Real Estate Bank Owned Distressed Properties,
Short Sales and more
Florida Foreclosures
California
Foreclosures
Nevada Foreclosures
New York Foreclosures
|
Barney Frank was voting on Fannie Mae issues at a time
when his homosexual lover Herb Moses was a Fannie Mae executive.
Frank met Moses in 1987, the same year he became the first openly gay member
of Congress.
"I am the only member of the congressional gay spouse caucus," Moses wrote
in the Washington Post in 1991. "On Capitol Hill, Barney always introduces
me as his lover."
Both Frank and Moses assured the Wall Street Journal in 1992 that they took
pains to avoid any conflicts of interest. Critics, however, remain
skeptical.
The two lived together in a Washington home until they broke up in 1998, a
few months after Moses ended his seven-year tenure at Fannie Mae, where he
was the assistant director of product initiatives. According to National
Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing
and home improvement lending programs."
Critics say such programs led to the mortgage meltdown that prompted last
month’s government takeover of Fannie Mae and its financial cousin, Freddie
Mac.
Although Frank blames Republicans for the failure of Fannie and Freddie, he
spent years blocking GOP lawmakers from imposing tougher regulations on the
mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston
Globe reported that Frank pushed the agency to loosen regulations on
mortgages for two- and three-family homes, even though they were defaulting
at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban
Development tried to impose a new regulation on Fannie, but was thwarted by
Frank. Clinton now blames such Democrats for planting the seeds of today’s
economic crisis.
"I think the responsibility that the Democrats have may rest more in
resisting any efforts by Republicans in the Congress or by me when I was
president, to put some standards and tighten up a little on Fannie Mae and
Freddie Mac," Clinton said recently.
Bill Sammon is FOX News' Washington Deputy Managing Editor. foxnews.com
Fannie Mae Oversight Hearings
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Barney Frank Questioned About Fannie Mae
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------------------------------------------------------------------------------------------------------------------------------------
Financial News Update May 2011 -
The threat of arbitrary regulation
becomes even more dangerous with the creation of the Consumer Financial
Protection Bureau (CFPB), which Dodd-Frank created as a virtual appendage of
the Federal Reserve. In the mold of Obama’s “czars,” it will be headed a
presidential appointee and draws its funding from the Federal Reserve, as
opposed to appropriations from Congress. The CFPB will have wide-ranging
authority to regulate financial institutions, yet remains essentially
unaccountable to Congress. The cost of compliance with the Dodd-Frank Act’s
hundreds of pages of regulations, as well new ones from the CFPB, will weigh
significantly on large institutions and disproportionately on small ones.
The mandates the law contains pose an existential threat to community banks,
which will struggle to comply with the requirement to hold more capital and
the onslaught of additional rules. The law is already killing community
banks and crippling loans to small businesses and homeowners. Dodd-Frank is
terrible for the housing market, which is dependent on the very lenders for
whom Democrats have chosen to raise costs and uncertainty. The result is the
worst drop in home values since the Great Depression. This is a tragedy for
the millions of Americans whose homes are now worth less than what they paid
for them just a few years ago, and for the millions more whose houses make
up a large portion of their net worth. Even the most responsible homeowners
are seeing their money evaporate in a housing market distorted by bad
government policy.
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