WELLESLEY - Barney Frank's two challengers teamed up Sunday to criticize the congressman for what they called his failure to properly regulate Fannie Mae and Freddie Mac, two mortgage lenders at the heart of the current financial crisis.
Frank emphatically defended himself, saying his efforts to regulate the industry were stymied by the twelve years Republicans controlled Congress. Fannie Mae and Freddie Mac came under fire earlier this year for backing bad mortgages that eventually lead to the current credit crisis that Congress acted to remedy with a several hundred billion dollar bailout proposal.
However, Earl Sholley, the Republican in the race, called Frank the "chief architect of the mortgage meltdown."
"All of this is well documented that Mr. Frank is the key player," Sholley said. "In fact, recently former President Bill Clinton made the statement on ABC News that when he was in the White House, he and the Republicans tried to reform Fannie Mae and Freddie Mac, and every time they attempted to do so, the Democrats blocked their efforts."
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