Barney Frank Folo-Up

Gene Barr from the state Chamber of Business of Industry sends along this note and a copy of a New York Times story from 1999"

"Reading the article in your blog about Barney Frank," Barr wrote, "reminded me about
this article. You may have seen it already."

From the story:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders...

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits...

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."

There was no bigger supporter or cheerleader for this program than Rep. Barney Frank. But he acts like it was all the Republicans fault. The man's a hypocrite through and through and irresponsible one at that.

In her interview, Lisa DePaulo seemed more interested in whether Frank was going to marry his young boyfriend than asking any tough questions about his personal and political responsibility for the Fannie Mae debacle. But then GQ ain't exactly a source for political news and analysis.