Posted on 10/28/2008 4:40:48 PM PDT by Libloather
Frank now calls homeownership emphasis 'a mistake'
By Jim OSullivan/State House News Service
Tue Oct 28, 2008, 10:59 AM EDT
Belmont, Mass. -
U.S. Rep. Barney Frank said Monday that fewer prospective homebuyers will qualify for mortgages as a result of the financial meltdown, calling that trend a positive byproduct because "tens of millions" of people are not suited to own homes.
Chairman of the House Financial Services Committee, Frank said the market will likely encourage a large increase in affordable rental housing. Answering critics who said he was working to deny low-income people access to their own homes, Frank said, "I'm not denying them the right to own a home, circumstances are."
We made a mistake as a society in promoting homeownership as a universal achievable goal, he said.
He also signaled a massive increase in regulations, saying the federal government would impose rules on "the securitization activities of all financial entities in the United States," including capital requirements to ensure solvency.
After addressing the Greater Boston Chamber of Commerce, Frank told reporters that concerns of Democratic hegemony in Washington come January were largely confined to people with deregulation agendas. "I think that just bespeaks a mentality that doesn't understand how we got into this situation," he said.
Frank said the economy, which he told the audience was in a serious recession, had suffered a setback after the response to the credit crisis when other aspects of the economy started draining confidence. "Until we can get a stimulus package passed, I will be very nervous," he said.
That package, he said, should include funding for states to stanch layoffs, construction projects like roads and bridges, and extended unemployment benefits.
Massachusetts, Frank said, has been buffered from economic fallout in part by its large health care and higher education sectors.
The Newton Democrat also reiterated his call for a substantial reduction in the military budget, saying the US armed forces had become "overextended."
A second round of the federal economic bailout package, totaling $125 billion, would help smaller banks, Frank said. He said the local banks would be subject to the same rules.
Although, frankly the community banks arent the ones who had this outrageous overpayment of the CEOs that weve been trying to stop, Frank told the reporters.
Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, called Franks message warning against universal homeownership healthy.
Its clear that there should be room in housing policy and American politics for a strong rental policy, said Callahan. I think homeownership is not going to be right for everyone for a variety of reasons.
We let the free market set housing policy for a while in this country, and you can see what we get when we do that, Callahan said.
Speaking to a crowded Marriott Boston Copley hotel ballroom, Frank quipped, after a discussion of the decision to cap executive compensation for companies that partake in the $700 billion rescue plan, There are audiences that greet that news with more cheer than this one.
For at least six years the Democrats/media have been trying to talk us into a recession.
For at least six years the Democrats/media have been blasting the Bush Administration/Republicans as the “worst administration ever’ and responsible for all the ills we experienced, the Republican Culture of Corruption.
Bottom line, the Left blast the present administration, depending on the adage of “A lie repeated often enough becomes perceived as truth, and the bigger the lie the better its chances of success.
Unfortunately, for whatever reason, Bush refused to defend himself or his policies, allowing the Republicans to sink lower and lower in public opinion and helping the Left.
Then, as the coup de tete, the Democrats trigger this economic crisis, which they set up, and they and the media are blaming the Republicans for the crisis the Democrats engineered.
The Democrats/media have no ideas that are acceptable to the right/center American populace so they must depict the other side, the Republicans as the Devil in order to make themselves acceptable. That is wht they have done. They then populate the frontpages and evening news with negative stories, conduct polls to agree with the stories, and then say "The American People think ..." to validate that slant even if it is not true. This strategy continues until the election, including the "exit polls" during the election, and if they still lose, wbhich is often the case, they scream "Fraud, stolen election, etc." Too many people fall for it. Go figure!
No, Barney, not society, YOU and YOUR RAT BUDDIES
I find this so humerous when these asanine policies come back to bite them in the butt. Unfortunately, we have to pay for it first. That's why, according the Maha, they're dangerous in power.
Let's cut Barney's salary by 50%. If he finds himself financially "overextended", cut it by another 50%. Continue the process until his approach solves his problem. What a dumbass.
Well, for one thing we would have be 700 billion less in the hole, moron
Barney Frank Confesses To Entire Mortgage Mess
If that was a confession, then this satire is pure genius.
Having the guy from the Mass. Affordable Housing Alliance on board confirms it: ‘affordable’ rental housing is the next big scam, and they’ve already got approval for that $700 billion they’re about to dig into.
Exactly correct. President Bush was a huge disappointment to me but he is hardly one of our worst presidents ever. The Rat strategy is an age old one practiced by every would be dictator. They realize that at least half of the population is clueless and wouldn't know a Marxist from Groucho Marx. This is why they need a lock on the schools and media. They like the populace nice and ignorant.
Society’s Fault = Joe the Plumber’s Fault
Is that true? Oh, my...
What do you mean "WE", sugar-tush?
Not being much of a golfer (or golf fan) I'll have to trust you on that one.But it's not what I had in mind.
I'll give you a hint....think....tanks!
Good one.
Rezko his new boyfriend?
Fall River is in his distwict?
Where, oh where, is a Lizzy Borden, when you need one?
Or, was that where this guy tanked?
Especially for those making more than $250,000.
Especially for those making more than $200,000.
Especially for thos making more than $150,000.
Stay tuned for tomorrow's update.
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