Frank: GOP Criticism of Housing Crisis is Aimed at Poor Blacks

BOSTON —  Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation’s housing crisis is a veiled attack on the poor that’s racially motivated.

The Massachusetts Democrat, chairman of the House Financial Services Committee, said the GOP is appealing to its base by blaming the country’s mortgage foreclosure problem on efforts to expand affordable housing through the Community Reinvestment Act.

He said that blame is misplaced, because those loans are issued by regulated institutions, while far more foreclosures were triggered by high-cost loans made by unregulated entities.

“They get to take things out on poor people,” Frank said at a mortgage foreclosure symposium in Boston. “Let’s be honest: The fact that some of the poor people are black doesn’t hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people.”

Frank also dismissed charges the Democrats failed on their own or blocked Republican efforts to rein in the mortgage companies Fannie Mae and Freddie Mac. The federal government recently took control of both entities.

House Minority Leader John Boehner of Ohio called Frank’s remarks “a lame, desperate attempt to divert Americans’ attention away from the Democratic party’s obstruction of reforms that would have reined in Fannie Mae and Freddie Mac and helped our nation avoid this economic crisis.”

Read the rest:
http://www.foxnews.com/story/0,2933,434462,00.html

One Response to “Frank: GOP Criticism of Housing Crisis is Aimed at Poor Blacks”

  1. Adam Ferguson Says:

    What a mess this has turned into. I wish the govenment would be less reactive and more proactive. There were several chances to prevent a lot of the mess that we are in. The real estate and mortgage market are effecting the entire economy.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: