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Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) should be "abolished" rather than reformed, Rep....

Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) should be "abolished" rather than reformed, Rep. Barney Frank says. "No more hybrid private-public," referring to the outlook for the government-sponsored enterprises. "If we want to subsidize housing, then we could do it upfront and let the budget be clear about that."
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Comments (22)
  • eggfaced
    , contributor
    Comments (293) | Send Message
     
    Yes, when Frankenstein created his monster he eventaully realized it had to be stopped...but it was too late...
    18 Aug 2010, 10:00 AM Reply Like
  • positivethoughts
    , contributor
    Comments (2017) | Send Message
     
    Why not go the other way Barney? How about not subsidizing housing except for the severly poor like the homeless or disabled?

     

    As is the case with barney's sexuality, he chooses the 'unproductive' side.
    18 Aug 2010, 10:04 AM Reply Like
  • youngman442002
    , contributor
    Comments (5129) | Send Message
     
    wow that is a change for Barney.....is he sick or something....he was Fannie and Freddies best friend for 15 years..Defended them against the Republicans forever..there has to be a catch.....he wants the government to take it over right...
    18 Aug 2010, 10:04 AM Reply Like
  • Buckoux
    , contributor
    Comments (7129) | Send Message
     
    "wow that is a change for Barney.....is he sick or something..."

     

    Nope! It's election time, kinda' like breeding time for some animal species, they act crazy for a while. After November Fannie will rise like Lazarus. These "GSE's" are just too handy to park "D" cronies for the good of the party. Former FNM, CEO, Franklin Raines made millions off of Fannie. This political gold mine is going to lay low until after the election, then it will return under another acronym.
    18 Aug 2010, 01:58 PM Reply Like
  • Duude
    , contributor
    Comments (3401) | Send Message
     
    Sounds mighty funny hearing Barney calling for abolishing Fannie and Freddie whom he so famously supported for so long. A review of that banking committee video back in 2004 is a great contrast to today.
    www.youtube.com/watch?...

     

    Replacing Fannie and Freddie with another subsidizing scheme is no solution. The FHA is still offering 3.5% down payment loans with a low FICO score of 500.
    Home ownership is NOT a right. The reform we need is to see down payment requirements rise, FICO scores rise, and banks need to have skin in the game.
    18 Aug 2010, 10:06 AM Reply Like
  • linenoise
    , contributor
    Comments (216) | Send Message
     
    This is like hiring a burglar to install an alarm after he's already fenced your shit.
    18 Aug 2010, 10:07 AM Reply Like
  • Tack
    , contributor
    Comments (14308) | Send Message
     
    Disingenuous claptrap from the housing-crisis progenitor, whose very own vote-pandering legislation provided the direct impetus for the irresponsible lending to unqualified applicants.
    18 Aug 2010, 10:07 AM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    Bingo!
    18 Aug 2010, 10:14 AM Reply Like
  • woollyB
    , contributor
    Comments (1019) | Send Message
     
    Vote-pandering legislation. Is there any other kind?

     

    Disingenuous really is an apt description of Barney Frank. That and a lot of other words that we shouldn't use to describe that windbag in polite company.
    18 Aug 2010, 10:15 AM Reply Like
  • enigmaman
    , contributor
    Comments (2688) | Send Message
     
    Just goes to show you that lifetime politicians like B Frank feel untouchable, first he is the leading advocate for every family deserves a home movement and to accomplish this he insists on Fannie lowering the standards of underwriting guidlines, then at the top he exclaims there is no problem with a housing bubble, buy buy buy, then deny deny deny any direct involvement as the housing bubble bursts and now he advocates the abolishment of both enterprises, and what is sadder still, he will remain in office, he will be re-elected and he will continue being the complete and utter stupid ass that he is, speaks volumes about the intellect of the general electorate
    18 Aug 2010, 11:57 AM Reply Like
  • Buckoux
    , contributor
    Comments (7129) | Send Message
     
    "...and what is sadder still, he will remain in office, he will be re-elected and he will continue being the complete and utter stupid ass that he is, speaks volumes about the intellect of the general electorate"

     

    Amen, Brother! Amen.
    18 Aug 2010, 02:11 PM Reply Like
  • Speakeasy
    , contributor
    Comments (414) | Send Message
     
    Let's abolish Barney and his friends in congress that sold us out!
    18 Aug 2010, 10:13 AM Reply Like
  • nyuszika45
    , contributor
    Comments (633) | Send Message
     
    I smell a drastic fall in campaign sponsorship levels from certain quarters.

     

    Funny, I'm reminded of the devil declaring complete surprise at the prevarication inherent in hypocrisy.
    18 Aug 2010, 10:36 AM Reply Like
  • mikebrah
    , contributor
    Comments (253) | Send Message
     
    Are his constituents really stupid enough to fall for this?

     

    He may as well just send a letter out to them saying "Hi, my name is Barney Frank. I think you're an idiot, and I expect your vote next election."
    18 Aug 2010, 10:37 AM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    With the average American voter, all he has to do is say free iPods and Starbucks for all.

     

    Don't forget, this country voted for Bush...twice.
    18 Aug 2010, 10:41 AM Reply Like
  • positivethoughts
    , contributor
    Comments (2017) | Send Message
     
    "Don't forget, this country voted for Obama".

     

    I fixed it for you MarketGuy.
    18 Aug 2010, 10:46 AM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    You didn't fix it, however, if he's reelected you will have supported my point.
    18 Aug 2010, 10:52 AM Reply Like
  • Angel Martin
    , contributor
    Comments (1355) | Send Message
     
    everything you hear from these Democrat jokers from now until the election is based on this:

     

    data.intrade.com/graph...
    18 Aug 2010, 10:57 AM Reply Like
  • Techwriter
    , contributor
    Comments (36) | Send Message
     
    Wikipedia says: Despite being a carnivorous type dinosaur, Barney likes many different foods such as fruits and vegetables, but his main favorite is a peanut butter and jelly sandwich with a glass of milk. He also loves Marching bands and parades.
    18 Aug 2010, 11:13 AM Reply Like
  • positivethoughts
    , contributor
    Comments (2017) | Send Message
     
    I think he likes the marching and parades from the gay pride extravaganza that happens in places like Toronto and elsewhere.
    18 Aug 2010, 11:15 AM Reply Like
  • linenoise
    , contributor
    Comments (216) | Send Message
     
    Anyone who thinks either party has their interests in mind is avoiding reality. Look at the world objectively. Democrats and Republicans are the same thing: Parties that are more interested in the survival of the party than the survival of the country.

     

    Unaffiliated voters are the only remaining patriots. Everyone else is a stooge.
    18 Aug 2010, 11:19 AM Reply Like
  • MIDAS-CAPITAL
    , contributor
    Comments (5) | Send Message
     
    Gosh, I'm shocked to discover this. But then I was shocked when the sun came up over the eastern hills this morning as well.
    18 Aug 2010, 11:39 AM Reply Like
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