Just one day after Frank sent a memo to the White House urging the President to reject the attempt by Republicans to include GSE reform in any financial reform bill, Freddie Mac requested an additional government bailout of $10.6 billion to cover losses incurred in the first quarter. Only one day (!) after Frank defended the GSE’s, writing that “as Fannie and Freddie operate today, going forward, there is no loss”.
Oh, there's more, folks.
AFTER the (D) majority was inflicted on this Nation as a punishment equivalent to that of the locusts...
Let it be noted that in May 2007 Barney Frank and the Democrat-controlled House would go on to pass GSE reform legislation. Legislation which was adamantly opposed by the Treasury Dept. and the Bush Administration for limiting federal oversight of Fannie and Freddie’s mortgage holdings. Legislation which included Frank’s pet project, an “affordable housing” fund backed by tax payers.
Let it also be noted that going into 2007 Fannie and Freddie had never in history been allowed to purchase or finance sub-prime mortgages. But under pressure from Democrats in Congress (including Frank), they were granted this authority by regulators in September 2007.
Let it also be noted that in 2007 Frank aggressively pushed to increase the maximum loan limits which could be underwritten by the GSE’s. A move which would ultimately transfer tens of billions of dollars of loan liabilities from private financial institutions to tax payers.Hey, Bawney! See the door Dave Obey just took? Try it. You might like it.