Describing an agreement that the Department of Housing and Urban Development (HUD) and the Department of Justice helped broker that would require Westchester County, New York, to spend more than $50 million of its own funds to develop affordable housing, Fox News' Andrew Napolitano commented, "Big brother is here," and he also said that "the government is taking money from you by suppressing the value of your real estate." But Napolitano never mentioned that for years, Westchester County sought and received millions in federal housing aid and that the agreement, if ratified, would settle a lawsuit claiming Westchester misrepresented its fair housing efforts to federal officials.
Glenn Beck falsely claimed that Paul Krugman "missed the industry's $8 trillion housing bubble." In fact, Krugman wrote that he was "getting worried" about a "real estate bubble" as early as 2002.
The Wall Street Journal's Stephen Moore falsely accused Rep. Barney Frank of "involvement in giving a blank check to Fannie and Freddie," echoing the oft-repeated myth that Frank fought efforts to strengthen congressional oversight over Fannie Mae and Freddie Mac.
Dick Morris falsely claimed that "in the 2000s, when Bush proposed measures to rein in Fannie Mae, Barney Frank killed them." In fact, for much of the 2000s, Frank had no power to "kill ... measures" -- Republicans controlled the House, and Frank sponsored a bill to enhance oversight of Fannie and Freddie soon after Democrats took over the House in 2007.
Loading the player reg...
Loading the player reg...
Loading the player reg...
Tucker Carlson claimed that the mortgage crisis "emanated from Fannie Mae and Freddie Mac," and asserted that one of the "reasons this crisis began ... was federal pressure to increase homeownership, and Barney Frank was in an oversight position during that process and didn't do a lot to stop it." In fact, Frank did not become chairman of the House Financial Services Committee until 2007, and it was not until Democrats gained a majority in Congress that legislation strengthening oversight of Fannie and Freddie passed.
Linked article: Frank assails bonuses paid to executives at AIG
On CNN's State of the Union, host John King did not challenge former Vice President Dick Cheney's false claim that the Bush administration tried "to impose reforms on Fannie Mae and Freddie Mac, and we ran into a stone wall on Capitol Hill in the form of the chairmen and -- of the Banking Committee in the House and the Senate, Barney Frank and Chris Dodd." In fact, Frank and Dodd were not "chairmen" until 2007, after which time Congress passed oversight legislation of Fannie and Freddie.
An Investor's Business Daily editorial stated, "Starting in the early 1990s," Rep. Barney Frank "(and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control." It specified that "[i]n 2002, Frank nixed reforms" of Fannie Mae and Freddie Mac and that in 2003, "led by Frank, Democrats stood as a bloc against any changes" that President Bush proposed making to Fannie and Freddie. But in 2002 and 2003, Republicans controlled the House and could have passed legislation regarding Fannie and Freddie in the House without the support of Frank or any other Democrats.
During his speech at CPAC, Rush Limbaugh falsely claimed: "Congressman [Barney] Frank's definition of affordable housing is you get a house that you don't have to pay for, that everybody else in the neighborhood will pay for. And why? Well, because it's unfair that some people can have a house and some people can't. See, it's just unfair." In fact, Frank has advocated for the expansion of affordable rental housing, rather than advocating for, as Limbaugh suggested, universal home ownership.
On The O'Reilly Factor, Bill O'Reilly falsely claimed that "the Democrats in charge of the finance committees" resisted efforts by the Bush administration to regulate the mortgage industry and Fannie Mae and Freddie Mac in particular. In fact, it was only after the Democrats did gain control of both "finance committees" in Congress in 2007 that Congress passed legislation strengthening oversight of Fannie Mae and Freddie Mac.
On Fox & Friends, Gretchen Carlson allowed Steve Adubato to misrepresent President Obama's February 24 address to Congress in order to claim that Obama engaged in "class warfare." After Adubato suggested that Obama did not refer to people who "bought houses they shouldn't have bought because they can't afford them," Carlson responded: "Good point." In fact, contrary to Adubato's suggestion, Obama did refer to people who "bought homes they knew they couldn't afford from banks and lenders who pushed those bad loans anyway."
On CNBC's The Call, while discussing the Obama administration's Homeowner Affordability and Stability Plan, Larry Kudlow -- echoing remarks by Rep. John Boehner -- claimed that "the people who win here are Fannie and Freddie. The Americans who paid their taxes on time and their mortgages on time get hurt." However, as economist Paul Krugman noted: "[T]he government took over F&F months ago."