Oak Grove Cemetery on Prospect Street, Fall River, MA is the final resting place of a suspected (though never convicted) killer.
"Lizzie Borden took an ax," the ditty goes, "and gave her mother forty whacks. When she saw what she had done, she gave her father forty-one."
Another famous Massachusetts resident, Congressman Barney Frank, may soon preside over the dismembering and demise of another famous couple with whom
he's intimately involved--Fannie Mae and Freddie Mac.
As in the trial of Lizzie Borden, the public will widely believe Congressman Frank to be culpable in the demise of Fannie and Freddie, despite his protestations to the contrary.
The 1977 Community Reinvestment Act, which had served well until Congressman Frank and the Clinton administration reinvented it, was turned inside out. (REALTORS will recall from their ongoing education that the bill outlawed redlining, the wholesale designation of particular geographical communities as poor credit risks.) Compliance is required by the act.
Compliance with the act was redefined by Frank & Company. An October 6, '08 editorial in Investors Business Daily sums it up:
On Frank's and Clinton's watch, the Community Reinvestment Act was changed to force the issuance of bad loans. Banks would be rated on the number of loans, not on their soundness. Fannie Mae and Freddie Mac were then encouraged to buy them up. It was all about affordable housing, even if the housing was unaffordable.
When former Treasury Secretary John Snow pleaded for Frank to support Fannie and Freddie reform, Frank responded: "These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
Fannie Mae and Freddie Mac are on the chopping block.
If Congressman Frank has his way, (and that's likely in the present political climate,) the two GSEs might as well have side by side plots in the Oak Grove Cemetary in Fall River, MA.
Lizzie Borden took an ax...
Call me if I can help you with a purchase or refi mortgage;
Oak Grove Cemetary photo courtesy Wikipedia