Frank Says Democrats Healing After Extended Primary Fight

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PostTalk with Rep. Barney Frank

Rep. Barney Frank (D-Mass.) sits down with washingtonpost.com's Ben Pershing to discuss recent housing legislation and the upcoming Presidential and Congressional elections in November.

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"Oh, about 90 percent," he said. "It did not have every good thing in it that I wanted, but it didn't have anything in it that I hated. It really did have a number of very important things."

One vital part of the package, Frank said, was that "we created an affordable housing trust fund. One of the reasons we got into this situation is that we were pressing people, urging people, encouraging people to buy homes who shouldn't buy homes. There are people who can't afford it. There are people who aren't socially organized enough. You know, owning a home is a hard job. Part of it is that they were driven to that because there isn't adequate rental housing."

As for the real impact of the measure on the housing markets in the near-term, Frank said, "It varies. For some people who are facing foreclosure by Oct. 1, this should alleviate that," adding that fewer foreclosures should help the economy overall.

"Part of it's a confidence matter, and I do believe you're going to see increased confidence on the part of investors," he said.

With the housing bill completed, Frank said he expects Congress to return in September focused on two primary issues -- energy and a second economic stimulus package.

On energy, Frank scoffed at Republican complaints that the House shouldn't have adjourned for recess without holding a vote on opening up more land for oil drilling.