The july 3 1998,Washington Post reported that Barney Frank, who is openly gay, had a relationship with Herb Moses, an executive for Fannie Mae. Frank referred to Moses as his "spouse". Moses was the assistant director for product initiatives at Fannie Mae and had been at the forefront of relaxing lending restrictions at the company. Herb Moses helped develop many of Fannie Mae's affordable housing and home improvement lending programs. Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with Freddie Mac,AIG,and Lehman Brothers. Frank has derailed efforts to regulate the institution,as well as denying it posed any financial risk. In 1991 Frank and Rep. Joe Kinnedy, Dem.-Mass, lobbied for Fannie to soften rules and to focus on minority and low income buyers. Fannie Mae opposed HUD on the issue because it claimed doing so would "ignore the urban middle class." In 2003 Frank opposed giving the Bush administration the right to approve or disapprove business activities that "could pose a risk to the taxpayers". Frank aggressively thwarted reform efforts by the Bush administration. He told the NY times on sept.11 2003, Fannie and Freddie's problems were "exaggerated'. Frank was asked on sept.22 2008 about his opposition to reform Fannie and Freddie. He originally claimed he didn't think the two GSE's were facing any problems when the issue first surfaced in 2003. He instead blamed the Republican-controlled congress for the ultimate fail, failing to mention his friendly relationship with Fannie Mae and the contributions it had made to his campaign over the years. Bush administration's efforts to reform Fannie and Freddie were opposed by Congressional Democrates, specifically Frank and Senate Banking Committee Chairman Chris Dodd, D-conn. Wall street Journal Editor Paul Gigot puts the blame for the GSE's collapse firmly on the members of the liberal establishment who took money from Fannie and Freddie. And so do I. Also sab3r is right. The Democrats have been responsible for every unmitigated policy disaster for the last 50 years. They just won't admit it.
God is great, beer is good, and people are crazy.
This is CABL.com posting #298568. Tiny Link: cabl.co/mbpPM
