…which way is up.

Barney Frank, the nutjob Democrat from MA, now wants to abolish Freddie Mac and Fannie Mae. This is the same guy that has been lauding and applauding the merits of these two psuedo-government entities. He is the same guy that was counting Fannie and Freddie as “fundamentally sound” in July of 2008 after the subprime mortgage market went away.

In 2003, he also called them fundamentally sound and wanted little government oversite because he stated that they were providing easy and affordable financing for Americans. Sure, it was easy financing, as you could get anyone financed as long as they could fog a mirror but was it sound financing.

Of course not but what does the poster boy for poor business care… he was happy playing with pages and such when the subprime market was fueling the latest real estate rush. His lack of oversite is in part why the real estate industry crashed, why tens of thousands lost their homes and why there was an overabundance of mortgage fraud during the period of 2003 – 2008.

Fannie and Freddie could be what will keep this country from calling it a day financially with the proper oversite and the proper guidelines for mortgages and in point of fact, we need them now more than ever.

This entry was posted on Wednesday, February 3rd, 2010 at 1:42 pm and is filed under US Business News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.