Bombastic Barney urges Fannie and Freddie to lower lending standards for condos

What could go wrong?

Barney the Underwriter

Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted barney 3Fannie 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.

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8 thoughts on “Bombastic Barney urges Fannie and Freddie to lower lending standards for condos

  1. How this guy is IN and stays IN the position he is absolutely amazes me…

    Thanks to the fourth congressional district for reelecting him../sarc.

    I hope that next year they get their collective heads out of their asses….

  2. “He doesn’t know his ass from a hole in the ground,” will probably be said on cable soon if it hasn’t been said already.

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