"If you thought Rep. Barney Frank was bad, his likely replacement is worse. Rep. Maxine Waters is Congress' most anti-bank member -- unless she owns stock in one, that is. ... When in 2003, the publicly created mortgage giants [Fannie Mae and Freddie Mac] became dangerously overleveraged with weak mortgages, Waters pushed them to underwrite even 'more products where you have no down payments.' She accused critics of the quotas of discriminating against minorities and the poor. ... She lobbied to exclude them and their government-mandated affordable housing charter from the 'sweeping financial reforms.' And she got her wish. She also got another wish: a provision exempting minority-owned banks from the new oversight. Quite interesting. Because at the same time she got that little gem added to the bill, she was under investigation for steering federal bailout money to a troubled minority-owned bank in which she and her husband held a large financial stake." --Investor's Business Daily
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