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For years the Leftist Democrat Congressman Barney Frank (absolutely not a relative) has pushed Fannie Mae and Freddie Mac, government lending institutions, to give loans to folks based on race and the LACK of ability to pay off them off.
In fact, because of the Barney Frank forced policies, we had the housing bubble. Local banks would loan money based on race, diversity and low income, then sell the mortgages to Fannie or Freddie.
The recent collapse of banks and home loans is a direct result of the radical Barney.
Now, he wants to end these corrupt organizations (Franklin Rains, the head of one of them made $90 millions from the bonuses caused by the massive number of bad loans).
"For Frank and the principals at Fannie and Freddie, its a stunning reversal. For conservative critics, its about time. They charge that if Frank and Democrats had realized these institutions needed a basement-to-attic overhaul sooner, the impact of the housing crisis on taxpayers and the financial system would have been greatly reduced.
He and other Democrats have concluded what many of us knew, said Representative Jeb Hensarling, a Texas Republican on the Financial Services Committee. These were ticking fiscal time bombs. Frank counters that there were few signs the institutions were at such risk.
Nobody saw this coming, he said in an interview. What changed was the complete collapse of the housing market, which hit Fannie and Freddie harder than anybody else.
Frank lied. In 2001President Bush noted the corruption and incompetence of the Fannie and Freddie polices, and said they were creating a bubble.
Time to get the government out of the mortgage loan, and all other businesses.
What do you think?
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In fact, because of the Barney Frank forced policies, we had the housing bubble. Local banks would loan money based on race, diversity and low income, then sell the mortgages to Fannie or Freddie.
The recent collapse of banks and home loans is a direct result of the radical Barney.
Now, he wants to end these corrupt organizations (Franklin Rains, the head of one of them made $90 millions from the bonuses caused by the massive number of bad loans).
"For Frank and the principals at Fannie and Freddie, its a stunning reversal. For conservative critics, its about time. They charge that if Frank and Democrats had realized these institutions needed a basement-to-attic overhaul sooner, the impact of the housing crisis on taxpayers and the financial system would have been greatly reduced.
He and other Democrats have concluded what many of us knew, said Representative Jeb Hensarling, a Texas Republican on the Financial Services Committee. These were ticking fiscal time bombs. Frank counters that there were few signs the institutions were at such risk.
Nobody saw this coming, he said in an interview. What changed was the complete collapse of the housing market, which hit Fannie and Freddie harder than anybody else.
Frank lied. In 2001President Bush noted the corruption and incompetence of the Fannie and Freddie polices, and said they were creating a bubble.
Time to get the government out of the mortgage loan, and all other businesses.
What do you think?
More...