Barney Frank admits he pushed Fannie Mae to give his lover a cushy job

Congressman Barney Frank, the man who destroyed the economy by pressuring Fannie Mae and Freddie Mac to back $1 trillion in bad home loans, finally has admitted he pressured Fannie Mae in 1991 to give his then-lover Herbie Moses a high-paying job.

That was the beginning of the corruption of Fannie Mae and Freddie Mac, the lending giants who buy and back about half the nation’s mortgage loans. Moses and Frank broke up soon after Moses got the job. But from that moment on, Fannie and Freddie became closely held tools of the Democratic Party.

For decades then, Fannie and Freddie could be counted on to give cushy jobs to Democratic activists and their friends. Remember Rahm Emanuel? And under Democrats’ instructions, Fannie and Freddie made tons of ridiculously risky loans to poor people who obviously could not pay them back.

Dumb Republicans. Weirdly enough, the Republicans let it happen. If you need proof the Republican Party is the stupid party, consider the fact that the Republicans did nothing as the Democrats took possession of Fannie and Freddie (and public broadcasting while they were at it) and totally corrupted these influential institutions.

I suppose the Republicans could say they just didn’t notice the Democrats’ criminally reckless behavior at Freddie and Fannie. Ignorance is a popular excuse. After all, it was Barney Frank who once claimed he could live in a whorehouse and not notice the whores.

Frank Warner

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See also: Barney Frank opposed regulating Fannie Mae and Freddie Mac in 2003.

See also: THE HUSHING: In 2004, Democrats told Fannie-Freddie watchdog to shut up about financial risks.

Comments

[George]

Barnie Frank's mom got Fannie Mae money!

[Rich]

Why is Barney NOT in Prison?

[John D]

Fannie Mae corruption is about several specific people making very real money (millions of dollars) at the taxpayers expense. For a while now, I have followed the career of Fannie Mae Associate Vice President Lea France who has become notoriously famous for her strange and abusive management style. Looking at the sales records I see a very specific investor who follows her career very closely as well. Following her from one state to another, the investor buys only Fannie Mae owned properties paying cents on the dollar in each area of the country that she manages at the time and subsequently flipping them a few months later making a very quick no-risk 40-60% profit on each sale. I am documenting my findings in the following blog:

http://lea-france-fannie-mae-complaint.blogspot.com

This activity has been going on for years and nobody at Fannie Mae wants to do anything about it. I would welcome your opinion on the matter.