“I am in favor of trying to help lower income people get the advantages of homeownership…But almost by definition, the large majority of poor people are going to need rental housing. And we will never alleviate the terrible housing crisis that affects so many people in this country if we do not do a much better job of building decent, affordable rental housing.” (Statement of Rep. Frank, Financial Services Committee hearing on proposed 2003 budget; February 18, 2002) “Last year, when the FHA’s plan to insure subprime loans was included in a Senate-passed appropriations bill, Frank, the ranking member of the House Financial Service Committee and a staunch supporter of low income housing, wrote a highly critical letter urging that the measure not be included in the House-Senate conference report. Not only had the House committee not examined or approved the proposal, he said then, but the measure also offered no protection against lenders’ inappropriately steering people toward these high-cost loans. Nor did it offer safeguards to ensure that participants ‘are fully suitable for omeownership.’” (“Home Sweet Home?” by Julie Kosterlitz, National Journal, March 6, 2004) “Homeownership is an important part of our policy, but it is not the entire housing policy of the Federal Government, nor is it the entire housing need of the Nation. Some people will never own. There will be people who choose not to own; there are people who for economic circumstances will not be able to own. And there is no conflict between promoting homeownership and recognizing that decent, affordable rental housing will also be very important indefinitely for tens and tens of millions of Americans.” (Statement of Rep. Frank, U.S. House, July 27, 2005, National Homeownership Month.) “I always want to make it clear that while homeownership is very important, it should not be considered all of our goal in the housing area. A large number of people, for economic reasons and other reasons, will be renters. It is a good thing if we can help people become homeowners, but we should not neglect the legitimate interests of renters.” (Statement of Rep. Frank, U.S. House, July 25, 2006, Manufactured Housing Loan Modernization Act) “This administration is acting as if the only important program to help people with housing issues is to get them into homeownership. I think that overemphasis has contributed to the subprime crisis. People were put into homeownership who just economically should not have been there.” (Comment of Rep. Frank, “Mortgage Crisis Calls American Dream Into Question” by Andrea Hopkins, Reuters, April 3, 2007) “In fact, Barney Frank is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters. Politicians usually believe homeownership rates should – must – go higher. The rarity of Mr. Frank’s contrarian thinking is a reminder that when markets are committing excesses, we certainly should not expect Washington to act as a check on them.” (“The KISS Rule for Markets” by Lawrence Lindsey, former economic advisor to President George W. Bush, Wall Street Journal, April 2, 2008)