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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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Barney Frank Calls For Bigger Losses at Fannie and Freddie
    #10596910 -

Uh-Oh, Here We Go Again?

Another effort to reinflate the housing bubble.

There's been a lot of talk about how lax lending standards helped blow up the housing bubble. Talk about short memories and logic disconnects, though; apparently Massachusetts Congressman Barney Frank and New York Representative Anthony Weiner are trying to pressure Fannie Mae  and Freddie Mac  to lighten up a little and relax condo lending practices. Um … I think we've seen this disaster flick before.

This is the type of thing that's been bugging me for a long time about our recent economic problems and policymakers' response to them. I've often had a hard time wrapping my brain around all talk of wheedling and forcing banks to lend because it sounded an awful lot like trying to cure our problem with exactly what has ailed us. (That was how I felt about the TALF plan.)

Given the nature of the beast we've created, banks need to be a lot more prudent about who they lend to. Otherwise, we'll end up right back in the danger zone. But the word on the desire to lower some standards hints that forces at work may tempt us all back into the same black hole.


http://www.msnbc.msn.com/id/31566143/ns/business-motley_fool/


Remember in 2003, Frank, then the ranking Democrat on the Republican-led Financial Services Committee, opposed a Bush administration proposal for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "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."





Now Barney Frank gives a directive to Fannie/Freddie to loosen their restrictions on condominiums?


jesus will we ever learn?


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Barney Frank Calls For Bigger Losses at Fannie and Freddie [Re: lonestar2004]
    #10596983 -

We will but Barney won't.  Because he doesn't have to.  I'm starting to think that Barney's an Affirmative Action hire by the Ben and Jerry idiots of Vermont who relish their maverick status by electing a flaming lisping queen to Congress.  "Don't Tread on Me."  Unless you're a chubby queen with 6 inch stiletto heels and a Tourette-like tendency to stomp on Constitutions.  And ball sacks.

By the way, "we" didn't need the current disaster to learn that we shouldn't lend to bums who can't pay us back.  I'm sure we've all been burned by friends, some forgiven, some former.  Of course, $10 is an easy write off for lessons learned.  Hundreds of thousands?  Not so easy.  Can you say "150 years?"


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Re: Barney Frank Calls For Bigger Losses at Fannie and Freddie [Re: zappaisgod]
    #10597049 -

ACORN Rent-A-Mob Thugs to Harass Lenders in 14 Cities Tuesday


ACORN, which played a starring role in creating the subprime mortgage crisis, plans to add insult to injury by harassing lenders across the nation with protests tomorrow in an effort to coerce them into supporting President Obama's Making Home Affordable foreclosure-avoidance program.

Austin King, director of ACORN Financial Justice, sent out a press release today advising of the demonstrations that are planned as part of its "Homewrecker 4" campaign. The four financial companies targeted are Goldman Sachs, HomEq Servicing, American Home Mortgage, and OneWest. Read the whole document here.

ACORN plans to hit Dallas, Pittsburgh, Philadelphia, St. Louis, New York City, Wilmington (Del.), Columbus (Ohio), Houston, Little Rock, Boston, Los Angeles, Miami, San Francisco, and Seattle.

But let's not forget that ACORN helped to cause the mortgage bubble by strongarming banks into making loans they shouldn't have. And cheering them on was ACORN's lawyer, Barack Obama, who contributed to the increasingly hostile environment for banks when he represented plaintiffs in the 1995 class action lawsuit Buycks-Roberson v. Citibank. The suit demanded that Citibank grant mortgages to an equal percentage of minority and non-minority mortgage applicants. The bank settled the case three years later and reportedly agreed to beef up its lending to unqualified applicants.

ACORN refuses to acknowledge the role that it and the CRA played in the current crisis on Wall Street, and President Obama continues to support stronger enforcement of the disastrous law.

The final paragraph of the press release is unintentionally hilarious:

Because millions of Americans are losing their homes, neighborhoods and the economy are in ruins, and while the "Home Wrecker 4" are taking tax dollars and giving away huge bonuses, they refuse to do even the bare minimum for American homeowners by signing up for the Obama foreclosure plan.

Millions of Americans are losing their homes and neighborhoods and the economy are in ruins because of groups like ACORN that interfere with markets and force banks to do stupid things.

And ACORN too has taken in millions of dollars in taxpayer funding and is utterly unaccountable. The group even covered up a million dollar embezzlement for eight years.

As I've said before, ACORN lies, lies, and then lies so more. No lie is too big or outrageous for the criminal group now charged in Nevada with voter registration fraud.


http://spectator.org/blog/2009/06/29/acorn-rent-a-mob-thugs-to-hara

its like deja vu....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Barney Frank Calls For Bigger Losses at Fannie and Freddie [Re: lonestar2004]
    #10603455 -

Fannie Mae and Freddie Mac Refinances up to 125% loan-to-value

Today the US Treasury Department announced an update to allow refinancing of mortgages backed by Fannie Mae and Freddie Mac up to a first lein position of 125% of the home’s appraisal value. This is a level that was previously set at 105% loan to value.

25%!!!!

when you give money for 25% more than the property is worth is that like welfare? just buy a house and walk away from it...


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

General Interest > Political Discussion
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