President Obama the Next Barney Frank? Much of the 2008 Great Recession and mortgage crisis lies at the feet of Barney Frank, former Democratic Congressman from Massachusetts. Frank encouraged mortgage lenders to make loans to folks - particularly African Americans and Hispanics - who were not qualified. Frank was then incredulous when some of these homeowners could not repay their loans. According to the Washington Post, President Obama wants to repeat Frank's strategy. Looks like President Prompter may indeed be crazy - same thing, different result.