Who controlled the Senate in 2007? Yeah, Dems again.You truly are a complete fucking imbecile. Democrats didn't actually take control of the Congress until 2007. By then, the vast majority of toxic loans which ultimately crashed the economy were already written.No, I didn't miss it. That occurred when Frank was a member of the minority party with no ability to block the majority party Republicans from passing the oversight needed to prevent the financial collapse.
And then he went on to be chairman when the Democrats took Congress in 2006. Recall the Democrats took Congress in 2006? Yeah, what did they do to prevent the collapse? Nothing.
What They Said About Fan and Fred - WSJ.com
At any rate, Barney Frank still introduced a housing reform bill just 2 months later. It passed in the House but died in the Senate. By July of 2007, Pelosi introduced a more comprehensive housing reform bill which was ultimately signed into law by Bush.
But it was too late, the nation needed Republicans to do that years earlier when they were in charge of Congress.
The crisis didnt start until 2008. This is simply fact.