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GOP BLAMES BLACKS FOR WALL ST. WOES?: Rep. Barney Frank claims conservatives are trying to pin problem on minority lending laws.
*U.S. Rep. Barney Frank is furious at conservatives who are blaming the nation’s economic woes on black people who purchased homes under a federal program designed to help poor people.
“This is an effort I believe to appeal to a kind of anger in people,” Frank, a Democrat who chairs the House Financial Services Committee, told a Boston foreclosure-prevention forum on Monday.
According to the Boston Herald, Frank believes conservatives are attempting to shift blame for the market meltdown away from Wall Street and toward minority-lending laws like the federal Community Reinvestment Act.
“The bizarre notion that the Community Reinvestment Act . . . somehow is the cause of the whole problem, (conservatives) don’t mind that,” Frank said. “They’re aware that the affordable-housing goals of Fannie Mae and Freddie Mac (and) the Community Reinvestment Act (aim to help) poor people. And let’s be honest, the fact that some poor people are black doesn’t hurt either from their standpoint.”
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