Mr. Frank is perhaps the most guilty of all of those who have worked hard to prevent efforts – beginning as far back as 2003 – to address the flawed policies of Fannie Mae and Freddie Mac which Mr. Frank oversees as Chairman of the House Financial Services Committee.

In 2003, Frank opposed Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. “These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis,” Frank said. He added, “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

You can read about the GSE meltdown time line here. Try not to blow a gasket or bleed out of your eyeballs when you read what Mr. Frank and his ilk have to say about their management skills and their expert opinions on the matter. They basically tell us to butt-out and to mind our own business.

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