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Barney Frank: Don't say what caused the mortgage crisis or your a racist!


CofCC.org News Team

In 1999 Democrats repealed the Glass-Steagall Act of 1933 that was meant to prevent the exact kind of financial crisis we are in today. Democrats pulled out all stops so that more “low income minorities” could get mortgages. Now, as America’s falls into a deeper and deeper financial crisis as a result, Rep. Barney Frank says explaining how it happened is racist.

Barney Frank had a ten year homosexual “romance” with a Fannie Mae executive.

From AP…

Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation’s housing crisis is a veiled attack on the poor that’s racially motivated.

The Massachusetts Democrat, chairman of the House Financial Services Committee, said the GOP is appealing to its base by blaming the country’s mortgage foreclosure problem on efforts to expand affordable housing through the Community Reinvestment Act.

He said that blame is misplaced, because those loans are issued by regulated institutions, while far more foreclosures were triggered by high-cost loans made by unregulated entities.

“They get to take things out on poor people,” Frank said at a mortgage foreclosure symposium in Boston. “Let’s be honest: The fact that some of the poor people are black doesn’t hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people.”

Frank also dismissed charges the Democrats failed on their own or blocked Republican efforts to rein in the mortgage companies Fannie Mae and Freddie Mac. The federal government recently took control of both entities.

House Minority Leader John Boehner of Ohio called Frank’s remarks “a lame, desperate attempt to divert Americans’ attention away from the Democratic party’s obstruction of reforms that would have reined in Fannie Mae and Freddie Mac and helped our nation avoid this economic crisis.”

“Congressman Frank should retract his ridiculous statements and start taking responsibility for the role he and other top Democrats played in putting Main Street Americans in this mess,” Boehner said.