Barney Frank, entering hospice care, embarks on a final act: Taking on the left

[JonKoch]

No sure what it is you think I lied about…

Not sure what you think I lied about....be specific


The crash happened in 2008....so yes, the Dems had the house and blocked any reform that was being recommended

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Today, the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to "adopt any reform until this summer," when it was too late. "Neither the White House nor Congress heeded the warnings, Fannie and...

georgewbush-whitehouse.archives.gov

REFORM OF F/F CAME IN AFTER THE DEMOCRATS TOOK CONGRESS CUPCAKE, Dubya was the regulator, he didn't really want reform, you know that

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

Post in thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Bush tried 17 times to stop the community reinvestment act. He could never overcome Franklin Raines being black.

Sure he did. You meant he 'warned' GOP Congress 17 times on GSE reforms, but blocked the only bill to get out of the GOP House with bipartisan support?



Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

Testimony from W’s Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s 2004...

• Dad2three

 

[struth]

cool, in 2003 there wasn't one, Dubya said the same, AND?

REFORM IN 2007 THAT DEMS HAD THE HOUSE? DUBYA OPPOSED? LOL


YOU KNOW HE WAS THE REGULATOR RIGHT?


CENTER FOR RESPONSIBLE LENDING

Wall Street, Not Fannie Mae & Freddie Mac, Created & Led the Toxic Mortgage Market

https://www.ourfinancialsecurity.org/wp-content/uploads/2011/02/Cause-of-Financial-Crisis-1-26-11.pdf

Flashback: Private Sector Not GSEs Triggered Crisis​

View attachment 1259065




A reminder from 4 years ago today: Look who were the biggest underwriters of subprime — not Fannie & Freddie, not driven by the CRA, not Congress, but private sector banks.

The data, from the Federal Reserve Board, shows:


When it comes to making policy and legislation, facts matter. Those who advocated radical deregulation refuse to accept responsibility for their actions, must find someone else to blame. Hence, the fabrications about CRA/GSEs.

Flashback: Private Sector Not GSEs Triggered Crisis - The Big Picture

A reminder from 4 years ago today: Look who were the biggest underwriters of subprime — not Fannie & Freddie, not driven by the CRA, not Congress, but private sector banks. The data, from the Federal Reserve Board, shows: • More than 84 percent of the subprime mortgages in 2006 were issued by...

ritholtz.com

As the link I provided showed, there certainly was warning of it, and Bush started pushng in 2001

Barney Frank ignored it.

Heck even in 2007 Frank was blocking any real reform

2007

• August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)
• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
• December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

008

• February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
• March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
• April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
• May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
  • "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
  • "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
  • "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
• June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
• July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
• September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

 

[JonKoch]

Barney Frank killed any legislation which would have reduced the GSE's portfolios during the housing bubble.

George Bush tried to push through legislation which would have reduced the GSE's portfolios. Bush's motives were not pure. He wanted to restrict the GSEs market share so Wall Street could expand THEIR market share. Its all about the donors.

Frank not only opposed limiting the GSEs portfolios, he enabled them to take on huge subprime and Alt-A risks which were way outside their mandate.

It was not until after the crash that Frank finally saw the light. Too late.

MORE BS

For years, Frank openly argued that government policy over-emphasized the push for everyone to be a homeowner, and that the federal government historically "killed" or underfunded programs designed to build and maintain affordable rental units. Ironically, despite writing the Dodd-Frank Wall Street Reform Act, Frank was an outspoken advocate for renting over owning, and famously preferred to rent his own living spaces.


“Being accused of having blocked legislation to prohibit irresponsible lending to low-income people from 1995 to 2006 is flattering in a bizarre way,” Frank noted. “Apparently those Republicans parroting these right-wing talking points believe that I had some heretofore undisclosed power over first Newt Gingrich and then Tom DeLay, which allowed me to keep them from passing legislation they wanted to pass. If that had been true, I would have used that power to block the impeachment of Bill Clinton in the House, the war in Iraq, large tax cuts for the very wealthy, the intrusion into the sad case of Terri Schiavo, and appropriations bills that badly underfunded important social priorities.

Frank Seeks Antidote to Republican Amnesia

democrats-financialservices.house.gov

 

[struth]

REFORM OF F/F CAME IN AFTER THE DEMOCRATS TOOK CONGRESS CUPCAKE, Dubya was the regulator, he didn't really want reform, you know that

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

Post in thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Bush tried 17 times to stop the community reinvestment act. He could never overcome Franklin Raines being black.

Sure he did. You meant he 'warned' GOP Congress 17 times on GSE reforms, but blocked the only bill to get out of the GOP House with bipartisan support?



Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

Testimony from W’s Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s 2004...

• Dad2three

Reform didn't come until AFTER the crisis....because they ignored the warnings....heck Frank was saying Fannie and Freddie were sound....anytime the Bush admin brought up reform from 2001 onward.

 

[JonKoch]

As the link I provided showed, there certainly was warning of it, and Bush started pushng in 2001

Barney Frank ignored it.

Heck even in 2007 Frank was blocking any real reform

2007

• August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)
• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
• December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

008

• February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
• March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
• April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
• May: President Bushissues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
  • "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
  • "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
  • "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
• June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
• July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
• September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

OK, KEEP UP THE BS LIES


DUBYA WAS THE REGULATOR OF FANNIE AND FREDDIE YOU KNOW THAT RIGHT?


RIGHT WING TALKING POINTS DUBYA WANTED TO "REFORM" F/F? LOL


Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

Testimony from Ws Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the regulation of the GSEs 2003

Mr. (BARNEY) Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.


October 26, 2005

STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers"


June 17, 2004

(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
BUT NO, THOUGH BUSH CRUSHED F/F (AS REGULATOR), THE GSE'S DIDN'T CAUSE THE BUSH SUBPRIME CRISIS


Private sector loans, not Fannie or Freddie, triggered crisis

https://www.ourfinancialsecurity.org/wp-content/uploads/2011/02/Cause-of-Financial-Crisis-1-26-11.pdf

 

[JonKoch]

Reform didn't come until AFTER the crisis....because they ignored the warnings....heck Frank was saying Fannie and Freddie were sound....anytime the Bush admin brought up reform from 2001 onward.

Same as Bush and HIS admin said Cupcake, READ something other that Dubya really, really wanted to reform GSE's AS HE WAS ALREADY THE DAMN REGULATOR. THINK

 

[JonKoch]

A champion of liberal causes during his 32 years representing Massachusetts in the House, Frank says progressive Democrats have “embraced an agenda that goes beyond what’s politically acceptable.”

“Until we separate ourselves from that agenda, we don’t win,” he said in an interview Tuesday.

From the article.

Google AI


Key aspects of his deathbed warning:

• The Need for Repudiation: Frank stressed that Democrats must explicitly reject unpopular progressive positions (such as "defund the police" or open borders) rather than just claim they don't support them.
• 
  
• Litmus Tests: He warned against turning controversial progressive ideas, like the Green New Deal, into party litmus tests that the general public is not ready to accept.
• 
  
• The Pragmatic Approach: Using the LGBTQ+ rights movement as a model, Frank urged Democrats to practice gradual, conventional politics rather than aiming for maximalist agendas that are beyond what voters will "politically accept".

 

[JonKoch]

Frank claimed the DEBT does not matter.

We spend $1 trillion/year on debt service.

Seems like alot to me.

Frank did marry a surfer dude....good for him!

I wish him well.

Former Congressman Barney Frank did not claim that the national debt does not matter, but during the 2008 financial crisis, he argued that "deficit fear" should take a "second seat" to immediate government spending to stimulate the economy.

 

[ColonelAngus]

Former Congressman Barney Frank did not claim that the national debt does not matter, but during the 2008 financial crisis, he argued that "deficit fear" should take a "second seat" to immediate government spending to stimulate the economy.

I literally heard him say it during an interview, I do not care what your AI search engine claims.

 

[JonKoch]

<~~~~~~~~~~>
Barney Frank, as the chairman of the House Financial Services Committee, was a significant advocate for Fannie Mae and Freddie Mac. He initially believed these government-sponsored enterprises were stable and did not pose a risk to the economy. His support included opposing regulatory reforms proposed by the Bush administration aimed at strengthening oversight of these institutions.
Frank finally recognized that the push for homeownership among individuals who could not afford it was misguided. He admitted that this approach contributed to the housing crisis, suggesting that renting might have been a more suitable option for many.

It wasn't "finally" he ALWAYS thought Gov't should be more rental, not buying

Dubya never wanted to "reform" GSE's (Fannie and Freddie) , he wanted to take it out of HUD so they could strip it of $$$$$, Which is what has happened

Dubya's administration, while fighting for stricter financial oversight, also aggressively pursued an "ownership society" agenda that simultaneously pushed the GSEs to increase their affordable housing goals and purchase riskier mortgages
June 17, 2004

(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


BUT NO, THOUGH BUSH CRUSHED F/F (AS REGULATOR), THE GSE'S DIDN'T CAUSE THE BUSH SUBPRIME CRISIS


Private sector loans, not Fannie or Freddie, triggered crisis


The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets


FACTS ON Bush Mortgage Bubble include (but not limited to)


Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (50% TO 56%)
Lowering Investment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.




MY OLD THREAD

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

• 

 

[JonKoch]

I literally heard him say it during an interview, I do not care what your AI search engine claims.

Got it, out of context or lie, which?

 

[JonKoch]

He was not involved with either piece of legislation.

The GOP Congress didn't want to do anything about the rampant speculation in credit default swaps and mortgages.

The repeatedly sidelined attempts to do so.

When the collapse came, Barney Frank was the ranking member of the Banking Committee, powerless against the majority.

But the right wing myth was promoted vigerously. Trading, as usual, on bigotry, and the secure understanding that most of the audience knew little or nothing about how government works, the role of the Fed, and the effects of Republican led "reforms" during the 1990's that opened up the speculative floodgates.

YEP

Private Sector Loans Triggered the Crisis​

https://www.ourfinancialsecurity.org/wp-content/uploads/2011/02/Cause-of-Financial-Crisis-1-26-11.pdf

Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Investment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments


PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.



Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

 

[JonKoch]

Reform didn't come until AFTER the crisis....because they ignored the warnings....heck Frank was saying Fannie and Freddie were sound....anytime the Bush admin brought up reform from 2001 onward.

Just like Bush did, weird YOU can't read except the 17 times Dubya pushed for GSE "reform". You know he had a GOP House 2001-Jan 2007 and he opposed the ONLY bill to come out (bipartisan too)

• October 2005 Opposition: On the day the House of Representatives was scheduled to vote on the GSE reform bill (H.R. 1461), the Bush Administration issued a formal Statement of Administration Policy opposing it.

WEIRD RIGHT? OH AGAIN, YOU KNOW HE WAS THE REGULATOR OF THE GSE'S RIGHT?


Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (50% to 56%)
Lowering Investment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

June 17, 2004

(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

 

[struth]

Just like Bush did, weird YOU can't read except the 17 times Dubya pushed for GSE "reform". You know he had a GOP House 2001-Jan 2007 and he opposed the ONLY bill to come out (bipartisan too)

• October 2005 Opposition: On the day the House of Representatives was scheduled to vote on the GSE reform bill (H.R. 1461), the Bush Administration issued a formal Statement of Administration Policy opposing it.

WEIRD RIGHT? OH AGAIN, YOU KNOW HE WAS THE REGULATOR OF THE GSE'S RIGHT?


Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (50% to 56%)
Lowering Investment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

June 17, 2004

(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

I provided a link showing Bush started warning back in 2001

 

[struth]

Same as Bush and HIS admin said Cupcake, READ something other that Dubya really, really wanted to reform GSE's AS HE WAS ALREADY THE DAMN REGULATOR. THINK

The President can't unilaterally make laws reforming GSEs.....laws are passed by Congress

wow.

 

[g5000]

MORE BS

For years, Frank openly argued that government policy over-emphasized the push for everyone to be a homeowner, and that the federal government historically "killed" or underfunded programs designed to build and maintain affordable rental units. Ironically, despite writing the Dodd-Frank Wall Street Reform Act, Frank was an outspoken advocate for renting over owning, and famously preferred to rent his own living spaces.


“Being accused of having blocked legislation to prohibit irresponsible lending to low-income people from 1995 to 2006 is flattering in a bizarre way,” Frank noted. “Apparently those Republicans parroting these right-wing talking points believe that I had some heretofore undisclosed power over first Newt Gingrich and then Tom DeLay, which allowed me to keep them from passing legislation they wanted to pass. If that had been true, I would have used that power to block the impeachment of Bill Clinton in the House, the war in Iraq, large tax cuts for the very wealthy, the intrusion into the sad case of Terri Schiavo, and appropriations bills that badly underfunded important social priorities.

Frank Seeks Antidote to Republican Amnesia

democrats-financialservices.house.gov

I think you have misunderstood my posts.

 

[JonKoch]

I provided a link showing Bush started warning back in 2001

LMAOROG, sure he "warned" 17 times BUT STOPPED the ONLY bill to come out of HIS GOP CONGRESS 2001-2007

AS HE WAS REGULATOR

 

[struth]

LMAOROG, sure he "warned" 17 times BUT STOPPED the ONLY bill to come out of HIS GOP CONGRESS 2001-2007

AS HE WAS REGULATOR

regulator? No, he was President

 

[JonKoch]

The President can't unilaterally make laws reforming GSEs.....laws are passed by Congress

wow.

Oh right, regulators don't do this


June 17, 2004

(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

Fannie Mae And Freddie Mac Put In Catch-22 By Bush's HUD Plan​

The two corporations are being forced by the new guidelines to divert more money from middle-income financing to the poor. Fannie Mae and Freddie Mac call the new rules "unrealistic."


The National Association of Home Builders joined a growing number of organizations, including Freddie Mac and Fannie Mae themselves, in criticizing HUD's new plan for low-income financing. According to the new guidelines, the two government-sponsored enterprises would be directed to loan more money to low-income home buyers without an increase of funding. Consequently, the groups allege, middle-income home-hunters would be shut out of federal funding.

https://www.planetizen.com/node/13538

WEIRD RIGHT? CONGRESS DO THAT OR SIMPLY THE BUSH ADMIN WHO WAS REGULATOR OF THE GSE'S?

 

[JonKoch]

regulator? No, he was President

You know who the regulating branch is right? HINT EXECUTIVE BRANCH. THAT WAS DSUBYA