The same housing bubble that Barney Frank’s pet policies led to. The result? A collapse of the housing bubble that has led to a worldwide recession. These loans were made with virtually no down payment (sometimes no down payment!) to people with less than spectacular credit. Barney Frank (D-Mass. mortgages were categorized as subprime or Alt-A. Mark Pocan, a Democrat from Wisconsin, married his partner in Canada before he was elected.
21, 2011 when still a private citizen and now it’s coming. Two years ago, Barney Frank, the former Democratic representative from Massachusetts, became the first. Very very disrespectful, Trump tweeted on Dec. Looser financial requirements contributed to the failure of Signature and Silicon Valley banks. He had in recent years shed 40 pounds or more, taken to regular exercise and had a tummy tuck. Barney Frank looked disgustingnipples protrudingin his blue shirt before Congress. Barney Frank on His Role in the Banking Crisis. Because these policies incentivized and even mandated banks to extend subprime loans, a shocking 40% of U.S. Until nine days ago, Barney Frank looked like he was on top of the world. To quote Barney Frank circa 2003, “The more people exaggerate these problems, the more pressure there is on these companies (to reform), the less we will see in terms of affordable housing.” Only a year later, he ostensibly had still not recognized his mistake and is quoted saying, “I do think I want to roll the dice a little bit more in this situation towards subsidized housing.”įor those who are unfamiliar, the underlying cause of the current credit crisis was a housing bubble. As Fannie and Freddie were taking on billions in subprime debt, Barney Frank continued to assure us that that there was no financial crisis and press for more affordable lending. Terry Ashe / Time & Life Pictures / Getty. After they were enacted and in place, Frank refused to admit that there was a problem.
The mistakes did not stop at supporting these policies.
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