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Politics : Mainstream Politics and Economics
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To: Win Smith who wrote (6432)12/28/2011 3:40:13 AM
From: Neeka1 Recommendation  Read Replies (1) of 85487
 
Ok, once more, what did Barney Frank actually do?

Despite the fact Fannie and Freddie were basically bankrupt, Barney Frank stonewalled any attempt to reform Fannie Mae and Freddie Mac and relentlessly defended them over the years.

Frank also used his powerful position on the House of Representatives' Committee on Financial Services to force through legislation and policies which pressured the banks and other lenders to grant mortgage loans to those who did not meet traditional financial qualifications.

I know liberals like to blame bankers and wall street for the housing bust, but Barney Frank will hold a special place in history as one of the most responsible players in the downfall of the American housing market.

As for the fed holding toxic assets............I don't know the figures, but I think it's quite high. I also know the govt is paying to have millions of foreclosed homes renovated or otherwise brought up to standards that make them sellable on the open market. Because the previous owners had nothing to lose, they trashed or stole what they could before walking away from their homes. The money it will cost to rehabilitate those homes will be confiscated in the form of taxation and used to rehabilitate those homes.

Among others, the American worker can thank Barney Frank for that.
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