ALERT:Barney Frank’s Fannie Buddy Was An Executive at Fannie Mae
As Ace said, “On the plus side, we’re not the only ones this executive has been [deleted because you saw this joke coming six miles beyond the actual horizon, and I refuse to do the cheap stuff.].”
Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank’s relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.
“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
“If this had been his ex-wife and he was Republican, I would bet every penny I have – or at least what’s not in the stock market – that this would be considered germane,” added Gainor, a T. Boone Pickens Fellow. “But everybody wants to avoid it because he’s gay. It’s the quintessential double standard.”
A top GOP House aide agreed.
“C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?” the aide told FOX News. “No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws.”
Frank’s office did not immediately respond to requests for comment.
Frank met Moses in 1987, the same year he became the first openly gay member of Congress.
“I am the only member of the congressional gay spouse caucus,” Moses wrote in the Washington Post in 1991. “On Capitol Hill, Barney always introduces me as his lover.”
The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”
Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.
“I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac,” Clinton said recently.
Ed:
For that reason, regardless of Moses’ actual efforts in creating the bad paper, the relationship provided a serious conflict of interest for Frank. Frank was supposed to oversee the actions of Fannie Mae as a government-sponsored entity. If he had a partner, spouse, or family member in position to be affected by Frank’s decisions, then Frank should have recused himself from that committee. His failure to do so represents a breach of public trust regardless of Fannie Mae’s failure.
Awesome: New GOP ad lowers the boom on Dems over subprime disaster
Refer to
FLASHBACK to September 30, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending
Rep. Barney Frank, Minority Wit
Media Mum on Barney Frank’s Fannie Mae Love Connection
Trackposted to Blog @ MoreWhat.com, Perri Nelson’s Website, Rosemary’s Thoughts, Shadowscope, Leaning Straight Up, Cao’s Blog, , Democrat=Socialist, Conservative Cat, Diary of the Mad Pigeon, , Faultline USA, third world county, McCain Blogs, Woman Honor Thyself, The World According to Carl, Pirate’s Cove, The Pink Flamingo, Wolf Pangloss, CORSARI D’ITALIA, and Wingless – Canadian Press Cries For Convicted Terrorist, thanks to Linkfest Haven Deluxe.
Others Blogging:
- Democrats Refused to Reform Fannie/Freddie (Video) « The Political Page
- JammieWearingFool
- Awesome: New GOP ad lowers the boom on Dems over subprime disaster : USA TERM LIMITS
- Media bias abound; Ignoring real stories to push false ones « Northern Thoughts And Reflections
- GOP Ad FINALLY Puts The Screws to The Dems on Fannie and Freddie | The Patriot Room
- On the Right
- Barney Frank & Christopher Dodd “Men With Sphincters Of Steel” | BigMouthFrog
- Public Secrets
- The DC Nuke & the Saving Monks | The Anchoress
- Did Frank have a conflict of interest at Fannie Mae? : USA TERM LIMITS
- Economic Bailout Plan: Plans within Plans: Read it at Lorien1973.Com
- skewred.com » Frank’s partisan reports
October 3, 2008 - 06:05 PM on October 3rd, 2008
A Culture of Corruption: Fannie Mae and Political Contributions…
Just to be fair, it wasn’t just the Democrats who profited from Fannie Mae and their political contributions.
Both Republicans and Democrats accepted money from a quasi-governmental corporation that to a great extent is the cause of the $700 bill…
October 3, 2008 - 06:05 PM on October 3rd, 2008
A Culture of Corruption: Fannie Mae and Political Contributions…
Just to be fair, it wasn’t just the Democrats who profited from Fannie Mae and their political contributions.
Both Republicans and Democrats accepted money from a quasi-governmental corporation that to a great extent is the cause of the $700 bill…
October 3, 2008 - 08:00 PM on October 3rd, 2008
[...] According to Carl, Pirate’s Cove, The Pink Flamingo, Cao’s Blog, Conservative Cat, and Right Voices, thanks to Linkfest Haven [...]
October 3, 2008 - 08:16 PM on October 3rd, 2008
[...] According to Carl, Pirate’s Cove, The Pink Flamingo, Cao’s Blog, Conservative Cat, and Right Voices, thanks to Linkfest Haven [...]
October 3, 2008 - 09:40 PM on October 3rd, 2008
Why Is OJ In Court?…
And Congress is literally daring us to “question” them?
Yeah, he fucked up…
LAS VEGAS (AP) ” A jury began deliberating Friday whether O.J. Simpson and his co-defendant robbed two sports memorabilia dealers at gunpoint in a casino h…..
October 3, 2008 - 09:54 PM on October 3rd, 2008
[...] Wolf Pangloss, CORSARI D’ITALIA, Wingless – Canadian Press Cries For Convicted Terrorist, and Right Voices, thanks to Linkfest Haven Deluxe. Possibly related posts: (automatically generated)White House [...]
October 3, 2008 - 09:54 PM on October 3rd, 2008
[...] Wolf Pangloss, CORSARI D’ITALIA, Wingless – Canadian Press Cries For Convicted Terrorist, and Right Voices, thanks to Linkfest Haven Deluxe. Possibly related posts: (automatically generated)White House [...]
October 3, 2008 - 11:55 PM on October 3rd, 2008
“ALERT:Barney Frank’s Fannie Buddy Was An Executive at Fannie Mae”
I love that – ‘Fannie Buddy.’ It’s a riot.
October 4, 2008 - 01:44 AM on October 4th, 2008
PDS meets BDS and smacks it down…
Palin did one thing in the debate that I almost stood up and cheered for:Â She finally addressed the constant BDS (Bush Derangement Syndrome) that Biden and so many other democrats have been playing.
Biden made repeated comparisons between McCain and ….
October 4, 2008 - 06:09 AM on October 4th, 2008
[...] county, McCain Blogs, Woman Honor Thyself, The World According to Carl, The Pink Flamingo, and Right Voices, thanks to Linkfest Haven Deluxe. Sphere: Related Content If you liked my post, feel free to [...]
October 4, 2008 - 06:34 AM on October 4th, 2008
The New Reagan – Sarah Palin…
The New Reagan, Sarah Palin, Gov of Alaska and soon to be Vice President Elect Palin, has vowed to never again put those gloves back on and refuses to be filtered through the media filters. Good for her. She has traded up to the Sarah Swords of Truth…..
October 4, 2008 - 08:36 AM on October 4th, 2008
I guess it’s not surpising but it certainly is troubling that the democrats are refusing to acknowledge their culpability in this mess. To blame it on the Republicans is to play politics with americans money. They should be ashamed of themselves.
October 4, 2008 - 09:09 AM on October 4th, 2008
just a useless piece of paper…
I did not watch the Vice-Presidential debate, I admit it. Our apartment simply does not have enough alcohol in it to have made me willing to sit through it. However, in reading up on it today, it seems things fell……
October 4, 2008 - 11:00 AM on October 4th, 2008
Is Sarah Palin Just a Trained Monkey?…
TO LISTEN TO THE PUNDITSIt’s too bad Bill O’Reilly doesn’t have the integrity of a Michael Medved. Today on Medved’s radio show, he hammered Joe Biden on the LIES Biden told during the debate. O’Reilly who claims to be fair and balance…
October 4, 2008 - 11:16 AM on October 4th, 2008
Yes, and this is exactly why the Democrite Leadership is the lowest, most vile form of slime at the bottom of the political pond. They are vermin of the most disgraceful and degenerate type.
There are only four reasons to support them:
1. Utter ignorance: you cannot articulate why you suppoprt them but it feels good
2. You are a partisan hack Kool Aid drinker
3. You are a benificiary of their corruption
4. Mental illness
October 4, 2008 - 11:25 AM on October 4th, 2008
Did you see that disgraceful degenerate Frank on O’Reilly? He looked like a cartoon caricature,like some demented puppet.
He should be immediately arrested, removed from office, then put on trial for dereliction of duty and Constitutional crimes.
That’s one thing we need to do: put teeth in the Constitution. You violate your worn oath to defend and protect, you pay dearly. Time for these Democrite and other Constitutional criminals to be held fully accountable.
October 4, 2008 - 11:50 AM on October 4th, 2008
Good commercial, and oh so true. This should be placed squarely on the backs of the Democrites. Every person over the age of 15 in America should know who is primarily responsible for this debacle. The failure and mismanagement of the Democrite Leadership is so monumental it should be studied in schools across the Country. Their culture of corruption is staggering, and their mismanagement makes any mistake Bush has done look tame.
The Democrites cannot be trusted to hold any major positions of power, imo. They are either corrupt or incompetent, or in the case of Nancy Bitchlosi, seriously mentally ill.
Todays Democrite Party is a domestic enemy; a boll weevil, a clear and present danger.
October 4, 2008 - 04:12 PM on October 4th, 2008
So how does one go about indicting 235 democratic politicians? Okay, the guy from Alabama gets a pass. He at least admitted he was wrong. How is the american public going to get the message across to these bozo’s that enough is enough.
Corruption in the democrite party is causing serious damage to our nation. I would be willing to sign a petition, write letters, or anything that would help get these idiots out of there.
October 4, 2008 - 07:39 PM on October 4th, 2008
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October 4, 2008 - 09:08 PM on October 4th, 2008
Benning investigates beating of Jewish soldier…
His religion aint the one calling Christians and infidels apes and pigs ya know.
……
October 4, 2008 - 09:56 PM on October 4th, 2008
Sarah Palin’s Fight for America…
Podcast Show Notes
The bail out already failing. (Hat Tip: Daily Paul.)
California seeks a bail out. (Hat Tip: Club for Growth.)
Massachusetts seeks a bail out even after RomneyCare got one. (Hat Tip: CFG.)
Barney Frank’s conflict of interest in …
October 4, 2008 - 09:56 PM on October 4th, 2008
Sarah Palin’s Fight for America…
Podcast Show Notes
The bail out already failing. (Hat Tip: Daily Paul.)
California seeks a bail out. (Hat Tip: Club for Growth.)
Massachusetts seeks a bail out even after RomneyCare got one. (Hat Tip: CFG.)
Barney Frank’s conflict of interest in …
October 4, 2008 - 09:56 PM on October 4th, 2008
Sarah Palin’s Fight for America…
Podcast Show Notes
The bail out already failing. (Hat Tip: Daily Paul.)
California seeks a bail out. (Hat Tip: Club for Growth.)
Massachusetts seeks a bail out even after RomneyCare got one. (Hat Tip: CFG.)
Barney Frank’s conflict of interest in …
October 4, 2008 - 11:55 PM on October 4th, 2008
How is the american public going to get the message across to these bozo’s that enough is enough.
Ropes, torches and pitchforks come to mind. Though less efficient than rocket propelled grenades or automatic weapons fire like they use in a number of third world countries, the symbolism would make a statement that the charred body of another corrupt politician just wouldn’t quite convey. BTW exactly where can one order a few thousand Guy Fawkes masks with matching capes anyway?
October 5, 2008 - 12:37 AM on October 5th, 2008
Pitch forks at dawn I say.
October 5, 2008 - 12:33 PM on October 5th, 2008
Barney Frank is a disgrace to America on several fronts. O’Reilly owned him when Frank was on his show the other night. Barney’s lover must have cut off Barney’s male parts when they were in bed together because he sure doesn’t have any left to defend his unconscionable actions over the direction of bad economic policy that all of us will have to pay for. He should be drug out into the street and horsewhipped, then arrested for treason, theft and dereliction of duty, then shot at a firing squad.
October 5, 2008 - 04:22 PM on October 5th, 2008
…
…
October 5, 2008 - 07:29 PM on October 5th, 2008
Let me be the first to tell all you neocon/conservatives the election is over. You lost. Sorry. You can makeup liberal democratic boogie men all you want with your propaganda. Embrace the suck. Can you say losing the W.H. 30 seats in the Congress and 5 Senators? Turn out the lights and go home. Don’t kill the messenger. Have a nice day.
October 5, 2008 - 08:34 PM on October 5th, 2008
Splicd…
Don’t have the time or the patience to sit through watching an entire video at Youtube just to get to the ‘good’ part? Website Splicd let’s you edit that video. You decide when the video starts and ……
October 5, 2008 - 09:33 PM on October 5th, 2008
Mike…um…BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!
![:-\](http://rightvoices.com/smilies/yahoo_question.gif ":-\")
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October 5, 2008 - 09:45 PM on October 5th, 2008
Hussein Obama: Not My Kinda “Change”…
You too can embrace it. Simply access the Obama Hussein Train entrance portal. Spread the message.
Global peace and prosperity is at our fingertips.
……
October 5, 2008 - 11:27 PM on October 5th, 2008
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October 5, 2008 - 11:29 PM on October 5th, 2008
Why I don’t care about the post-VP debate polls…
Polls primarily measure the previous week’s performance.
This is something I noticed after watching altogether too much American Idol
……
October 5, 2008 - 11:47 PM on October 5th, 2008
[...] Wolf Pangloss, CORSARI D’ITALIA, Wingless – Canadian Press Cries For Convicted Terrorist, and Right Voices, thanks to Linkfest Haven Deluxe. ARTICLEURL digg_bgcolor = ‘#ffffff’; digg_skin = [...]
October 6, 2008 - 02:45 AM on October 6th, 2008
How Obama Is Depressing the American People…
PSYCHOLOGICAL OPS
Are you feeling depressed? Are you down in the dumps? Do you feel
abused by the economy? Do you feel abused by Barack Obama and the
Democrats? Are you starting to fall into the trap that we’re losing? First, go r…