Primary malefactor in housing collapse now leading its bailout
One of the leading carcinogens of the epic failure of the housing crisis is now tasked with its resuscitation. Barney Frank says a housing deal can be reached by Sunday if that meddling John McCain would just stay away.
The congressman has repeatedly blamed House republicans for failing the prevent the crisis he fomented; his most frequent CYA attack is that republicans didn’t sponsor enough regulations that would aid solvency. But when the GOP did suggest some tougher rules for lending, he claims he would have been on board with them, except for a last minute provision that didn’t sit well with him
In addition, the author points to the fact that I voted against GSE reform in 2005, but does not tell readers why. The Republican majority inserted language at the last minute that would prohibit religious organizations from participating. The Catholic and Lutheran churches, and many others, sponsor some of the best not- for-profit housing development organizations in the country. It is only because of this ridiculous action by arch-conservative Republicans that I cast my vote “no”. It was not because I was opposed to tougher regulations and oversight of Fannie Mae and Freddie Mac.
Oh, yeah, the Champion of Religious Housing loves him some Catholic and Lutheran votes, to be sure! Gotta keep them votes! Maybe it was actually to win back some local faith-based votes, because just a couple of years earlier he had a much different tone. When dismissing Bush’s idea of funding building projects for religious groups already engaged in delivering government-approved social services, Frank said that
“in addition to religious discrimination, the measure would support de facto and racial discrimination, even instigating segregation among denominations. Federal grants dedicated to building parts of houses of worship complicate the issue, putting a burden on the government to ensure that the space is dedicated to secular activities, according to Frank.
It’s a nutty idea to have the government in that sort of position,” he said. “It’s outrageous to have it financed by federal money.”
Which way does he want it? He dismissed a chance for a compromise vote because of something that could have easily been negotiated at the time. Do you think he’s doing it differently this time?
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