Too absurd to not be true! Barney Frank pressures Fannie and Freddie to make more risky loans!
By
Evil Personified
I know, I’m just a stupid American that President Obama is counting on to ram through his disastrous agenda. But is anyone stupid enough to believe Fannie Mae and Freddie Mac need to make more risky loans? Oh, sorry, I forgot about Barney Frank.
Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to “roll the dice” in the name of affordable housing. That didn’t turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity — with your money. He and New York Representative Anthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.
You read that right. After two years of telling us how lax lending standards drove up the market and led to loans that should never have been made, Mr. Frank wants Fannie and Freddie to take more risk in condo developments with high percentages of unsold units, high delinquency rates or high concentrations of ownership within the development.
This is pure insanity! As Glenn Beck would say, it’s enough to make blood shoot out your eyes!
To the people of Massachusetts I ask – what the hell do you have against the rest of us? Seriously, what have we done to you to deserve Barney Frank? An explanation would certainly be appreciated. Maybe we can strike a deal.
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What a sorry excuse for a human being he is.
Kicking his ass would be a pleasure.
I’m sure it’s a pretty big target. Should be pretty hard to miss!
Home ownership levels dipped a bit during the first Bush. Clinton and the Democrats started off with the noble intention of increasing home ownership and amended the Community Reinvestment Act. Banks were leery about lending to crime ridden areas because their real estate value historically plummeted during a bad economy. The Democrats wanted to make incentives for people to invest in these areas and fight against anything they saw as racist practices. Because crime is the number one reason why a neighborhood’s property value plummets, the reality of the Democrat’s noble efforts was that it put a lot of taxpayers on the hook for many people that had no track record of paying their bills in communities with weak political leaders who were not strong enough to purge the crime from their streets and weak moral leaders that could not convince their society to stop committing crimes. Basically, the hard working, tax paying, moral people of this nation have given every effort again and again and again for these people who continue to never get their act together. Now the leaders of these communities have become skilled at gaming the government hand out system and feeding the delusion of entitlement while feeding resentment towards the minority of people that pay the freight in our society. People in our Nation that have third world skills need to compare their quality of life to someone with the same skill set in a third world nation.
If people cared and loved people who were in a perpetual downward spiral, they wouldn’t feed them delusions, they would be honest with them and tell them that they had to work hard and even then they had small shot, but without trying they had no shot at all. When political leaders bash capitalism, their followers won’t engage in capitalism and will be perpetually stuck on the government dole. Living on the government dole isn’t a great quality of life, so I don’t understand why people who supposedly care about the people lay out an unproductive value structure that flows people into a lifestyle that goes nowhere?
You have to give the Democrats points for having their hearts in the right place, they always seem to do that, it is just that the execution of their intentions end up giving a worse result than the situation before they tried. The day that Democrats see Repubulicans as being “realists” and “doers” instead of “cynics” and “heartless”, maybe they could learn a thing or two about making their dreams reality.
My Wife and I live in Mass and the mere fact that the people in this state continue to re-elect a person who obviously has an IQ less than most farm animals is making it very difficult for us to stay. IMHO Frank bears a large part of the responsibility for the allowing the housing bubble to blow up in the first place. When the previous administration tried to bring in the reigns on Fannie and Freddie it was this moron and Dodd who defeated the attempt. It was too easy to see that real estate was in a bubble and in 2005 this nemrod stood up in front of congress and said there was no housing bubble. It is representatives like this that make me think the whole system needs a reset, at the very least we need a viable third party.
I feel your pain. I’ve posted video of Frank making that case several times. Yet he skates by unscathed. But hey, at least he didn’t kill a girl in his car. I know what you mean about leaving, we’re in NY and think about fleeing all the time.