The near collapse of the US economy a year ago was prompted by the housing bubble bursting. The mortgage crisis came as a direct result of Barney Frank and Chris Dodd intimidating mortgage companies to issue loans to minorities who they knew couldn't afford to pay them. Boy, does history have a way of repeating itself.....
(Reuters) - Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.
In a letter to the CEO's of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold "may be too onerous" and could lead condo buyers to shun new developments, according to the paper.
If you check, you'll find that the current CEO's of Fannie and Freddie have donated, or promised to donate, thousands to the respective campaigns of Frank and Weiner(no giggling). That's why Frank interfered with regulators 3-5 years ago, who warned about the collapse of the US mortgage industry....his friends were on the boards of Fannie and Freddie, they were raking in millions, and promising to donate a lot of it to Frank and Dodd's PAC's. In return Frank and Dodd protected the scam Fannie and Freddie were running in order to enrich themselves and their friends. Everybody walked away with millions in their pockets, everybody except the honest, American taxpayer who is on the hook for their unethical shenanigans.
Here's Barney Frank, "recruiting" an intern.