Posted on 06/28/2009 9:38:39 PM PDT by Libloather
BARNEY'S BACK
Posted: 3:31 am
June 28, 2009
Rep. Barney Frank says that unless Fannie Mae and Freddie Mac relax their recent tightening of mortgage standards on new condominiums, the economic recovery could be threatened.
That would be the same Barney Frank who famously boasted that the two federal agencies -- which lost billions by making improvident loans -- were "fundamentally sound financially and [can] withstand . . . disaster scenarios."
Then came the disasters.
But to Barney Frank, Fannie and Freddie are essentially taxpayer-funded social-service agencies whose mission is to turn all Americans into homeowners -- whether or not they can afford it.
Fannie and Freddie recently announced that they would no longer guarantee mortgages on condos where fewer than 70% of the units have been sold; the previous threshold was 51%.
The agencies also said they'd no longer guarantee mortgages in buildings where 15% or more of the owners are behind in their condo dues or where more than 10% of the units are held by a single owner.
And they've raised fees on buyers whose down payment is less than the standard 25%.
The tightened standards are intended to limit the exposure of the two agencies -- which purchase or guarantee most US mortgages -- in buildings with potential financial problems.
**SNIP**
Problem is, he's also chairman of the House Financial Services Committee, so his "suggestions" have political muscle behind them.
But following Barney Frank's advice is a prescription for disaster.
(Excerpt) Read more at nypost.com ...
I knew he would wescue us!!!
Is the Banking Queen calling for deregulation?
The mental image is killing me!
Someone please explain to me why Barney Frank is not in prison?
In four years every DUncer will claim Fagg never aksed for this.
BARNEY’S BACK
The mental image is killing me!
Don’t feel too bad...it could have been a low blow...
“Someone please explain to me why Barney Frank is not in prison?”
Why reward him?
You mean the “openly homosexual” Barney?
The economy is threatened by the sheer scale of the fraud and credit derivative exposures which are so large that the world cannot withstand their unwinding as to their size as well as the time it takes to unwind them....countries and currencies will fold first. Only $4 trillion at $1000 per ounce buys all the gold on the surface of the planet. No financial tsunami can be stopped any more than a real tsunami can be stopped. In the meanwhile.....an acute shortage of lipstick to place on the pig is occurring at a time when the O administration believes it has trillions of real capital to throw at the problem, and is doing so, and at the same time the Pres. states we are broke. There is a contradiction to sanity here.
You mean the “openly homosexual” Barney with the gay lover who ran a homosexual prostitution ring from their condo?
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