When Bush said Fannie and Freddie need financial oversight, why did Barney Frank say no? Didn't he just say?

Question

they need financial oversight?

What he said in 2003:

''These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

What he said this month:

"I believe this committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance," he said at a committee hearing. "That's the approach, rather than the piecemeal one."


So was Barney's original comments from 2003 strictly said because George Bush was president?

Now that Obama is in charge, he wants to abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system. Was he being partisan on this issue?

Should Barney Frank resign because he is incompetent?

http://www.americanthinker.com/blog/2010/01/barney_franks_flip_flop_on_fan.html

Answer 1

Because Barney's boy friend was the ceo, and guess who also got a sweet mortgage? Follow the money it tells the truth every time

Answer 2

Part of the deal was timing. Fannie Mae and Freddie Mac were part and parcel of the financial "bubble" of the late '90s and early-mid 2000s in which real estate loans were monetized and sold as "A" securities when they in reality were junk bonds.



Not only were individual investors snookered into this deal, told that these were sound investments, but the United States Government (its taxpayers, anyway) were also scammed to the extent that public funds were used to prop up Fannie Mae and Freddie Mac. (Please note that Barack Obama was the leading recipient of Fannie Mae and Freddie Mac campaign contributions while in the Senate, followed closely by Barney Frank. That alone was probably enough reason for Frank to run interference for the mortgage lenders of last resort.)



NOW Barney Frank and Barack Obama want to roll up the investment bubble that is Fannie Mae and Freddie Mac. If Scott Brown does nothing else to justify his place in the Senate, he, the other Senate Republicans and the Blue Dogs can filibuster this little scam until an exhaustive analysis of where the money went in the nation's mortgage lenders of last resort can be made and collusion on the part of their main campaign beneficiaries, Barack Obama and Barney Frank, can be investigated and properly punished. Impeachment would seem to be the proper route in both cases.

Answer 3

Barney Frank is definitely part of the problem and he should be removed from the finance committee. However, I wouldn't say he is incompetent, just corrupt. It could be that Fannie Mae and Freddie Mac contribute to his campaigns, so he defends them. It's the same ole Washington game. Corporations by political support from the politicians that are for sale.



Barney Frank is very smart. For all his corruption he takes very good care of his constituents. As a result, he runs unopposed because he will never lose their support.



They should find a way to kick him out of congress.

Answer 4

Barney Franks is one of the big reasons for the problem, HE LIED. Now he is trying to cover his butt. I heard there is some sort of corruption investigation going on regarding Fannie Mae and Freddie Mac, and Barney is scrambling to cover up his part , to escape criminal charges. Barney needs to be prosecuted first.

Answer 5

Frank needs to go back in to the closet. Yes he said that and he also defended fannie and freddie right up to the big burst of the housing market. Then on O'Reilly he kept it up and said he was correct and he himself did nothing wrong. Now that Obama is in control, all of a sudden he says the opposite. But then again, he did learn to say one thing and do another by Obama. So, I guess he is just following Obama's style.

Answer 6

Barney lover works at Fannie Mae. Also, it is the democrats jobs creation program for democrats after leaving politics.



DTG

Answer 7

Yes, he is incompentant. The problem is Fannie and Freddie are considered govt agencies, and they have always had indirect backing from the US treasury, (as compared to Ginnie Mae which has direct) so the govt could make financial decisions for the banks, such as loaning practices.

Answer 8

Liberals discredit American Thinker? Is that their response? They act like it never happened!!! Unbelievable.



http://www.taxfoundation.org/blog/show/23617.html



I'll tell you what is unbelievable: The Huffington Post ignored it and said it was insignificant. Fannie Mae backs 56% of all mortgages and suddenly that is insignificant? They write their own take on everything because of their agenda.



GodFear: What is your deal? How about researching before you post? How many of those foreclosures were Jumbo mortgages? ARM? Look it up. People put themselves in that position, and then blamed the banks. The banks were BACKED by the government. Liberal policies!!!!

Answer 9

Barney Frank is unfit to chair the Finance Services Committee and should resign.

Answer 10

Nope, he was against creating a whole new Fed Agency under The Treasury Debt. Seems unlike some phony conservatives, seems like he was against increasing the size of Government.



Seems some phony Conservatives also forget that while Franks was the ranking Dem in 2003, he was also powerless to advance any agenda not endorsed by the majority phony conservative elite.

Answer 11

Because Fannie and Freddie have LOWER foreclosure rates at both prime and subprime levels, and much lower loan failures than the banks - and a better financial standing in regard to capital.



Because they're not where the problems came from. No slicing, dicing and securitizing mortgages at all.

Answer 12

It's a surefire way to embarass Bush by refusing to move on an issue he raises, and just sit back and wait for it to blow up in his face.



It worked beautifully, congrats Mr. Franks.

Answer 13

He doesnt like men telling him what to do outside the bedroom

Answer 14

it's true, but you'll never get the liberals to admit (or maybe understand) to what you're saying.



Sad fact of life.

Answer 15

you do understand FORCLOSURE IS TIED TO HAVING A JOB

Answer 16

americanthinker....lol...what a joke.Did you know exxon funds that entire site?