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Hernando Today

Impeach Congressman Frank And His Fannie Mae/Freddie Mac Cronies

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The Tampa Tribune

Published: October 21, 2008

With all of the purely politically motivated negative action taken on the part of Congressman Barney Frank, chairman of the House Committee on Financial Services who uttered these now famous words, "These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis," now comes another potential result of his committee's utter disregard for the advice of the Bush administration to take steps to rein in these two entities.

Those financial institutions were forced, most against their better judgment I am sure, to make those fallacious loans or suffer the consequences of fines and other penalties levied by the government.

If anyone is to be penalized, it would seem to me to be those who, after having received expert advice from administration officials on several occasions regarding the disastrous risk potential for these loans, summarily dismissed the messenger and ignored the warnings.

Frank and those members of his committee who chose to ignore the several warnings should be impeached. Had this been done in the private sector, those ignoring the warnings would have at the very least, been summarily fired.

Now comes HUD (Housing and Urban Development), which is giving $21.8 million to nonprofit agencies, "to assist people who think they have been victims of discrimination."

This smells to me like another boondoggle dreamed up by, who else but attorneys, in an effort to discredit and therefore leave open to lawsuits, those financial institutions which by order of the U.S. government made millions of home loans to unqualified borrowers, who, as we all know now, have put our entire nation at serious financial risk.

Those same borrowers will probably now be taught by these non-profit agencies the fine art of suing on the basis that they were discriminated against by having been given those loans, which everyone but them knew, were destined to be unpaid and the lenders knew it and, therefore, they have been discriminated against.

Jack Jensen

Ridge Manor

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