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Made public this week, democrats Barney Frank and Anthony Weinerm, in a letter addressed to the Fannie Mae and Freddie Mac chiefs, said that they thought the 70 percent sold standard to guarantee mortgages on condominiums in buildings “may be too onerous than is warranted by credit risk levels.” The sold standard applies when less than 70 percent of units were sold.
This is just amazing, when one recalls that it was just such calls from Barney Frank and other democrates to relax mortgage loan standards that ignited the housing bust. Once again we have government meddeling in the home mortgage business without even waitting for their current created bust to bottom out.
Our economic condition was caused by lack of regulation, politicians, Greenspan, or any other government entity. It was caused by people taking out mortgages that they are not repaying. Derivatives were only risky investments if borrowers defaulted on their loans. Bank funds only dry up if people default on their loans. Look up and down your neighborhood streets to find the culprits responsible for the economic catastrophy.
Tijuana Mexico dentist
“In 2004, Republicans held an oversight hearing on Freddie Mae and Fannie Mac. They warned us about this crisis back then, but Barney Frank, Maxine Waters, and other Democrats charged racism. Franklin Raines, the disgraced thief Democrat CEO of Fannie Mae, insisted the loans were “riskless”.” There’s plenty of video out there on this showing this fact.
San Diego real estate agent