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Barney Frank admits truth about Fannie & Freddie
Ever since the mortgage lenders went belly up, the left has denied that the revisions to the CRA made by the Clinton administration were responsible, including Barney Frank. That all changed in a CNBC interview.
RealClearPolitics - Barney Frank Comes Home to the Facts
Ever since the mortgage lenders went belly up, the left has denied that the revisions to the CRA made by the Clinton administration were responsible, including Barney Frank. That all changed in a CNBC interview.
Barney Frank Comes Home to the Facts
By Larry Kudlow
August 21, 2010
Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time and again. Most have no common sense, and most never acknowledge that they were wrong.
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.
For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession. But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
RealClearPolitics - Barney Frank Comes Home to the Facts
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