Deja Vu all over again

[Dave007inVegas]

The out cry was loud. Free market capitalism got us into this mess, we need to regulate to prevent this from happening again. Fast forward….

(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 March, Fannie Mae said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac is due to implement similar policies next month, the paper 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.

The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos, the paper added.

In an interview with the paper, Weiner said the rules have "had a real chill on the ability to get these condos sold," at a time when prices of condos have fallen enough to attract potential buyers.

In addition to the 70 percent sales threshold, Fannie Mae will also not purchase mortgages in buildings where 15 percent of owners are delinquent on condo association dues or where one owner has more than 10 percent of units, as the firm sees these as signals that a building could run into financial trouble, the paper added.

Both Fannie and Freddie are preparing a response to the lawmakers, according to the paper.

Fannie Mae and Freddie Mac could not be immediately reached for comment by Reuters.

Make up your mind. !~~~!

P.S. Barney and Bill get it on tonight. The factor 8 PM EST.

 

[ElTaino]

No suprise when i read " two US lawmakers" and one of them turned out to be blubbering barney frank. now all we need is chris dodd to twist the presidents arm until he makes revisions to the CRA. oh wait, that already happened. this is just the same dumbass people making the same dumbass mistakes.

 

[rolltide]

P.S. Barney and Bill get it on tonight. The factor 8 PM EST.

should be entertaining to watch barney slur and stagger his way through that debate

@)

 

[Dave007inVegas]

should be entertaining to watch barney slur and stagger his way through that debate

@)

IMHO Must see TV

 

[Willie99]

should be entertaining to watch barney slur and stagger his way through that debate

@)

Barney doesn't debate

he's a talking point guru and he'll blame everything on Bush. He really can't venture far off the message, not skilled enough to do so.

 

[steaktartar]

should be entertaining to watch barney slur and stagger his way through that debate

@)

hopefully for my side hes not wearing his robe and house slippers

 

[rolltide]

hee hee ... just as predicted, when asked why obama's administration is getting into the capitalist system with banking, auto, and healthcare his reply was "oh no, this is not an obama administration initiative, it's a bush administration initiative"

he also flat out lied and said he opposed low-interest loans through freddie and fannie.

just complete shocking and disgusting. keep on electing him my good citizens of Mass

 

[mplastered]

hopefully for my side hes not wearing his robe and house slippers

 

[Willie99]

hee hee ... just as predicted, when asked why obama's administration is getting into the capitalist system with banking, auto, and healthcare his reply was "oh no, this is not an obama administration initiative, it's a bush administration initiative"

he also flat out lied and said he opposed low-interest loans through freddie and fannie.

just complete shocking and disgusting. keep on electing him my good citizens of Mass

too fucking funny. He really doesn't care if what he says makes no sense or even if some people realize that he's flat out lying (or retarded), he says it so a certain demographic of people will hear it and believe it.

Very similar to Ahmadinejad<tt> coming to America and saying that "there are no gays in Iran". He's not speaking to us and he doesn't care if we call him a buffoon, he's speaking to his herd back home. </tt>

 

[Willie99]

Back on topic, he wants Fannie & Freddie to relax lending standards today just like he did in 2005, but you know he'll deny problems exist, he'll deny he's part of the problem, and when more loans fail because of relaxed standards, he'll blame the Republican minority who opposed his relaxed standards. After all, how long can he blame Bush for policies implemented after Bush left office:think2:

Classic example of why politicians are at the bottom of the respect list, at least for people who are paying attention and have a minimum of comprehension skills.

"The biggest problem with a democracy is that votes are merely tallied and not weighed".

 

[rolltide]

a classic barney frank exchange last year on CNN

The Wall Street Journal says in the year 2000 when Representative Richard Baker proposed Fannie Mae and Freddie Mac reform you dismissed it. New York Times reports that an administration proposal in 2003 to reform Fannie Mae and Freddie Mac was met by response from you where you said, "I do not believe that we're facing any kind of crisis." Were you responsible for the delay—

FRANK: In 2000 and 2003, who was in control of Congress? The Republicans—Mr. Boehner. The Democrats were in the minority.

of course Frank was chair of the financial services committee and he blocked legislation to regulate fannie and freddie. he also, last night, said he NEVER said there weren't problems with fannie and freddie. Of course a simple youtube search allows you to hear his exact words in 2003 which were basically that things are getting blown way out of proportion and that F&F were not in any sort of crisis. http://www.youtube.com/watch?v=63siCHvuGFg

Bill O' was going to call him out on it but you could just see the disgusted look on his face, so he simply ended the interview and asked little Barney if he felt better now.

Nobody should ever forget his famous words that he was willing to "roll the dice" in allowing Fannie and Freddie to expand into the subprime mortgage game.