NECN:

Congressman Barney Frank of Massachusetts fourth Congressional District has said he will not seek re-election for 2012.

Frank, a ranking member of the House Financial Services Committee, planned to hold a press conference in Newton, Mass. on Monday afternoon, to formally announce and answer questions on the decision.

CNN confirms.

The Caucus:

His Fourth District falls mostly in southern Massachusetts but also includes the famously liberal Boston suburbs of Newton and Brookline. Under a new redistricting plan that Gov. Deval Patrick, a fellow Democrat, signed into law last week, Mr. Frank’s district would have lost heavily Democratic city of New Bedford and gained some more conservative towns.

In February, Mr. Frank announced that he would seek re-election in 2012.

The Boston Globe:

“When Barney saw the district changed, his exact words to me were ‘They didn’t do me any favors,’” said [his last campaign manager Kevin] Sowyrda, who has remained an unofficial adviser.

“The redistricting plan was the straw that broke the camel’s back,” added Sowyrda. “I think if they left the district with New Bedford in it, you would see him running again.

Hotline:

A long line of potential Democratic successors will be looking at running, including Newton mayor Setti Warren, who dropped out of the Senate race earlier this year, state Rep. James Vallee, and state Sens. Marc Pacheco, Mike Rodrigues and James Timilty. Among Republicans, Bielat hasn’t ruled out running again. And state Rep. Jay Barrows and former Hopkinton selectman Brian Herr would also be possible GOP contenders.

Frank is the ninth House Democrat to retire outright, without seeking higher office. A total of 16 House Democrats aren’t running for re-election next year.

He’ll be 72 when he’s out, having served since 1981. Predictions are he’ll then become Professor Frank. The news conference is scheduled for 1 PM ET in Newton.

JOE WINDISH, Technology Editor
Sort by:   newest | oldest
RP
Guest
RP
4 years 9 months ago
At least one member of congress that was partially responsible for the housing crisis and mortgage meltdown is leaving. During the 90’s, liberals accused banks of racism resulting in blacks being rejected for loans at a much higher rate than whites. Along comes congress in 1995 and substantially changes the Community Reinvestment Act to require banks to use different standards than before which allows individuals to qualify for loans that they would not have qualified for earlier. The administration warned in 2003 that Fannie and Freddie were moving toward trouble due to loan gaurantees for those unable to meet their… Read more »
dduck
Guest
dduck
4 years 9 months ago

I both enjoyed him, a very intelligent man, and reviled him since he was a key to FNMA/FDMC running wild, in cahoots with Dodd.
Bye.

RP
Guest
RP
4 years 9 months ago

Dduck, can you explain your comment “a very intelligent man”.

I find it hard to comprehend him being intelligent as people with an average intelligence understands you can not have more outgoing household money than incoming household money. Had he understood this simple fact, he may have not supported that policy to give those in that condition loans for homes they could not afford and the country may have avoided the meltdown we are still in.

Rcoutme
Guest
Rcoutme
4 years 9 months ago
RP, where do you get your (mis)information from? Try http: //prospect.org/article/dont-blame-community-reinvestment-act or any other of a dozen articles on subprime loans. CRA loans were FIXED loans (and had about 1/6th the default rate of subprimes). The loans that qualified for CRA were not high in quantity either, since only banks and thrifts were covered under the statute. The VAST majority of failing loans were actually not even for owner-occupied purchases (it included refi’s, speculations, etc.) and they were done by MORTGAGE BROKERS! Mortgage brokers do not have access to the CRA statute, only banks and thrifts covered by the statute.… Read more »
JIM SATTERFIELD
Member
4 years 9 months ago

The attitude displayed by Republicans towards the CRA is like climate change deniers or those who say evolution isn’t real. Facts never get in the way. No matter how many times an argument they make is debunked someone will come back with the same argument.

Allen
Guest
Allen
4 years 9 months ago

I always liked Barney Frank. He is more of a social liberal than I am, but I loved to listen to him spar with people.

I think America will be worse off without him. Be a big pair of shoes to fill.

CStanley
Guest
CStanley
4 years 9 months ago
Rcoutme and Jim- Actually the facts show a great deal of culpability of CRA policies inducing the changes in the mortgage markets which led to the bubble and inevitable collapse. It’s true that many GOP oversimplify and believe that CRA loans were directly responsible, which isn’t really the case, but the changes in lending policies and then the push for mortgage securitization and backstopping of the loans by Freddie and Fannie is what inflated the bubble. IMO it’s typical of the worst of our political system- because people start to believe that they can engineer income redistribution in some way… Read more »
CStanley
Guest
CStanley
4 years 9 months ago
Rcoutme
Guest
Rcoutme
4 years 9 months ago
Fannie and Freddie expanded their sub-prime lending AFTER they lost market share (i.e. other institutions were make many more loans in the category than Fannie and Freddie). The CEO’s of Fannie and Freddie did this as business decisions (bad ones, albeit, but not congressionally mandated) not because Barney Frank wanted to see lots of money loaned to people who could not pay it back. In addition, the loans that were MOST LIKELY to default were the ones with teaser rates (e.g. 2% for two years 7% for 28 years). The loans were written with the implied assumption that those taking… Read more »
RP
Guest
RP
4 years 9 months ago

Rcoutme, Some information as to my source. There are other sources on the internet where Frank said Fannie and Freddie were fine.

http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/

Maybe the Boston Globe is incorrect in its assessment. Paragraph 7 has some info on Franks position. Could be the Globe is a right wing organization and prints incorrect data concerning liberals.

dduck
Guest
dduck
4 years 9 months ago

RP, okay maybe a wrong choice of words. So, let’s say, entertaining facile in his oratory skills.

roro80
Guest
roro80
4 years 9 months ago

Love how a problem caused almost exclusively by filthy rich white people who didn’t think they were filthy rich enough can be blamed on lower income people and people of color. Kind of reminds me of how so many churches blame pedophilia on gay people.

Anyway, I hope Mr Frank will enjoy his retirement into academia. He will be missed.

dduck
Guest
dduck
4 years 9 months ago

Thanks, CS, I didn’t have the patience to reply to RC and JS. They are the deniers as are any Reps who think it was all one party or administration’s fault for facilitating the other crooks in the banking and secularization field.
It was like showing off your wallet and diamonds to a thief and expecting him to ignore them.

roro80
Guest
roro80
4 years 9 months ago

“It was like showing off your wallet and diamonds to a thief and expecting him to ignore them.”

Who is the theif here?

dduck
Guest
dduck
4 years 9 months ago

P.S., $160 billion from the taxpayer’s pocket, and still counting. And, by all means send 87 of them to Chicago’s Banker’s Conference, plus give out big bonuses, after all their predecessors made a pile mismanaging and with hardly any criticism, let alone legal action.

dduck
Guest
dduck
4 years 9 months ago

Roro, the Bankers and Wall Street, of course, no one is denying their major roll in this mess.

CStanley
Guest
CStanley
4 years 9 months ago
roro, recognizing that much of what transpired with CRA and with the GSEs was bad policy has nothing to do with blaming ‘brown people.’ And while I haven’t specifically checked the money trail, I suspect that two particular rich white dudes (Frank and Dodd) didn’t do too badly in their personal finances and political war chests for all of their dealings with Countrywide and other financial institutions as they fought off calls for reform of the GSEs. For the goal of helping minorities with homeownership, an honest program directing funds to them would have been far better than this pretense… Read more »
CStanley
Guest
CStanley
4 years 9 months ago

dduck- well, for all my efforts it looks like I’ve derailed the thread into the margins with my long URL link.

roro80
Guest
roro80
4 years 9 months ago

Ok, got it. I thought you meant that the people signing up for these loans were the theives. In your analogy, the theives first pressured all sorts of people to carry their diamonds and cash on their person through a bad neighborhood, and lobbied the government into declairing it communism if they regulated the taking of such valuables.

dduck
Guest
dduck
4 years 9 months ago

Love those margins…………..

dduck
Guest
dduck
4 years 9 months ago

Lenin couldn’t have said it better, or was that Lennon, or Liz lemon on 30 Rock?

roro80
Guest
roro80
4 years 9 months ago
CStanley — As originally conceived, the CRA I think was actually good policy. In fact, the smaller community banks it was set up to deal with in the first place did fine (well, relatively so) through the majority of the crisis. It wasn’t until it hit later stages, when the huge hit to the economy meant people who could easily afford their mortgages suddenly didn’t have jobs that these small banks had the hardest time. Most of them were making good loans, in appropriate amounts, to people who had some credit smudges or whatnot. The fact that the legislation was… Read more »
Rcoutme
Guest
Rcoutme
4 years 9 months ago
For the record: I am not saying that Frank was not complicit in some of the most egregious behavior regarding the housing bubble (I am still split on that). I am saying that he did have something to do with it (by inaction and action). However, CRA was not meant to be a standard by which most mortgages were supposed to be created. CRA was designed to force large lending institutions to include depressed areas in their neck of the woods. Meanwhile, the loans that went bad during the housing bubble were not (primarily) the CRA loans. To see Mythbusters… Read more »
roro80
Guest
roro80
4 years 9 months ago

“Lenin couldn’t have said it better, or was that Lennon, or Liz lemon on 30 Rock?”

Oy. I’d have thought better of you — and it’s not like you’ve got a great track record with me. The idea was that the game was rigged.

dduck
Guest
dduck
4 years 9 months ago

Aha, we agree.
“The idea was that the game was rigged.”

CStanley
Guest
CStanley
4 years 9 months ago
roro, I mainly agree with you..I don’t know much of the detail of how the original programs functioned, so I’m not necessarily completely endorsing…but where the glaring problems came in was much later. That includes under Bush, of course, because he made it a point to try to expand homeownership even further. His goals there I’m sure were part political but also partly good intentioned IMO but he was over his head in understanding what he was putting into play (pretty much the story of his two terms IMO.) My main area of departure I think from the way you… Read more »
roro80
Guest
roro80
4 years 9 months ago
CStanley — I can agree with that. I just look at the two players you mentioned in your comment — GWB and Frank — and it’s hard for me to square the idea that Bush had good intentions while Frank had poor ones, just based on their other actions in other areas. I don’t know if it was Bush’s explicit goal to put us where we are today — economically, socially, politically, internationally — in order to make all his buddies rich and make the rest of us eat it, which (sorry) really has been the result of his policies… Read more »
Cannonshop
Guest
Cannonshop
4 years 9 months ago
roro80: EVERYONE thinks their intentions are good, and everyone’s opponents will tar their intentions as bad- Intention is the very soul of subjective thinking. Barney doesn’t want to be Ted Kennedy-I don’t blame him for that, dying in the traces might SOUND cool, but it’s usually a mark of some emptiness in your life that requires you to press on in a job regardless of whether you even WANT IT anymore. Mr. Frank wants his life back? great. Good for him. Means he’s figured out that being a Power sucks, and he’s tired of doing it, he wants to actually… Read more »
roro80
Guest
roro80
4 years 9 months ago

Cannonshop — no, I don’t think that’s true.

CStanley
Guest
CStanley
4 years 9 months ago
roro: I certainly agree that our political inclinations tend to influence the way we read motivations into the actions of politicians. I think it’s a bit more complex than that though…for instance, although I largely think GWB had good intentions but wasn’t up to the job, I have no problem seeing more cynical motivations among his advisors and administration officials (Rove, Cheney, etc..) Even there I don’t think these guys were out to run the country into a ditch…but I do think the intentions were more about political goals or personal enrichment. One example is the doubling down on CRA… Read more »
dduck
Guest
dduck
4 years 9 months ago

CS, you can’t be a conservative, you must be a moderate or a CINO.
People of both parties having good intentions, wow.
Next, you’ll be saying all on Wall Street and the bankers are not totally evil, greedy bastards.

CStanley
Guest
CStanley
4 years 9 months ago

Even worse, dduck…I don’t think Obama’s a Kenyan Communist!

dduck
Guest
dduck
4 years 9 months ago

Roro, where are you?…………..

roro80
Guest
roro80
4 years 9 months ago
Jeez, dduck, I do have a day job. CStanley, I appreciate the exchange. I of course disagree with a lot of what you say (perhaps not so much that they *meant* to run us into a ditch, but maybe just didn’t care enough about whether that’s what would happen), but that would be surprising to nobody, I’m sure. Like I said, I saw the first iterations of the CRA as good, positive policy, that actually had some good results. The fact that it was then changed and used as an excuse or an “in” to deregulating the entire financial system… Read more »
wpDiscuz