Truth Is Starting To Leak Out: Barney Frank, Chris Dodd Clinton Cronies

[mcmick]

On Sept. 11, 2003, the Bush administration proposed to Congress a new agency under the Treasury Department to assume supervision of Fannie and Freddie, with authority to set capital-reserve requirements, veto new lines of business and determine whether the two quasi-government lenders were adequately managing the risk of their ballooning portfolios.

Then Treasury Secretary John Snow almost begged Barney Frank to support Fannie and Freddie reform.

Frank’s quote "These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Many are familiar with the definition of a liberal “One who will give the shirt off of someone else’s back.”

Democrats obviously believe in affordable housing for their imagined “victims.” The vast majority of Americans, persist, watch their credit, work hard and pay their mortgages on time.

The deadbeats, the largest constituency of the nanny-state Democrat Party, were given housing they couldn't afford, now Dems want the rest of us to pay off their defaulted mortgages.

Joe Biden said in last Thursday’s debate, these people should not only have renegotiated loans and lower rates but reduced principals.

Karl Marx, Saul Alinsky, Bill Ayars, all the sixties hippies and flower children now in control of the Democrat Party are in REDISTRIBUTION heaven.

See Barney Franks and other Dems’ own words—You Tube--Search “Fannie Mae hearings”

Over 2 million recent views and rising rapidly.

Keep spreading the word.

Don’t be discouraged by the angry attacks of nanny-state believers. Their insecurity makes them love government solutions and redistribution, and attempts to cover-up this Democrat scandal.

 

[AllieBaba]

This isn't news. The left knows it, and is pretending it didn't happen.

I heard Clinton himself SAY the economic problems today were because of his and his buddies' support of Freddie Mac and Fannie Mae. I heard it on the radio, it was one of those interviews where he praised McCain while saying he was still an Obama supporter...and it is absolutely buried. I couldn't even find it the very next day.

 

[rayboyusmc]

Right. It's all the left's fault, Ali.

For seven years Bush with control of the Senate and House just couldn't fix anything. Deregulation had nothing to do with it. The greed of the banks had nothing to do with it.

What happened to our suplus? Did Barney take that too?

Anyone who tries to find one cause for this current mess is a partisan hack or a fool.

 

[LordBrownTrout]

A lot of people are guilty, politicians, greed on Wall street, inept leaders, people living in excess and on and on. We haven't even seen the rest of the foreclosures OR the credit card debt. I do know that this country will burn to the ground if this hate doesn't stop. Its already happening. We are in a perilous situation right now and it really does no good to fan the flames.

 

[DavidS]

Barney Frank had a homosexual affair with a Fannie Mae executive Herb Moses about a decade ago.

 

[rayboyusmc]

Did the affair result in any offspring?

 

[mcmick]

Typical Leftist response.

Not one reference to the actions of Frank, Dodd, Franklin Raines, who cooked the books by $3.5 billion, so he could pay himself nearly $100 million, and pay fellow crony, Jamie Gorelick $75 million, then had to step down (should have been put in jail and still should be).

As to the greedy lenders-The Powerful Boo Hoo Movement created the one of its endless, phony, victim groups, with its Marxist use of language "redlining" depriving lenders of the ability to get back their money or be punished by heavy handed government, so that charge is as asinine as the rest of the diversion away from Frank and the other boo hoos on video absolutely blocking every effort to avoid what we now have.

We know that in the land of nanny-state, it's wrong to think lenders are entitled to get back the money they lend out.

 

[glockmail]

Right. It's all the left's fault, Ali.

For seven years Bush with control of the Senate and House just couldn't fix anything. Deregulation had nothing to do with it. The greed of the banks had nothing to do with it.

What happened to our suplus? Did Barney take that too?

Anyone who tries to find one cause for this current mess is a partisan hack or a fool.

Not just one cause, multiple Democrats were involved.

 

[user_name_guest]

Right. It's all the left's fault, Ali.

For seven years Bush with control of the Senate and House just couldn't fix anything. Deregulation had nothing to do with it. The greed of the banks had nothing to do with it.

What happened to our suplus? Did Barney take that too?

Anyone who tries to find one cause for this current mess is a partisan hack or a fool.

Democrats took Control in 2006. Obama warned people about mortgages. But nothing was done. Last two years? Last two years? Duct tape rayboy, duct tape your fingers from typing.

 

[Care4all]

Typical Leftist response.

Not one reference to the actions of Frank, Dodd, Franklin Raines, who cooked the books by $3.5 billion, so he could pay himself nearly $100 million, and pay fellow crony, Jamie Gorelick $75 million, then had to step down (should have been put in jail and still should be).

As to the greedy lenders-The Powerful Boo Hoo Movement created the one of its endless, phony, victim groups, with its Marxist use of language "redlining" depriving lenders of the ability to get back their money or be punished by heavy handed government, so that charge is as asinine as the rest of the diversion away from Frank and the other boo hoos on video absolutely blocking every effort to avoid what we now have.

We know that in the land of nanny-state, it's wrong to think lenders are entitled to get back the money they lend out.

this had to do with accounting procedures...crooked ones, BUT also had NOTHING to do with the crisis we are in now with bad mortgages hidden in MBS's....

and regulating their accounting procedures would not have stopped what happened from 2005 onward with subprime mortgages...this is what you guys and gals fail to state, every time you bring up this issue...

also, president bush is the one that ''challenged'' the financial institutions to come up with ways to put more people in to homes....it was an initiative of his in 2002 and then again in his 2004 presidential run....

Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:
American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;
Affordable Housing.

The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;
Helping Families Help Themselves.

The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and
Simplifying Homebuying and Increasing Education.

The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings.

The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.

Fact Sheet: America's Ownership Society: Expanding Opportunities

care

 

[rayboyusmc]

Last two years? Last two years?

Previous six - Previous Six

 

[rayboyusmc]

Oh, damn, another name caller.

I just don't know how to respond to your witty adding of "dumb"

 

[glockmail]

Oh, damn, another name caller.

I just don't know how to respond to your witty adding of "dumb"

Can't help you there boy. That generic name thing is a stumper.

 

[I Missthe North]

Typical Leftist response.

Not one reference to the actions of Frank, Dodd, Franklin Raines, who cooked the books by $3.5 billion, so he could pay himself nearly $100 million, and pay fellow crony, Jamie Gorelick $75 million, then had to step down (should have been put in jail and still should be).

As to the greedy lenders-The Powerful Boo Hoo Movement created the one of its endless, phony, victim groups, with its Marxist use of language "redlining" depriving lenders of the ability to get back their money or be punished by heavy handed government, so that charge is as asinine as the rest of the diversion away from Frank and the other boo hoos on video absolutely blocking every effort to avoid what we now have.

We know that in the land of nanny-state, it's wrong to think lenders are entitled to get back the money they lend out.

Do you really want to talk about how many Republicans support corrupt companies that cook the books? They thought they were doing what was best for the country by helping people buy homes, but it turns out they just ended up hurting us. Like they could have known back then what would happen. Just don't act like Democrats are the only ones that partake in this kind of behavior. Republicans do it just as much, if not more. Besides, it is not like Republicans helped the issue the last eight years, and in the overall scheme of things, all this finger pointing is getting us no where. Whatever helps you guys sleep at night.

 

[rayboyusmc]

Do you really want to talk about how many Republicans support corrupt companies that cook the books?

No, they want to blame only the dems and call names. No adult dialogue allowed with them.

 

[glockmail]

No, they want to blame only the dems and call names. No adult dialogue allowed with them.

The Democrats are to blame. Fannie and Freddie are children of Democrats, raised and nurtured by them, staffed by them, and kickbacks given to them. Now like any good Liberal parent, the Democrats have made excuses for them, and since the shit has hit the fan are now trying to disown them.

 

[Care4all]

The Democrats are to blame. Fannie and Freddie are children of Democrats, raised and nurtured by them, staffed by them, and kickbacks given to them. Now like any good Liberal parent, the Democrats have made excuses for them, and since the shit has hit the fan are now trying to disown them.

fyi-Fannie and freddie did not issue one subprime loan....did you know that glock?

 

[glockmail]

fyi-Fannie and freddie did not issue one subprime loan....did you know that glock?

They did not issue one loan, period- they were "wholesalers". They just bought hundreds of thousands of sub-primes in bundles, encouraging the lenders to write more.

 

[Care4all]

They did not issue one loan, period- they were "wholesalers". They just bought hundreds of thousands of sub-primes in bundles, encouraging the lenders to write more.

quite the opposite,

it was the lenders, many not even banks, that BEGGED Fannie mae to cover more subprime loans or lower standard requirement loans it was not Fannie asking them to do such.... Fannie's mistake was not saying NO to all of them that did not meet their standards, and our Federal Regulators failed us, by not stopping what they knew were unsound and for some, fraudulent, business practices....there was no oversight from the agencies that were mandated to give oversite, according to law.

An article on this was posted the other day on one of these Bitch about the Bailout Threads!

Fannie really messed up bigtime, but they are not the ones that created this mess other than being suckered in to thinking the MBsecurities they were buying and selling were solid investments...and they were, as long as the ponzi scheme of the other lenders continued and prices on homes continued to rise...

Fannie did not ever buy any of the NINA loans and the crazy loans these Lenders created though... that required no income or credit history and that kind of crap...even though they succumbed to the lenders and began covering or buying more of their below conventional loans, or below fha standard loans, they were still loans that were not as risky as the majority of subprimes that were issued and not covered by them from other financial institutions

and Fannie Mae/Freddie mac aren't even 1/100th of the credit crisis that we got out there....

The Bailout was a sham....not even a bandaid....imo.

 

[Care4all]

The Democrats are to blame. Fannie and Freddie are children of Democrats, raised and nurtured by them, staffed by them, and kickbacks given to them. Now like any good Liberal parent, the Democrats have made excuses for them, and since the shit has hit the fan are now trying to disown them.

may i remind you that the republicans had control of congress who sets the agenda on this stuff since 1994 thru the year 2006.....