Who has links to some good articles on Frank's and Dodd's involment with the housing crash?

Tks.


ETA: Here's two good video clips about Frank: Barney Frank: Housing Bubble Nostradamus

the housing crash has its roots in the Clinton administration ,giving loans to low income people in order to help get a house   , google it

dont you know already



it was Bush's fault, dodd nor BAWNEY FWANK take ANY responsibility for the failure of freddie/fannie

you do know that Christmas eve they gave F &F an open check book

This is a simple-minded explanation that doesn't explain squat. You listen to too much Limbaugh.

Back in 1999 Clinton easing the lending requirements for CRA loans, creating the sub-prime issue.



Bush should have reviewed everything Clinton did, and reversed things like this.  Something the next repub has to do.



 

 

The amusing and hopeful thing about all of this is come November no democrat will be able to use the "bush did it" excuse due to the fact they hold the white house and both houses of congress.  Anything that doesn't get done or gets screwed up is theirs and theirs alone.

Ummm if I remember right he tried, and he got called a racist for trying to deny black people housing

I am completely floored that Frank is still around. All the news outlets should be playing clips like that day in and day out until he is removed.

 

goes back further to Jimmah Catah...Clinton put more teeth in it,,Frank and Dodd played personal piggy bank with it.

FWIW here is my article that was published in our paper the day before he came to our school, a couple local papers picked it up after that.  This was what I sent into my editor so there might be a few small mistakes.

Barney “Roll the Dice” Frank

             Tomorrow, we will be graced by the presence of Barney “Roll the Dice” Frank.  Why roll the dice?  We’ll get to that a little bit later.  As some of you may know, Barney Frank is a Congressman from Massachusetts and is the chairman of the House Financial Services Committee.  This committee is responsible for making sure the financial service industry doesn’t cause our country to go into a recession among other things.  In my own personal opinion I don’t think they have been doing a very good job as of late but I could be wrong.  So let me give you a little overview of all the great work Barney “Roll the Dice” Frank has done over the past few years regarding the financial community.

             Let’s go back to 2003.  Barney “Soon to Be Roll the Dice” Frank is not yet the chairman of the House Financial Services Committee but he is the ranking Democrat on the committee.  The evil premier Bush has proposed to change regulatory practices regarding Fannie Mae and Freddie Mac(those names sound familiar?).  More specifically the Bush administration wanted to create a new regulatory agency to review their lending practices.  But in his wisdom, Barney Frank opposes the proposed legislation.  His is a small part of his opening statement.  I encourage you to look up the entire statement as it is filled with goodies.  “I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis… I do not think at this point there is a problem with a threat to the Treasury.”  I thought it was the Republicans who always opposed new regulation?  He goes on later to say this piece of gold, “The more pressure there is on these companies, the less we will see in terms of affordable housing.''  Because as we all know, requiring mortgage companies to actually check if someone can afford the loan is a bad thing.  Everyone deserves to have a house, who cares if everyone defaults on their loan causing one the worst financial crises in history?  Then a couple weeks later, he lets this bomb drop, “I do think I do not want the same kind of focus on safety and soundness that we have in OCC(Office of the Comptroller of the Currency) and OTS(Office of Thrift Supervision). I want to roll the dice a little bit more in this situation towards subsidized housing.”  Be safe and sound?  Heck no, let’s just gamble away a few million jobs and a few trillion dollars.

             Let’s fast forward to the year 2006, the Democrats have taken control of Congress and Barney “Roll the Dice” Frank has been named the new chairman of the House Financial Services Committee.  On November 2006, Frank does an interview with PBS and is asked this question, “You're going to have jurisdiction over many industries in the financial services sector: insurance, banking, housing. What's your top priority?”  To which the wise and benevolent Frank replies, “Affordable housing is the single biggest one. We have a terrible housing crisis in this country and I think we now understand that housing is not simply a social good, but it's an economic practice. The biggest difference people will see when we take over from the Republicans is we will reverse their policy of basically letting any affordable housing stock dwindle and not building any new stock.”  To sum all that up, he wants to make it easier for people to get loans.  It doesn’t matter if they can afford them or not, he just wants to make it easier… sounds like deregulation?

             So thanks to Barney “Roll the Dice” Frank’s leadership, our economy explodes in 2008. He then steps in to do his part.  One of the provisions of the Troubled Asset Relief Program (the 700 billion bailout, not to be the confused with the trillion or so bill that hasn’t passed yet) was the money would only be given to healthy banks.  OneUnited in Boston didn’t seem to fit the definition of “healthy bank”.  Among other things, the bank engaged in poor lending practices(that whole “affordable” housing thing), executive pay abuses, and even buying a Porsche with company money for the use of the executives.  But Barney “Roll the Dice” Frank has close ties to the bank so he couldn’t let it fail.  So, employing his infinite wisdom once more, he obtained $12 million for the failing bank in the TARP bill.  Because as we all know, the only good banks are the ones with Porches for their executives.

             So there is a short history of Barney “Roll the Dice” Frank’s dealings over the past few years regarding the financial industry.  I encourage you to look up all of the quotes as there is much I had to leave out due to length constraints.  I ask all of you to give Barney “Roll the Dice” Frank a warm welcome tomorrow when he speaks at assembly.  After all, we need more congressmen that gamble away our futures.

Actually the Republican majority congress put provisions easing lending standards and expanding the CRA (which initially was only meant to eliminate the practice of redlining) into Graham Leach Bliley (and the subsequent repeal of Glass Steagal which although did not help to cause the crisis, does explain why it did as much damage as it did) to help garner Dem support. Not saying that the Dems didn't play a huge part, just that it's not as simple as pointing at Clinton and saying it was all his fault.