Apparently you do not read anything you post. In 2003 Congress was in control of both houses. Frank was the ranking Dem member but he was not the Chair of the Financial services committee. Frank only became the chair when the dems took congress in 2008. So that means the Republicans in power in 2003 also did not think anythign was wrong because had they thought so, they had the power to do something about it since they had both the Congress and the WH. Both the Dems and Reps are looking like a$$es because they both had their hands in the till and they both got caught.
I know it's hard for you but god damn, try proofing some of the crap you write once in a while.
Summary: Barny Frank was NOT the chair in 2003. The Chairman of the committee was Michael Oxley. He is a REPUBLICAN.
108TH Congress
BTW, it's called sarcasm. I know the republican Congress was told about it and they chose to do nothing about it as well. They are complicit right beside the Dems. Everytime you try to hang this on the Dems, remember that the Res were right there by their side.