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Rep. Barney Frank and Anthony Weiner have not learned anything. They have asked lenders Fannie May and Freddie Mac to relax their lending practices for condos. In March, Fannie and Freddie said they would “no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold,” according to Reuters. This is up from 51 percent.
Barney Frank (pronounced “Bawny Fwank”), chairman of the House Financial Services Committee, said this would be too onerous and could cause new buyers to not buy into new developments.
In other words, Fannie and Freddie do not want to guarantee loans that someone may not be able to pay back. Isn’t this the exact same thing that got us into a major housing crisis, in the first place? Wasn’t it Barney Frank forcing lenders to make unwise loans that resulted in countless foreclosures?
His response to Fannie and Freddie, first time around was, “"These two entities...are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Way to call it, Barney.
He needs to be removed from office. He clearly cannot learn from his mistakes. He’s a liability to the country. Please, if you live in Massachusetts’s 4th congressional district, vote for someone else.
(Be sure to watch the video. It shows what kind of insight he has.)