Speaking Frank-ly—Barney Frank Fires Back on Fannie Mae and Freddie Mac
Reader Comments
Washington D.C.
Washington,District of Colombia because of politicans like Franks and Dodd has become known as the district of corruption.When will their constituents vote these kinds of represenitives out of office?
Frank's 2003 statement re the GSE's
Answering charges that he opposed reforming the GSE's in 2003, Barney Frank acknowledges his statement at that time that the GSE's were not in trouble, but then later on adds "...I supported reform then [2003] and I support reform now [Sept, 2008]". Yet he offers no explanation as to why in 2003 he said that the GSE's were not in trouble...and now he asserts that he wanted to reform them anyway. Why would he want to support reforming something that wasn't broke?
Barney Franks uninformed voters
Mr Robert Jones appears to subscribe to the theory that Barney Franks voters are an informed electorate in voting him back into office- I would argue just the opposite - they simply take Rep. Franks deliberate, almost outrageous mistatements and misrepresentations as nothing but the truth. Mr. Jones simply has not done his homework and speaks from ignorance.
Any objective evaluation of Barney Frank and his role in the reckless growth and mismanagement of Fannie Mae would come to these factually supported conclusions:
1. Frank continually, and effectively, pushed to lower capital requirements for Fannie Mae (from 10% to 2.5%)and fought any sort of regulation to curb Fannie Mae's MBS portfolio from 2000-2007- this portfolio grew from $1.5 trillion to $5 trillion during this period
2. He virtually ignored obvious signs of fraud and accounting mismanagement that were well documented in the 2002-2005 time period- continually noting that they were economically stable
3. He concluded that these GSE entities were financially sound as late as 2005; continuing to encourage their growth despite continuing earnings restatements and alarming writeoffs as early as 2003.
Next time try to support your opinion with informed analysis
Thank God For TV
Yeah, I saw that too: I even caught the part where Congressman Frank characterizes Fannie and Freddie as "not the best" investment.
Maybe you missed that while you were awaiting some magical O'Reilly spittle....
I am guessing the bloggers on did not read Rep. Franks retort
Obviously the readers of this article did not read or chose not to believe Rep. Franks defense against the allegations of wrong doing leveled toward him. Fortunately the voters in his district who know Rep. Franks much better than any of these biased individuals, have seen through the false accusations and inunendo, and have kept him in office. If the people who know him best keep him where he is than that's good enough for me.
Disgusted
Rep. Frank and his esteemed colleague in crime Sen. Chris Dodd will go kicking and screaming to the bitter end that everyone else is to blame, be party or individuals. Sirs, at the end of the day you are part of the problem and not the solution so please do us all a favor and just go away - quit, resign what ever. Don't go away mad or disappointed that you were misunderstood, just go away for ever.
Thank God for TV
Hey Barney,
Saw you in some film footage on FOX NEWS 2005 where you're saying, hey, Fannie Mae is fine! No prob. No need to check this one out! You ..... You should be investigated and brought to justice for your crime against the investors of this country who are suffering now because of you. If Fannie Mae hadn't passed those b.s. mortgages off on the big banks, hey, maybe they would still be around! Huh? Oh yeah, hey, how's the boyfriend? Still in love?
Barney Frank
The only problem with that eloquent spin by Frank is the audio of hearings freely available on the web when he and Maxine Waters can clearly be heard reponding to regulator concerns by saying "I dont see a problem". Waters even said the regulators were just on a "witch hunt" for Franklin Raines head.
Nice try Barney
FANNY MAE
TO MR. FRANKS. LET ME HEAR YOU SAY THAT YOU ARE RIGHT IN THE MIDDLE OF THIS CRISIS. THIS COUNTRY WILL GO DOWN WITH PEOPLE LIKE YOU IN CONGRESS. YOU NEED TO RESIGN TODAY.
FANNY MAE
TO MR. FRANKS. LET ME HEAR YOU SAY THAT YOU ARE RIGHT IN THE MIDDLE OF THIS CRISIS. THIS COUNTRY WILL GO DOWN WITH PEOPLE LIKE YOU IN CONGRESS. YOU NEED TO RESIGN TODAY.
