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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
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