This morning it was reported that, as a member of the House Financial Services Committee, Barney Frank helped his partner get a job with mortgage giant Fannie Mae in the early 1990s. Apparently, Fannie Mae “rolled out the red carpet” for Frank’s then-partner in an attempt to try to get on the good side of the Congressman.
Apparently this strategy worked. Barney Frank, who infamously wanted to “roll the dice” on sub-prime housing and not “focus on safety and soundness” of Fannie Mae and Freddie Mac, was a key defender and advocate of the poor lending practices for home mortgages that led to the housing collapse and ultimately the harsh downturn in the United States economy.
Frank is a prime example of what is wrong with Washington today. I hope the House Ethics Committee looks into these allegations immediately – it’s long overdue.
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