In the discussion thread: I know mine... what question would YOU ask the Republican candidates at one of their debates? [View all]
Response to MiddleFingerMom (Original post)
Thu Dec 15, 2011, 09:58 PM
JohnnyRingo (9,747 posts)
7. "do you believe Barney Frank hijacked Fannie Mae and handed out loans on his own...
...as if it was his money, or do you think he had to do it because of 'The American Dream Downpayment Initiative' signed into law by GW Bush in 2003?" I'll follow up by asking why federal charges haven't been filed against Mr Frank for wresting control from a Republican congress and senate and running a renegade organization within the government.
The ADDI demanded that government lending institutuions grant 0% loans with no down payment to low income first time buyers. The owners had to live in the homes for six years or pay the downpayment and accrued interest. The law went into effect in 2004, and when owners lost their jobs to the Great Recession they soon found themselves in a default situation. They didn't have the money to buy out, and the homes weren't worth as much as they owed.
I'm getting so sick of these Republicans making political hay on the notion that Barney Frank went against republicans by making risky loans and single handedly caused the housing crash. Only one quarter of the loans that defaulted in 2008 were held and regulated by government institutions. The other three quarters were by banks like Countryside. The truth is, Barney Frank was the only Democrat in arms reach when the house of cards Bush built collapsed.
Does no one remember the "Home Ownership President"? Bush gave that speech before a wallpaper background printed with the HUD and Fannie Mae logos.
Go easy on the NSA, it's the only part of the govt that actually listens to us.
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
"do you believe Barney Frank hijacked Fannie Mae and handed out loans on his own...
|flying rabbit||Dec 2011||#14|
|guitar man||Dec 2011||#18|
|Tyrs WolfDaemon||Dec 2011||#19|
|T S Justly||Dec 2011||#23|
|Lil Missy||Dec 2011||#33|
Please login to view edit histories.