re: #1131 BigPapa

In 2003, while the ranking Democrat on the Financial Services Committee, Frank opposed a Bush administration proposal for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal reflected the administration’s belief that Congress “neither has the tools, nor the stature” for adequate oversight. Frank stated, “These two entities…are not facing any kind of financial crisis…. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”[48] The two companies, which together own or back more than half the home mortgages in the US became “hobbled” by loan defaults.[49] Frank clarified in 2009 that Fannie and Freddie were not in crisis at the time and many financial institutions, like Lehman Brothers, also fell into crisis from 2003 to 2008.[50]

[Link: en.wikipedia.org…]

And Frank spoke for himself in 2003. The D’s did not control Congress. Why didn’t the R’s tell Frank to kiss their ass and do what was right for the country?