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.