Barney Frank and Chuck Schumer and their roles in the failure of Fannie Mae and Freddie Mac
For 16 years reformers in Congress have tried to improve oversight of Fannie Mae and Freddie Mac and prevent the government-chartered companies from putting the housing market and the whole economy at risk. All that time, Frank was involved in efforts to block those attempts, and in the last eight years he was a leader of those efforts.
In 2002, shortly before accounting irregularities were exposed at both companies, Frank said, “I do not regard Fannie Mae and Freddie Mac as problems,” The Wall Street Journal reported. After the Freddie Mac accounting scandal in 2003, Frank said, “I do not think we are facing any kind of a crisis.”
But there was a crisis, thanks in large part to Frank, Sen. Charles Schumer and others on the leash of these companies.
In fact, Frank & Co. made matters worse by pushing Fannie Mae and Freddie Mac to take on greater risk.
clipped from: www.zimbio.com 
