Barney Frank: Don't Blame Me for Fannie, Freddie Problems

From Wall Street Journal
Rep. Barney Frank is blamed in certain quarters for spurring the financial crisis of 2008 by encouraging the government to make more loans to the poor.
In announcing his plans to retire from Congress at the end of 2012, the Massachusetts Democrat offered a characteristically detailed and spirited defense of his actions, and cast blame at Republicans for a failure to act.
Mr. Frank acknowledged that he did not see the financial crisis coming and believed that government-sponsored mortgage giants Fannie Mae and Freddie Mac were “doing well” until 2003.
However, Mr. Frank said that in 2004, he became concerned about the growth in the market for subprime loans, those made to borrowers with weak credit. Those loans are often faulted for sparking a financial panic starting in 2007…(full story)