As an update to my 8/24 post on Barney Frank calling for Fannie and Freddie to be abolished, today it's reported that Frank has sent a letter to Fannie Mae slamming the folks there for having aggressive foreclosure policies.
Jon Stewart couldn't write this stuff. It just keeps getting better and better.
Showing posts with label Barney Frank. Show all posts
Showing posts with label Barney Frank. Show all posts
Friday, September 24, 2010
Tuesday, August 24, 2010
Holy Cow! Barney Frank says abolish Freddie and Fannie
From Friday on CNBC:
Holy Cow!!!!! Barney Frank is NOW saying that we should get rid of Freddie and Fannie ASAP.
And he admits that the whole subprime housing thing was a crappy experiment.
In other news: white is black, good is bad, etc.
To quote:
And he went on to say that “it was a great mistake to push lower-income people into housing they couldn’t afford and couldn’t really handle once they had it.” He then added, “I had been too sanguine about Fannie and Freddie.”
Holy Cow!!!!! Barney Frank is NOW saying that we should get rid of Freddie and Fannie ASAP.
And he admits that the whole subprime housing thing was a crappy experiment.
In other news: white is black, good is bad, etc.
To quote:
And he went on to say that “it was a great mistake to push lower-income people into housing they couldn’t afford and couldn’t really handle once they had it.” He then added, “I had been too sanguine about Fannie and Freddie.”
When I asked Frank about a long-term phase-out plan that would shrink Fannie and Freddie portfolios and mortgage-purchase limits, and merge the agencies into the Federal Housing Administration (FHA) for a separate low-income program that would get government out of middle-income housing subsidies, he replied: “Larry, that, I think, is exactly what we should be doing.”
Yeah, yah think?
See what's happening here? Fannie and Freddie are going away whether Barney Frank has anything ELSE to do with it or not, and he's covering his butt. Making it look like HIS idea. Incredible. This is WORLD CLASS CYA, like at an Olympic level.
This guy is the [smishhhhh]Michael Phelps[smisshhhhh] of political revisionism. Pass the chips.
Again, he thinks we are a bunch of morons out here. Isn't that obvious by now. He knows WHAT, we know NAUGHT.
For the folks following along at home:
Fannie and Freddie worked just great until FHA and HUD and Congress decided to use them as their own personal piggy bank, starting in the early 90s. Maybe 1991 was a banner year for that. Subsequent administrations have dogpiled on these two until they control 90+ percent of the home mortgages in this country.
Uh, they WILL BE going away. Barney Frank will have nearly nothing to do with it. They account for upwards of $15 Trillion in some estimates, and some of that is really insolvent. Unlike the 80s crisis, a great deal of the underlying real estate in this case is tremendously overleveraged, and so defaults on those homes cannot be recouped from selling the property. In Cali there are hundreds of developments that are virtually vacant, and near nothing; same in AZ. Fannie & Freddie pumped bucks into housing markets and neighborhoods that should never have existed otherwise, so how you sell those is beyond me.
These guys are priceless. This is almost as good as Chris Dodd getting sweetheart mortgages.
UPDATE: Barney Frank rips into Fannie on foreclosures, 9/24/10.
I just doesn't get any better than this! Comedy that writes itself.
See what's happening here? Fannie and Freddie are going away whether Barney Frank has anything ELSE to do with it or not, and he's covering his butt. Making it look like HIS idea. Incredible. This is WORLD CLASS CYA, like at an Olympic level.
This guy is the [smishhhhh]Michael Phelps[smisshhhhh] of political revisionism. Pass the chips.
Again, he thinks we are a bunch of morons out here. Isn't that obvious by now. He knows WHAT, we know NAUGHT.
For the folks following along at home:
Fannie and Freddie worked just great until FHA and HUD and Congress decided to use them as their own personal piggy bank, starting in the early 90s. Maybe 1991 was a banner year for that. Subsequent administrations have dogpiled on these two until they control 90+ percent of the home mortgages in this country.
Uh, they WILL BE going away. Barney Frank will have nearly nothing to do with it. They account for upwards of $15 Trillion in some estimates, and some of that is really insolvent. Unlike the 80s crisis, a great deal of the underlying real estate in this case is tremendously overleveraged, and so defaults on those homes cannot be recouped from selling the property. In Cali there are hundreds of developments that are virtually vacant, and near nothing; same in AZ. Fannie & Freddie pumped bucks into housing markets and neighborhoods that should never have existed otherwise, so how you sell those is beyond me.
These guys are priceless. This is almost as good as Chris Dodd getting sweetheart mortgages.
UPDATE: Barney Frank rips into Fannie on foreclosures, 9/24/10.
I just doesn't get any better than this! Comedy that writes itself.
Sunday, January 24, 2010
New Banking Regs from the Administration
Thank goodness the current bunch in Washington are on top of things! After all, they had nothing to do with the growth of Freddie and Fannie, right?
Actually, the Obama administration is talking about tougher restrictions on banks trading for themselves, limitations on total deposits (as a percentage of a particular market, or the nation) and limitations on bankers' pay agreements. Most of it sounds familiar. Even so, they'll have a tough time getting it lined up.
http://www.bloomberg.com/apps/news?pid=20601109&sid=a4OwfY2q_e9A
http://www.bloomberg.com/apps/news?pid=20601109&sid=atqWb1rpdvzY
So far, Sec. Geithner has expressed some misgivings, and Rep. Barney Frank (D - Mass.) has suggested that any reform of this type would need a very long time horizon, certainly longer than has been mentioned so far.
And it looks as though Dr. Bernanke is having some trouble getting his reappointment. He might just be the sacrificial lamb after last Tuesday's bloodbath in Massachusetts. Ted Kennedy's Senate seat is now held by a Republican -- unthinkable!
Also, a post here about the Freddie/Fannie audit that's a good read.
http://www.bloomberg.com/apps/news?pid=20601039&sid=asJ4nSY4l9Vg
Update May 26, 2011:
Barney Frank admits that he helped his significant other get a job at FNMA in the early 90s. His defense: everyone was doing it.
Actually, the Obama administration is talking about tougher restrictions on banks trading for themselves, limitations on total deposits (as a percentage of a particular market, or the nation) and limitations on bankers' pay agreements. Most of it sounds familiar. Even so, they'll have a tough time getting it lined up.
http://www.bloomberg.com/apps/news?pid=20601109&sid=a4OwfY2q_e9A
http://www.bloomberg.com/apps/news?pid=20601109&sid=atqWb1rpdvzY
So far, Sec. Geithner has expressed some misgivings, and Rep. Barney Frank (D - Mass.) has suggested that any reform of this type would need a very long time horizon, certainly longer than has been mentioned so far.
And it looks as though Dr. Bernanke is having some trouble getting his reappointment. He might just be the sacrificial lamb after last Tuesday's bloodbath in Massachusetts. Ted Kennedy's Senate seat is now held by a Republican -- unthinkable!
Also, a post here about the Freddie/Fannie audit that's a good read.
http://www.bloomberg.com/apps/news?pid=20601039&sid=asJ4nSY4l9Vg
Update May 26, 2011:
Barney Frank admits that he helped his significant other get a job at FNMA in the early 90s. His defense: everyone was doing it.
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