Barney Frank’s Same Sex “ex-Partner” was Fannie Mae Executive

A video flashback From 2004:

Highlights from the video (H/T – HotAir):

Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke.  Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.  [Raines would barely avoid prosecution for fraud.]

Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place.  … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.

Lacy Clay: This hearing is about the political lynching of Franklin Raines.

Barney Frank: I don’t see anything in this report that raises safety and soundness problems.

BTW – For our Missouri readers:  William Lacy Clay is coming up for re-election in November.  He voted “No” on the bailout package, but this is because he knows that it would have been suicide to vote “Yea.”

Based on his funding from Fannie & Freddie ($10,250) AND his fatuous defense of Franklin Raines, I say, “VOTE THIS IDIOT OUT!!!”

Now, back to today’s news:

Lawmaker Accused of Fannie Mae Conflict of Interest
Friday , October 03, 2008
By Bill Sammon – FOXNews

WASHINGTON — Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

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.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

“If this had been his ex-wife and he was Republican, I would bet every penny I have – or at least what’s not in the stock market – that this would be considered germane,” added Gainor, a T. Boone Pickens Fellow. “But everybody wants to avoid it because he’s gay. It’s the quintessential double standard.”

A top GOP House aide agreed.

“C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?” the aide told FOX News. “No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws.”

Frank’s office did not immediately respond to requests for comment.

Frank met Moses in 1987, the same year he became the first openly gay member of Congress.

“I am the only member of the congressional gay spouse caucus,” Moses wrote in the Washington Post in 1991. “On Capitol Hill, Barney always introduces me as his lover.”

The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.

Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.

Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.

“I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac,” Clinton said recently.

Bill Sammon is FOX News’ Washington Deputy Managing Editor.

Explore posts in the same categories: Corruption, politics

7 Comments on “Barney Frank’s Same Sex “ex-Partner” was Fannie Mae Executive”

  1. tgusa Says:

    In my day homosexuals were considered a security risk. Just sayin.

  2. "Islamophobia"=BS Says:

    Do I believe in capital punishment? Hell yeah-punish everyone in the capital! Maybe if these losers pay the price for their crapola we’d have better government and less problems.

  3. Bob Says:

    “Frank’s office did not immediately respond to requests for comment.”
    Nor will they. Frank is a coward and a sexual deviant.

    What is it about Mass, that all these deranged politicians seem to come from there.
    The population even keeps voting to keep ted kennedy in office! WTF!!???


  4. […] (although Frank personally received less than half as much as Barack Obama). To say Frank has been in bed with the reprobates who instigated our current economic crisis would be putting it literally; […]


  5. […] was not only being paid off by Fannie Mae and Freddie Mac, the horny old queen was literally in bed with a Fannie exec. This POS is still in office, having paid no price for the massive crisis he and his colleagues […]

  6. Poor Yorick Says:

    Herb Moses wasn’t an executive at all at Fannie Mae. This web page is spreading FUD. See http://www.interne.ws/wiki/Pub/HerbMosesMbaDartmouth1990


    • Alas, poor Yorick! I knew him, Horatio, a fellow of infinite jest, of most excellent fancy…

      It seems Yorick, the king’s jester, did not do his research…

      Here is Herb Moses’ own personal profile at Plaxo:

      http://www.plaxo.com/directory/profile/34359821048/a4709890/Herb/Moses

      Notice the part where he lists his job experience at Fannie Mae.

      Let me help you out:

      Fannie Mae / Director of Product Development
      1990 – 1998
      Directed cross-functional teams that developed sales and new mortgage and security products to maximize revenue from identified business opportunities. Trained mortgage bankers in origination and underwriting.

      Now, I’ll concede that he might not have been considered a true “executive,” as he was a “Director,” but you would be just splitting hairs if you attempted that line of reasoning.

      Nope, your intent was to have everyone believe that he never worked for Fannie Mae and only worked at Wells Fargo as that is the only job listed in the link you provided.

      Seems to me that you are the one who is “spreading the FUD.”

      “Where be your gibes now? your gambols? your songs? Your flashes of merriment, that were wont to set the table on a roar? Not one now to mock your own grinning? Quite chop-fallen?”


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