Barney Frank on Freddie and Fannie

[OL FU]

"I think they should be abolished," Frank told Fox Business Network's Neil Cavuto in an evening interview. "The only question is what do you put in their place. This is a situation where given the importance they had come to play in housing, you can't tear down the old jail until you build a new one."

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"There are people in this society who for economic and frankly social reasons can't and shouldn't be homeowners," he said. "I do want some government help to build affordable rental housing. Working in a bipartisan way the house and the senate just passed legislation to strengthen the FHA's ability to say no to people who shouldn't be getting mortgages and to say yes to people who should."

Good for you Barney, better late than never.

[CitadelGrad]

Too little, too late. The damage has been done and much of it was done by Frank.

[oldsloguy]

That’s almost unbelievable. Is he on his death bed?

I’m sure he must have known this all along, so any idea why he is suddenly admitting this now? What is going on!

[Grizalltheway]

That’s almost unbelievable. Is he on his death bed?

I’m sure he must have known this all along, so any idea why he is suddenly admitting this now? What is going on!

Maybe they interviewed him after his 7th or 8th scotch...?

[blueballs]

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To the people of Massachusetts: Please vote this asshole out, he has damaged our country enough.

[Ivytalk]

That’s almost unbelievable. Is he on his death bed?

I’m sure he must have known this all along, so any idea why he is suddenly admitting this now? What is going on!

Maybe they interviewed him after his 7th or 8th Congressional page...?

FIFY!

[CID1990]

You guys are completely missing the point.

Barney Frank isn't admitting that Fannie and Freddie are failures. He is simply STATING that that they are failures, and he is offering to set something better up in their places.

To me, the real meaning of what he is saying is much more asinine and egregious than the meaning that many took from this.

[blueballs]

I don't want barney frank fixing anything...

Just look at what barney and his boys have wrought since the meltdown of 2008 (which as the videos above confirm is entirely on his watch)... let's start with HVCC and the RESPA laws enacted Jan 1 for a start... two of the biggest clusterfucks in the history of realestate and finance.

[AZGrizFan]

I don't want barney frank fixing anything...

Just look at what barney and his boys have wrought since the meltdown of 2008 (which as the videos above confirm is entirely on his watch)... let's start with HVCC and the RESPA laws enacted Jan 1 for a start... two of the biggest clusterfucks in the history of realestate and finance.

[OL FU]

I think you guys are right but the comment that stuck out for me was that everyone should not own a house. That in and of itself is a postive turn in the right direction.

[native]

That’s almost unbelievable. Is he on his death bed?

I’m sure he must have known this all along, so any idea why he is suddenly admitting this now? What is going on!

Just a little misdirection and propaganda to avoid accountability and the political consequences of his actions.

[OL FU]

That’s almost unbelievable. Is he on his death bed?

I’m sure he must have known this all along, so any idea why he is suddenly admitting this now? What is going on!

Just a little misdirection and propaganda to avoid accountability and the political consequences of his actions.

Probably but I will take what I can get from a guy who steadfastly defended Freddie and Frannie and refused to discuss reform or the possibility that they were even in trouble when it had become clear to most informed watchers.

[native]

Just a little misdirection and propaganda to avoid accountability and the political consequences of his actions.

Probably but I will take what I can get from a guy who steadfastly defended Freddie and Frannie and refused to discuss reform or the possibility that they were even in trouble when it had become clear to most informed watchers.

I guess you are right, OL FU. We must take our blessings where we can find them.

[oldsloguy]

You guys are completely missing the point.

Barney Frank isn't admitting that Fannie and Freddie are failures. He is simply STATING that that they are failures, and he is offering to set something better up in their places.

To me, the real meaning of what he is saying is much more asinine and egregious than the meaning that many took from this.

Just a little misdirection and propaganda to avoid accountability and the political consequences of his actions.

When OL FU first posted this my first reaction was to naively think that maybe he was sincere. But I couldn’t believe it! Sadly, I think you guys have it right!