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POPSCongress owes more than blatant hypocrisy Frank, Dodd, House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and Sen. Chuck Schumer could not be more sanctimonious in blaming the Bush administration for lack of regulations. Starting with the Community Redevelopment Act during the Carter administration, Democrats have chipped away at every regulation standing in the way of giving mortgages to people who could never afford to repay them. It turns out that these worthless mortgages are the root cause of our economic problems.
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POPSBarney Frank and Chuck Schumer’s Role In Fannie Mae's Failure
In Congress, they made sure there was no additional oversight, no additional limit on executive behavior and compensation, and no further restraint on the growth of the companies’ mortgage-backed-securities portfolios, among other changes. (All of these needed reforms, by the way, have been championed for years by Sen. John Sununu.) They wanted more loans to people who might not qualify for traditional bank financing. And, as The Wall Street Journal has pointed out, Frank “pressured regulators to ease up on their capital requirements — which now means taxpayers will have to make up that capital shortfall.” Barney Frank is the very symbol of Washington’s deliberate refusal to prevent the collapse — the predicted collapse — of Fannie Mae and Freddie Mac. Rules were relaxed and money was loaned and predictably low income families defaulted on loans that they never had any business getting in the first place and now you and I have to pay for it.
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