Posted on 09/24/2008 4:44:00 PM PDT by milwguy
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
(Excerpt) Read more at query.nytimes.com ...
Barney Frank should resign. Come on GOP get some balls cause we know what Frank does with them.
Does anyone really believe that the oversight committee would have encouraged lending institutions to restrict credit? When has government ever advocated anything but inflation?
When is anyone going to have the gonads to ask Barney Frank: “Congressman, Mr. Chairman, when did you realize that Fannie Mae and Freddie Mac had significant integrity problems?”
Of course, the mere mention of gonads will send him into a dream state. So, Be prepared for a lapse, a long lapse, before you get an answer.
Thanks and bookmark
What we need now is a 527 commercial to hammer Democrats on this. They voted on party line to stop reform. They more than any other group brought us to this point. It is time that they be punished. Every Republican/conservative on tv or radio should be writing about this.
They probably don’t because the Dems and GOP are basically interlopers. The American people are the outsiders looking in.
ditto.
interesting that mccain wanted cox to resign,
but didn’t mention frank.
I have no use for the democrats. OTOH, Bush's incompetence shines through. ANOTHER agency? How about putting the squeeze on his main guy to make the bureaucracy he already has do its f'in job. Bush has not done that it 8 years. Hell, he cannot even make his JCS support Petraeus.
Speaking of Barney Frank.... In Nevada, they’d call those mountains oysters..... “lunch”
Oh BOY another government agency....more government employees sucking off the taxpayers. Hire outside companies!
And per usual, the RNC is AWOL in terms of firing back with ads to make this true point in addition to naming the Dem names that hugely enriched themselves in Fannie and Freddie while this train wreck took shape. The responsibility for this mess has already been tattooed onto the big-business repubs and greedy Wall St. While they do own some of the blame, the Dems once again framed the situation as though they were clean and had no one involved. No mention of all the $ the Fannie and Freddie threw to people like Obama, Dodd or Frank.
it was blocked by Frank n Dodd
because it moved oversight from an agency supervised by Congress to the Treasury
with oversight primarily by Congress, Frank n Dodd could block real reform
“Barney Frank should be in jail along with his ex-boyfriend from Fannie”
Great choice of words!
This was discovered days ago and still no coverage by the MSM and their won’t be
Too bad Bush didn’t really push for this via the Bully Pulpit
make it go viral
Too bad Bush didn’t really push for this via the Bully Pulpit
Bush had his hands full...fighting with one hand tied behind his back and the left undermining his entire presidency from SCOTUS selections to the wars.
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