According to FoxNews.com, Congressional King of Fannies, Rep. Barney Frank (D – Mass.) may have been rear-ending the American public on behalf of his boyfriend, a long-time employee of Fannie Mae.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank’s relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Well, well, well…who would imagine that a respectable fellow like Barney Frank could ever do such a thing?

MORE REGULATION
Rep. Richard Baker (R-Louisiana)
Rep. Ed Royce (R-California)
Rep. Christopher Shays (R-Connecticut)
Rep. Don Manzullo (R-Illinois)

DEFENDING FRANK RAINES
Rep. Maxine Waters (D-California)
Rep. Gregory Meeks (D-New York)
Rep. Lacy Clay (D-Missouri)
Rep. Arthur Davis (D-Alabama)
Rep. Barney Frank (D-Massachusetts)

Says Maxine Waters:

Under the outstanding leadership of Mr. Frank Raines, everything in the 1992 act (Community Reinvestment Act) has worked just fine. In fact, the GSE’s have exceeded their housing goals. What we need to do today is to focus on the regulator and this must be done in a manner so as not to impede the affordable housing mission; a mission that has seen innovation flourish, from desktop underwriting to 100% loans.
- Maxine Waters (D-California)

I think the responsibility the Democrats may have may rest more in resisting any efforts by Republicans in the Congress or me when I was President to put in some standards and tighten up on Fannie Mae and Freddie Mac
- former President Bill Clinton