Representative Barney Frank said Friday that the House Financial Services Committee, which he leads, would push to replace Fannie Mae and Freddie Mac, seized by regulators almost 17 months ago, with a different model for mortgage financing.Of course, Frank has not explained his "whole new system of housing finance."
“The committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance,” Mr. Frank, a Massachusetts Democrat, said at a hearing in Washington, according to Bloomberg News. “That’s the approach, rather than a piecemeal one.”
Grab your wallet and head for the hills.
2 comments:
What a joke this is becoming. History on both of these organizations will demonstrate the obsessions held in the Carter and Clinton Administrations for all to have "a home" which turned these behemoths into companies with bogus loans causing a complete disaster. Mortgage, banking rules and regulations developed by Congress were stretched to fit or ignored and Barney Frank was beating the drum the hardest. I would not trust the next iteration from Mr. Frank or this particular Congress. Beware, America...here we go again! SueD
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