WESTPORT - About 15 protesters called for the resignation of U.S. Rep. Barney Frank Friday, saying he is responsible for the recent crisis in the financial markets that required a $700 billion government bailout.

The protesters claimed Frank supported regulations that forced banks to make risky mortgages to low-income families who could not afford to own homes, leading to foreclosures and the failure of financial institutions.

"He was pushing loans to people who could not pay them back. It was social engineering. He wanted to get low income people into homes," said Linda Rapoza of Fall River, a member of the Republican State Committee.

Some of the protesters were supporters of Earl Henry Sholley of Norfolk, a Republican running against Frank.

"A large volume of money was loans given out to people who could not afford them," said David Rose, another Fall River member of the Republican State Committee. They and others also said that, as chairman of the financial services committee, Frank failed to prevent institutions like Fannie Mae and Freddie Mac from getting into trouble.

"He should have foreseen this coming," Rose said of the financial markets crisis that has badly hurt the economy.

Frank said critics have been misinformed on the issue of mortgages for low-income families.

He said they are referring to the Community Reinvestment Act. The bill, he said, requires regulated savings banks to make loans in communities they receive deposits from so banks cannot discriminate against inner-city areas.

The bill was passed 31 years ago and never caused financial problems, he said.

The legislation also only applies to regulated savings banks, and they are not the institutions that made most of the risky loans that are now failing, he said.

Banks, he said, are regulated, can only loan to qualified customers and must have enough money in reserve to protect against problems.

Troubled firms Lehman Brothers and Bear Sterns are international investment banks and financial institutions that are not subject to the Community Reinvestment Act.

Frank said only 5 percent of mortgages by savings banks were of the risky subprime variety, while 35 percent of mortgages from other institutions were.

The congressman denied charges he believes everyone is capable of owning a home. He said he has always pushed for affordable rental properties for low-income families. JIM HAND covers politics for The Sun Chronicle. He can be reached at 508-236-0399 or at jhand@thesunchronicle.com.