Wednesday, June 24, 2009

Barney Frank's Freddie and Fanny Fiasco.. The Sequel

From the EIB Network:
Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said. ... "In a letter to the CEO's of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold 'may be too onerous' and could lead condo buyers to shun new developments, according to the paper."

So he wants them to relax condo loan rules while more and more foreclosures are taking place, and all the while Barney Frank and the boys and Chris Dodd denying they had anything to do with the existing problem!

Read the Background Material...

Wall Street Journal: Barney the Underwriter
American Spectator: How Stupid Does Barney Frank Think Americans Are?


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