On 10-24-10, ROSS SAUER said to TIM RICHARDSON:   
      
      
      
   RS>All I need do is post what Breibart is doing.   
   RS>I don't need to ever make anything up about that loser.   
      
      
   I'll post what Barney Frank is doing:   
      
      
   Barney Frank's Incompetence, Politics Made Financial Crisis Worseby Dan Riehl   
      
      
   The document trail below reveals some extremely troubling questions for   
   Representative Barney Frank. Is the GAO report cited below truly the first   
   serious investigation of the mortgage meltdown? Did Congress or the Financial   
   Services committee he chairs have access to mortgage meltdown information from   
   other sources, especially with said GAO report already well on its way to   
   completion?   
      
      
   Why was Barney Frank pushing for his "expanding home ownership bill"� in the   
   midst of this looming crisis he already has good reason to suspect was going   
   to get worse? Was he pushing it for purely political purposes prior to the   
   2008 election, while knowing full well the American housing market was headed   
   for disaster and American taxpayers would be left on the hook as a result of   
   his policies?   
      
      
   While not quite a smoking gun, an examination of the record suggests that   
   while Rep. Barney Frank had good reason to be concerned of a pending meltdown   
   in the housing sector, either out of sheer incompetence, or political   
   maneuvering, he did the exact opposite of what he should have done as a   
   representative of the people of Massachusetts.   
      
      
   Via Mortgage News Daily, on April 24, 2007, problems within the mortgage   
   industry were already coming to light. And it was happening right in front of   
   Barney Frank's committee.   
      
      
   The chief executives of both Freddie Mac and Fannie Mae as well as the   
   Chairman of the Federal Deposit Insurance Corporation and the Federal   
   Housing Commissioner and Assistant Secretary of the Department of Housing and   
   Urban Development testified last week in a hearing before the U.S. House   
   Committee   on Financial Services about solutions to the current subprime   
   mortgage turmoil.   
      
      
   In fact, it led Frank, among others, to request an indepth GAO study of the   
   issue. The details of their concerns at link. So, Frank was obviously aware of   
   serious issues within the mortgage industry in Spring 2007. So, what would be   
   the competent, prudent thing to do? The smart play would be to wait before   
   potentially making things worse, unless of course one was thinking more about   
   politics and 2008.   
      
      
   Subsequent to the hearing, Chairman Barney Frank and Ranking Member Spencer   
   Bachus requested that the Government Accountability Office (GAO) conduct a   
   thorough study of the reasons for the recent surge in foreclosures. In a   
   letter to GAO's Comptroller General, Frank and Bachus said that it seems   
   clear   that the type of mortgages that have been offered to borrowers in   
   recent years   is one such factor, but perhaps not the only one.   
      
      
      
   The two Congressmen instructed GAO to examine the current state of the   
   problem, its causes, and potential solutions, and seek to provide answers to   
   the following questions, as well as any others that the GAO finds to be   
   relevant.   
   Just one month before the GAO report referenced above was officially released,   
   Frank teamed up with Maxine Waters and the House passed comprehensive FHA   
   reform. A best case scenario would be that Frank acted incompetently, without   
   having seen the pending results of the GAO study. But these studies aren't   
   done in a vacuum. Had Frank and the Democrats held off just one month, it's   
   quite possible that passing the FHA reform legislation would have been   
   politically untenable.   
      
      
   Consequently, there's good reason to question if this wasn't actually   
   a far more sinister action undertaken to appease certain consitutents priot to   
   the 2008 election.   
      
      
   It's time for Barney Frank to stop dancing and answer the questions presented   
   at top.   
      
      
   Washington, DC: The U.S. House of Representatives today overwhelmingly   
   passed H.R. 1852, the "Expanding American Homeownership Act of 2007,"� which   
   will revitalize the Federal Housing Administration (FHA), a federally insured   
   loan program that for over 60 years has been a reliable source of affordable   
   fixed rate mortgage loans, especially for first-time homebuyers. The measure,   
   originally introduced by Representative Maxine Waters, Chairwoman of the   
   Subcommittee on Housing and Community Opportunity, and Barney Frank,   
   Chairman of the Financial Services Committee, will enable FHA to serve more   
   subprime borrowers at affordable rates and terms, recapture borrowers that   
   have turned to predatory loans in recent years, and offer refinancing loan   
   opportunities to borrowers struggling to meet their mortgage payments in the   
   midst of the current turbulent mortgage markets.   
      
      
      
      
      
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