvestment Act was in effect from 1975, but in the late 1990s the Clinton administration forced banks and lending institutions to change their normal standards for providing home mortgage loans. Not requiring down payments nor credit checks allowed unqualified buyers to be approved for these loans.

When Republican Sen. Jim Jeffords switched to independent, the Democrats controlled the Senate (2001-02), and after the 2006 elections, the House and Senate (2007-08). Early in his first term President Bush wanted Congress to regulate Fannie Mae and Freddie Mac. On other occasions Republicans, including John McCain in 2007 tried to pass legislation to regulate these institutions, but were blocked by Democrats led by Dodd and Frank.

From his own home state!! http://www.capecodonline.com/apps/pbcs.dll/ar...

“Hillary, thirty years of lying”

Since: Nov 08

Paris

#8 Nov 28, 2011
Gary wrote:
BS. The housing bubble happened under Bush
and for the main reason that there was no
one keeping an eye on the banksters and gangsters of
Wall Street. Like the BP oil spill and the West Virginia mine disaster. No one enforcing the regs.
That's conservative philosophy: no regulating.
.
you are pretty stupid.

“Hillary, thirty years of lying”

Since: Nov 08

Paris

#9 Nov 28, 2011
Caribou Barbie wrote:
Whoever the Nazi is who wrote this headline, the fact is Barney Frank's district has been redrawn to include a few Fascist Right enclaves, and at 71, he's ready to retire- he had already planned to after anothr term had Rethuglicans not redrawn his district.
A liberal will keep the seat, so the Reich can keep their greedy paws down.
Did you call Obama or Axelrod and tell them to quit trying to hang a black man with no proof.........just like liberals used to do in the south. Cain must really scare the oreo in chief.
ZIAmouth585

Rio Rancho, NM

#10 Nov 28, 2011
Funny how the "blame it on Barney Frank" spin machine keeps on spinning. Who controlled both houses of Congress from 2002 through 2006? The Republicans. They headed the committees too. Yet somehow Barney Frank, a lone Democrat is responsible. Barney didn't become the chairman of the House Finance Service committee until January 2007. Republicans were in charge before that yet somehow a lone Dem is to blame. Not possible. BTW - who was receiving money as a paid consultant during this period - Newt Gingrich.

“Angry Antlers ”

Since: Sep 08

Miami

#11 Nov 28, 2011
Le Jimbo wrote:
<quoted text>Did you call Obama or Axelrod and tell them to quit trying to hang a black man with no proof.........just like liberals used to do in the south. Cain must really scare the oreo in chief.
Cain is and has been irrelevant- all seasoned pols know that.

Cain's bimbo eruptions are of his own making- he's selling books on his "campaign tour" and his past is coming back to haunt him like Ebeneezer Scrooge.

The Bimbs want a piece of that pie in trade for the one they gave Cain.

LOL

Since: May 08

Deltona Fla

#12 Nov 28, 2011
Did anybody actually read that crap? Frank convinced Alan Greenspan to lower rates. Give me a F ing break. Then Frank convinces Fannie Mae to buy sub prime loans. That must be time traveling Barney because Fannie Mae has been buying sub prime loans since 1938. The Right wing myth of the meltdown served up on a cow patty.

Since: May 08

Deltona Fla

#13 Nov 28, 2011
Caribou Barbie wrote:
<quoted text>
Cain is and has been irrelevant- all seasoned pols know that.
Cain's bimbo eruptions are of his own making- he's selling books on his "campaign tour" and his past is coming back to haunt him like Ebeneezer Scrooge.
The Bimbs want a piece of that pie in trade for the one they gave Cain.
LOL
Cain!! I remember that guy. What happened to him? I heard that he fathered two black children and was eventually brought up on child abuse charges for feeding them Godfathers pizza.

“Angry Antlers ”

Since: Sep 08

Miami

#16 Nov 28, 2011
swampmudd wrote:
<quoted text>Cain!! I remember that guy. What happened to him? I heard that he fathered two black children and was eventually brought up on child abuse charges for feeding them Godfathers pizza.
Now, now- pizza sauce is considered a "vegetable" according to Republican lobbyists for the corporate farmers.

LOL!!!

Speaking of vegetables, how's Rick Perry doing these days??

Haven't heard much from him- most likely a good thing.

LOL
NYC Dem

United States

#17 Nov 28, 2011
Gary wrote:
BS. The housing bubble happened under Bush
and for the main reason that there was no
one keeping an eye on the banksters and gangsters of
Wall Street. Like the BP oil spill and the West Virginia mine disaster. No one enforcing the regs.
That's conservative philosophy: no regulating.
.
...ya poor ignorant dikhedd...
Wall Street Government

Sebastian, FL

#19 Nov 28, 2011
Bluebonnets-Thistle wrote:
<quoted text>
Bullshit in reverse, liberal propaganda lies.
The Community Reinvestment Act was in effect from 1975, but in the late 1990s the Clinton administration forced banks and lending institutions to change their normal standards for providing home mortgage loans. Not requiring down payments nor credit checks allowed unqualified buyers to be approved for these loans.
When Republican Sen. Jim Jeffords switched to independent, the Democrats controlled the Senate (2001-02), and after the 2006 elections, the House and Senate (2007-08). Early in his first term President Bush wanted Congress to regulate Fannie Mae and Freddie Mac. On other occasions Republicans, including John McCain in 2007 tried to pass legislation to regulate these institutions, but were blocked by Democrats led by Dodd and Frank.
From his own home state!! http://www.capecodonline.com/apps/pbcs.dll/ar...
In defending his employer, U.S. Rep. Barney Frank, and criticizing Phillip Goodwin, Harry Gural did not have his facts straight ("Blaming Frank, Dodd defies sense," My View, Nov. 16).
L. Hoovis

You got "your" opinion from a letter to the editor.

Of course you did, FOX gets their "news" fron Rannity.

Poor teabagger.

Since: Dec 07

Spring, TX

#20 Nov 28, 2011
Wall Street Government wrote:
<quoted text>
In defending his employer, U.S. Rep. Barney Frank, and criticizing Phillip Goodwin, Harry Gural did not have his facts straight ("Blaming Frank, Dodd defies sense," My View, Nov. 16).
L. Hoovis
You got "your" opinion from a letter to the editor.
Of course you did, FOX gets their "news" fron Rannity.
Poor teabagger.
This is coming from someone who said the housing cruch was Bush's fault! Poor socialist fleabagger.

It was the Clinton administration that started pushing banks to increase sub-prime loans. In 2006 the White House wanted to apply tougher regulations to the banking industries but the Democratically controlled Congress consulted with Barny Frank and Senator Frank stated the Fannie Mae and Freddie Mack were strong enough. He was still saying they were sound up until 6 weeks before they collapsed.

Barney's fingerprints are all over it.
Don Joe

Maple Grove, MN

#21 Nov 28, 2011
Don't ever forget the GOP will blame anyone else every time they get their way. Each time the results are horrible for the public, so they find some democrat to blame. They keep trying to blame the 9/11 attacks on Obama.
crett

United States

#22 Nov 28, 2011
Bluebonnets-This tle. gets it right.

i remember it well,arm twisting is its name,the politicians all thought every one breathing ,should own a home and cash in on the up market in housing ,by threating those who wrote loans to lax the requirements . not to mention changing banking laws just before leaving the whitehouse..November 12, 1999: Gramm–Leach–Bliley Act
December 21, 2000: Commodity Futures Modernization Act of 2000
http://en.wikipedia.org/wiki/Presidency_of_Bi... ...

Wartime V

“Hang 'em High”

Since: Sep 11

Commie Fake, Phony, & Fraud

#23 Nov 28, 2011
Don Joe wrote:
Don't ever forget the GOP will blame anyone else every time they get their way. Each time the results are horrible for the public, so they find some democrat to blame. They keep trying to blame the 9/11 attacks on Obama.
Bend over for your schooling, shill boy. Maybe your kenyan commie lizard will send you some vaseline along with your monthly diaper allotment! ROFLMAO!!

Wartime V

“Hang 'em High”

Since: Sep 11

Commie Fake, Phony, & Fraud

#24 Nov 28, 2011
The DEMOCRATS -- Clinton and his administration (including Frank, Dodd, and Fannie and Freddie) are responsible for creating the too big to fail banks, for failure to regulate Hedge Funds, and for failure to regulate derivatives. In addition, the housing policies pushed by his adminstration under HUD Secretary Andrew Cuomo are responsible for expanding subprime loans.(while Bush tried 17 times to stop it).

Clinton signed the Gramm Leach Bliley Act and the Commodity Modernization Act (CRA). Poor public policies in the 1990s (the CRA for example) combined with those deregulation bills, and a period of very low interest rates earlier in the decade (after the Nasdaq bubble broke in 1990 and ushered in a recession) all fueled a housing bubble, and the asset securitization of the mortgages, and extreme leverage using unregulated derivative products of various sorts all contributed to the crisis.

The democrats and Fannie/Freddie's easing of credit requirements (which created the problem) in 1999 AND their thwarting of Bush's attempts to stop them in 2003 had FAR FAR more to do with the housing collapse than Bush.

2003: Bush proposes what the NY Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago". 1 of 17 proposals.

President Bush tried 17 TIMES to stop the corrupt Frank, Dodd, Waters, and their corrupt contributors Fannie/Freddie, but was thwarted. Bush SHOULD HAVE SHUT THEM DOWN like Pelosi, Reid, and Obama have shut down bipartisanship since the demoocrats took over both houses of congress in January 2007. But he did not. Blame lies with the democrats -- ALL OF IT.

And what have those same democrats and Obama done lately?....Promise Fannie and Freddie (who control 75% of all US mortgages and are $160 billion in the red) unlimited taxpayer funding, while EXCLUDING THEM from their financial reform bill.
_______

From Alz: http://www.topix.com/forum/us/politics/T50ESI...

CRA was part of it. When Carter dreamed it up, it didn't have much of a bite. Clinton ramped it up and that's when the problems started happening.

It would have been better to let the market take care of the problems rather than allow forced government regulation that skewed the market over time.

(Sept 1999) "Fannie Mae Eases Credit To Aid Mortgage Lending"
http://query.nytimes.com/gst/fullpage.html...

(Sept 2003) Bush tries to fix it
"New Agency Proposed to Oversee Freddie Mac and Fannie Mae"
http://query.nytimes.com/gst/fullpage.html...

"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."

"Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry."

"The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios."

"The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken."

Blame is spelled D-E-M-O-C-R-A-T-S. Barney Frank and Chris Dodd should have been frog-marched to jail.

[continues...]

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