10/4/08

Blame ACORN's Barney Frank

More ACORN stories: herefraud stories: here

'Affordable housing' mafia gets bailed out by taxpayers

Barney Frank tells readers we are stupid for putting all the blame on Fannie and Freddie (“The right’s all wrong in blaming Democrats,” Sept. 30). Well it was his party that introduced the Community Reinvestment Act in 1977 under President Carter.

When President Clinton came to office in 1993 he allowed the Community Reinvestment Act to increase the number of mortgage loans by 39 percent, while other loans increased by 17 percent.

President Bush was concerned about Fannie and Freddie, and proposed changes that would not bail them out if they ran into difficulty. It was Frank who stated: “Fannie and Freddie are not facing any crisis.” And Frank’s left-wing groups like ACORN wanted to increase the scope of CRA. Paying for Frank’s failures is not the job of the taxpayer; this belongs to the people and institutions who took on these loans.

Related video: "They're not the best investments"



- Anne Hilbert, Weymouth

(news.bostonherald.com)

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