A part of this financial meltdown Inquiry Commission reacts to the meeting with Barney Frank, arguing that minus the federal government’s intervention, there is no housing crisis
On 9, The Atlantic published online an interview with Congressman Barney Frank december. He called me personally a “real extremist. With it, ” This name-calling had not been just false but in addition improper to your severity for the problem — which will be whether federal government housing policy, rather than the banking institutions or even the personal sector, caused the 2008 financial meltdown. I made the decision to react to both Congressman Frank’s statements as well as the concerns he had been inquired about federal federal federal government housing policy plus the financial meltdown.
We are hearing Republicans into the presidential blame that is primary housing crisis in the Clinton-era push to provide more to the indegent. In your view, exactly just what caused the home loan crisis and later the economic crash?
Congressman Frank, needless to say, blamed the economic crisis on the failure adequately to regulate the banking institutions. In this, he’s after the Washington practice that is traditional of other people for his or her own errors. For many of their profession, Barney Frank had been the key advocate in Congress for using the federal government’s authority to force reduced underwriting requirements within the company of housing finance. Although he claims to own attempted to reverse course as early as 2003, which was the season he made the oft-quoted remark, “I would like to move the dice a bit more in this case toward subsidized housing. ” in the place of reversing program, he had been pressing on whenever other people had been just starting to have doubts. Read more!