Many have heard people on the right, not the media, but people on the right, accuse Barney Frank as having a role in the Freddie Mac and Fanny May mortgage meltdown. This C-SPAN video shows his role.
In this video, the word OFHEO is used a lot. OFHEO (Office of Federal Housing Enterprise Oversight) is the regulatory agency setup to monitor them as relates to the Community Reinvestment Act and the subprime mortgage debacle. Nearly two years after the audits began, OFHEO’s one and only report to Congress is what we are seeing in this video. That, and how all the Democrats on the Banking Committee attacked the messenger and ignored the message. And the rest is history. Thank you Barney Frank and Maxine Waters.
What follows is an excerpt of an October 27, 2008 post The Real Barack Obama. That post explains perfectly all that we are seeing from President Obama today.
The roots of it go back to a law called the Community Reinvestment Act, passed by President Jimmy Carter in 1977, under pressure from a community activist movement that started in Chicago.
ACORN aggressively sought to expand loans to low income groups using the CRA as a whip. Economist Stan Leibowitz wrote in the New York Post
In the 1980s, groups such as the activists at ACORN began pushing charges of “redlining”-claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.
And ACORN’s involvement in the mortgage crises is compounded, thanks to help from, guess who, Chicago lawyer Barack Obama.
ACORN showed its colors again in 1991, by taking over the House Banking Committee room for two days to protest efforts to scale back the CRA. Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining. Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.
I don’t know how Barack Obama can say with a straight face how he has no ties to ACORN, how he so easily dismisses them as a community group that merely helps low-income people. He is clearly and deliberately deceiving you, and the media lets him get away with it. When he says that, he is telling just as big a lie as ‘I did not have sex with that woman, Miss Lewinsky.’ Barack Obama is not being honest with the American people about who he is and where he wants to take this country. Examining his character and his past is not a distraction from the ‘real issues’ as his campaign will have you believe. First, we need to know who he is.
link: The Real Barack Obama