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Mr. Luddite

"Boating All Out" wrote in message
...

In article fq2dnb7y8r3ErZfPnZ2dnUVZ_q-
, says...

My complaint about Barney Frank is based on him being the prime
advocate to establish quotas for mortgages obtained through Fannie
Mae
and Freddie Mac. Before 1992 the Fair Housing Act only required
them
to approve loans that institutional mortgage lenders would make,
i.e.
qualified applicants who met the down payment, work history and
income levels to qualify for the amount of the loan.

The 1992 amendment successfully lobbied for by Frank established a
quota system whereby 30 percent of the loans *must* be made to those
who were at or below the medium income level in the community.
This
quota was raised to 50 percent at the end of Clinton's
administration
and raised again to 55 percent during the Bush administration in
2007.
The result was the creation of so called "sub-prime" loans and the
eventual collapse of the housing market and home values.

This is what caused the recession.

Right, ignore all other evidence to the contrary, which
is readily available, and just blame Barney Frank.
Give everybody else, other lawmakers, mortgage brokers,
banksters, Wall Street, home-flippers, 2nd mortgage
takers to buy that F-250, etc, a free pass.
It's all Barney Franks' fault. He was secretly mind-
controlling the entire U.S. Government, and those I
mention above starting from - what, 1992?
He must be the anti-Christ.
Like I said, "Wow. Talk about partisan politics."
Whatever floats your boat, Mr "Independent."

----------------------------------

There's no question that many in the groups you cite tried to take
advantage of lessened requirements for loans and those giving them
took advantage of the ability to do so. However, the efforts of
Barney Frank (and others) directly led to this era of fiscal
irresponsibility. Even in 2004, when the evidence was mounting that a
crisis was imminent, Frank was still advocating the quotas, saying
"let's roll the dice a little longer" or something to that effect.
He also claimed that Fannie and Freddy were in "fine shape".
Remember ... he was Chairman of the House Financial Services
Committee and had a lot of political clout. It was after the ****
hit the fan that he started backtracking on all his previous
statements and positions, disavowing any responsibility.

That's what disgusts me about him.

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