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

[Zincwarrior]

DId I miss it? Media is reporting that Barney Frank has passed.

 

[JonKoch]

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

wow.

June 20, 2004

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."

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

The Core Arguments:

• The Squeeze on Middle-Income Buyers: Organizations like the National Association of Home Builders (NAHB) have expressed concern that directing GSEs to purchase a higher volume of low-income loans without expanding their overall purchasing power creates a zero-sum environment. Consequently, lenders might reduce their purchase of middle-income mortgages to meet federal low-income targets, making it harder for middle-income Americans to secure loans.

• GSE Viability: Historically, both Fannie Mae and Freddie Mac have warned regulators that HUD's assumptions about affordable lending goals can be financially "unrealistic" without broader capital flexibility.

• Impact on the FHA: Housing industry experts have frequently warned that strict low-income mandates could cause the GSEs to "cherry-pick" the most creditworthy borrowers from the Federal Housing Administration (FHA). This could leave the FHA disproportionately exposed to higher-risk loans

 

[JonKoch]

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

wow.

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


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.



WAS THAT CONGRESS OR BUSH ADMIN AS THE REGULATOR?

 

[Unkotare]

Barney Frank, entering hospice care, embarks on a final act:​

Taking on the left​

The former Massachusetts lawmaker says progressives in his party have “embraced an agenda that goes beyond what’s politically acceptable.”​

https://www.politico.com/news/2026/04/28/barney-frank-hospice-democrats-00897112?utm_medium=twitter&utm_source=dlvr.it

28 Apr 2026 ~~ By Jasper Goodman

Former Rep. Barney Frank, a liberal icon who was a key architect of the landmark Wall Street regulations Democrats enacted in the wake of the 2008 financial crisis, has entered hospice care at his home in Maine. And as one of his last acts, he is preparing to release a book repudiating his party’s left flank.
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.
~Snip~
“At 86, I’ve made it longer than I thought,” Frank said. “At some point, my heart’s just going to give out, and it’s reaching that stage. So I’m taking it easy at home and dealing with it by relaxing.”
Known for his acerbic wit and sometimes combative style, Frank chaired the House Financial Services Committee through the heart of the 2008 financial crisis, from 2007 to 2011.


Commentary:
As he gets closer to his time to meet his maker, Barney Frank wants to right some of the wrongs he sees in the Democrat Party.
As I recall, wasn’t Barney Frank one of the legislators who pushed through the legislation which caused the 2008 financial crises?
I would not wish congestive heart failure upon anyone. While there are more and better treatments, and we know some prevention, it is a fatal progressive disease that kills many each year.
Frank is 86 so there's no sympathy forth coming. He's led his life and it's time to meet his maker.
He's lived longer than the average American male.

Best wishes for him, but he will always be known for the recession he caused.

 

[struth]

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?

Yes, the President can't unilaterally make law. I am not sure where you got the idea they could

The link is people complaining about the enforcment of the American Dream Down Payment Act: https://www.congress.gov/committee-report/108th-congress/house-report/164/1

Which was largely drafted by Barney Frank, but had bipartisan support

 

[struth]

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
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.



WAS THAT CONGRESS OR BUSH ADMIN AS THE REGULATOR?

Fannie and Freddie were created to help low income buyers....why would somone want to change that mission?

 

[struth]

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

He's in charge with enforcing federal law, not making federal law.

That is Congress.

 

[JonKoch]

Best wishes for him, but he will always be known for the recession he caused.

THAT WAS DUBYA

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


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (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


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative

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]

He's in charge with enforcing federal law, not making federal law.

That is Congress.

OK, YOU LIE, GOT IT

HUD WAS REGULATOR OF GSE'S, DUBYA WAS IN CHARGE OF REGULATIONS AND REGULATORS


CONGRESS DOESN'T PASS REGULATIONS, THEY MAKE LAWS, DUBYA'S HUD DID THIS


Forcing GSEs to buy more low income home loans by raising their Housing Goals 5-% TO 56%

Reversing the Clinton rule that restricted GSEs purchases of subprime loans

Forcing GSEs to spend an additional $440 billion in the secondary markets

 

[JonKoch]

Fannie and Freddie were created to help low income buyers....why would somone want to change that mission?

NO THEY WERE NOT CREATED FOR THAT MISSION, READ ABOUT IT

 

[Failzero]

He died calling the Marxist Far Left Jew haters and Anti Semites .

 

[JonKoch]

Yes, the President can't unilaterally make law. I am not sure where you got the idea they could

The link is people complaining about the enforcment of the American Dream Down Payment Act: https://www.congress.gov/committee-report/108th-congress/house-report/164/1

Which was largely drafted by Barney Frank, but had bipartisan support

GAWD

H. Rept. 108-164 is the House Financial Services Committee report accompanying the American Dream Downpayment Act (H.R. 1276). Passed in 2003, this legislation amended the Cranston-Gonzalez National Affordable Housing Act to help low-income, first-time homebuyers overcome the critical barrier of down payments and closing costs.


H. Rept. 108-164 is the House Financial Services Committee report for the American Dream Downpayment Act (H.R. 1276 / S. 811). [1, 2]

Bill Sponsor and Cosponsors

• Primary Sponsor: Rep. Katherine Harris (R-FL-13) introduced H.R. 1276 on March 13, 2003.
• Cosponsors: The bill garnered 23 cosponsors (including 22 Republicans and 1 Democrat). Key cosponsors included Rep. Michael G. Oxley (R-OH), Rep. Richard Baker (R-LA), Rep. Spencer Bachus (R-AL), and Rep. Artur Davis (D-AL) (CONSERVATIVE)

WHERE IS BARNEY FRANK?

 

[JonKoch]

He died calling the Marxist Far Left Jew haters and Anti Semites .

Another right wing fail, shocking

 

[JonKoch]

Yes, the President can't unilaterally make law. I am not sure where you got the idea they could

The link is people complaining about the enforcment of the American Dream Down Payment Act: https://www.congress.gov/committee-report/108th-congress/house-report/164/1

Which was largely drafted by Barney Frank, but had bipartisan support

GOOGLE IS YOUR FRIEND



Signed into law in 2003, the American Dream Down Payment Act provided grants to help low-income, first-time homebuyers cover down payments and closing costs. As a prominent advocate for housing and ranking Democrat, Rep. Barney Frank supported its goals but criticized specific FHA subprime-insuring proposals.


Here is how the law, its legislative environment, and Barney Frank intersect:

• The American Dream Down Payment Initiative: Authored by Rep. Bob Ney and signed by President George W. Bush, the act allowed the Department of Housing and Urban Development (HUD) to grant up to $10,000 or 6% of the purchase price (whichever was greater) to qualified buyers.

• Barney Frank's Early Stance: Frank, who served as the ranking member (and later Chairman) of the House Financial Services Committee, was a staunch proponent of affordable housing. He generally supported the expansion of homeownership opportunities but consistently pushed back against predatory lending practices and deregulation that put vulnerable, low-income buyers at risk of losing their homes to ballooning or high-cost subprime loans.

• Legislative Legacy: Frank's legislative legacy in the housing and mortgage sector is defined by his co-authorship of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. This sweeping financial overhaul was created in the wake of the 2008 subprime mortgage crisis and established the Consumer Financial Protection Bureau (CFPB) to prevent the types of predatory and irresponsible mortgage lending that the down-payment act and other programs inadvertently faced in the early 2000s

In fact, Rep. Barney Frank (D., Mass.) is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters. Politicians usually believe that homeownership rates should – must – go ever higher.‐‐Lawrence Lindsey, former George W. Bush chief economics adviser, April 2, 2008

 

[struth]

GOOGLE IS YOUR FRIEND



Signed into law in 2003, the American Dream Down Payment Act provided grants to help low-income, first-time homebuyers cover down payments and closing costs. As a prominent advocate for housing and ranking Democrat, Rep. Barney Frank supported its goals but criticized specific FHA subprime-insuring proposals.


Here is how the law, its legislative environment, and Barney Frank intersect:

• The American Dream Down Payment Initiative: Authored by Rep. Bob Ney and signed by President George W. Bush, the act allowed the Department of Housing and Urban Development (HUD) to grant up to $10,000 or 6% of the purchase price (whichever was greater) to qualified buyers.

• Barney Frank's Early Stance: Frank, who served as the ranking member (and later Chairman) of the House Financial Services Committee, was a staunch proponent of affordable housing. He generally supported the expansion of homeownership opportunities but consistently pushed back against predatory lending practices and deregulation that put vulnerable, low-income buyers at risk of losing their homes to ballooning or high-cost subprime loans.

• Legislative Legacy: Frank's legislative legacy in the housing and mortgage sector is defined by his co-authorship of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. This sweeping financial overhaul was created in the wake of the 2008 subprime mortgage crisis and established the Consumer Financial Protection Bureau (CFPB) to prevent the types of predatory and irresponsible mortgage lending that the down-payment act and other programs inadvertently faced in the early 2000s

In fact, Rep. Barney Frank (D., Mass.) is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters. Politicians usually believe that homeownership rates should – must – go ever higher.‐‐Lawrence Lindsey, former George W. Bush chief economics adviser, April 2, 2008

which specific ones? He certainly didn't have a problem with all subprime loans, at all

 

[struth]

GAWD

H. Rept. 108-164 is the House Financial Services Committee report accompanying the American Dream Downpayment Act (H.R. 1276). Passed in 2003, this legislation amended the Cranston-Gonzalez National Affordable Housing Act to help low-income, first-time homebuyers overcome the critical barrier of down payments and closing costs.


H. Rept. 108-164 is the House Financial Services Committee report for the American Dream Downpayment Act (H.R. 1276 / S. 811). [1, 2]

Bill Sponsor and Cosponsors

• Primary Sponsor: Rep. Katherine Harris (R-FL-13) introduced H.R. 1276 on March 13, 2003.
• Cosponsors: The bill garnered 23 cosponsors (including 22 Republicans and 1 Democrat). Key cosponsors included Rep. Michael G. Oxley (R-OH), Rep. Richard Baker (R-LA), Rep. Spencer Bachus (R-AL), and Rep. Artur Davis (D-AL) (CONSERVATIVE)

WHERE IS BARNEY FRANK?

where? He was the leading Dem in the House, backigng the bill

 

[struth]

NO THEY WERE NOT CREATED FOR THAT MISSION, READ ABOUT IT

Yes., in fact they were. Both were New Deal programs created to make mortage lending more readily available and expand to help lower income people.

 

[JonKoch]

where? He was the leading Dem in the House, backigng the bill

LMAOROG, IF HE WROTE IT, AS YOU CLAIMED, WOULDN'T HE AT LEAST BE A SPONSOR OF THE BILL, BUT ONLY ONE CONSERVATIVE DEM AND 23 GOPER'S MADE IT A BARNEY BILL?,

CARE TO POINT TO ACTUAL FACTS?

 

[struth]

LMAOROG, IF HE WROTE IT, AS YOU CLAIMED, WOULDN'T HE AT LEAST BE A SPONSOR OF THE BILL, BUT ONLY ONE CONSERVATIVE DEM AND 23 GOPER'S MADE IT A BARNEY BILL?,

CARE TO POINT TO ACTUAL FACTS?

Where did I say he wrote it??

 

[JonKoch]

Yes., in fact they were. Both were New Deal programs created to make mortage lending more readily available and expand to help lower income people.

GAWD


Fannie Mae and Freddie Mac were not originally created exclusively for low-income buyers. Their primary purpose is to provide stability, liquidity, and affordability to the entire U.S. mortgage market by purchasing loans from lenders, freeing up capital so banks can continue to issue new mortgages.


While they serve the broader market, both institutions have government-mandated mandates and specific programs dedicated to helping low- and moderate-income borrowers, as well as first-time homebuyers.