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bwaney fwank wants to get rid of FM/FM

Discussion in 'Politics, Elections & Legislation' started by bigdogtx, Jan 23, 2010.

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  1. bigdogtx

    bigdogtx Well-Known Member

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    http://online.wsj.com/article/SB10001424052748704509704575019162391608940.html?mod=rss_Today's_Most_Popular

    Guess he wants to hide his part in the collapse....

    By NICK TIMIRAOS And MICHAEL R. CRITTENDEN

    A top House Democrat on Friday said his committee was preparing to recommend "abolishing" mortgage-finance giants Fannie Mae and Freddie Mac and rebuilding the U.S. housing-finance system from scratch.


    Barney Frank
    ."The remedy here is...as I believe this 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," said Rep. Barney Frank (D., Mass.), the chairman of the House Financial Services Committee.

    His comments initially rippled through bond markets on concerns that the government might pull away from the mortgage market. Many believe that's unlikely and that any revamp would include continued government involvement. The government took over the companies in September 2008 as loan losses mounted.

    Some Republicans have argued that the companies should ultimately be reduced in size and privatized, while at other end of the spectrum, some analysts have recommended turning the companies into government agencies. But several industry groups and academics have suggested that the government is likely to continue playing at least some role in the future of the companies.

    One such report came from analysts at Standard & Poor's this past week. "It's hard for us to imagine" how enough capital could be attracted to replace Fannie and Freddie with stand-alone private companies that would be able to offer low-cost funding for 30-year fixed-rate mortgages, the analysts wrote.

    Some analysts have argued that starting from scratch could create more problems than they would solve, in part because Fannie and Freddie own or guarantee around half of the nation's $11 trillion in home mortgages. "Blue sky ideas are great, but they take a long time to happen," said Mahesh Swaminathan, senior mortgage strategist at Credit Suisse, at a conference last month. "When you have $5 trillion of agency mortgages, you can't really orphan them."

    Mr. Frank, who didn't elaborate on forthcoming recommendations, said last month that one possible revamp could merge some functions of Fannie and Freddie that overlap with the Federal Housing Administration into the government mortgage-insurance agency.

    The Obama administration said it will weigh in on how to revamp the companies—and the entire housing-finance system—when it releases its budget next month. Republicans have increasingly criticized the administration for moving to overhaul the financial sector without spelling out plans for Fannie and Freddie.

    In a PBS interview on Thursday, Treasury Secretary Timothy Geithner said the legislative process to overhaul Fannie, Freddie and the housing-finance system was unlikely to begin this year. "It's just a complicated thing to get right," he said. "But we are completely supportive and agree completely with the need to make sure that we take a cold, hard look at what the future of those institutions should be in our country."
     
  2. Paladin

    Paladin Well-Known Member

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    The point that is glaringly illustrated here is, that Frank is a failure. Frank was the architect of the laws that governed F and F, and the resultant loss of trillions of dollars.

    Basically, the cuss is admitting he failed. You can be certain about one thing, if Frank's former "friend" were still with FM, Frank would be crying a different tune. Frank first, country second.


    To top that, a tax cheat (Geithner) wants to weigh in? Liberals and hussein can be described only one way. Failures, with a capital F...
     
  3. Setterman

    Setterman Well-Known Member

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    Barney sees the handwriting on the wall. When the conservatives take control again, his total involvement may be investigated.
     
  4. Paladin

    Paladin Well-Known Member

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    Nice thought Setterman.
     
  5. Hoosier Daddy

    Hoosier Daddy TS Member

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    Did you mean "Elmer Fudge"?
     
  6. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Deplorable Bitter Clinger in Liberal La La Land
    Bawney Fwank simply wants to eliminate the agencies and the evidence of his meddling that directly led to this catastrophe before that evidence can be presented at a Republican led congressional hearing.
     
  7. merlynstrapguns

    merlynstrapguns Well-Known Member

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    It's Barney Fudgepacker to you, Pal !!!!....lol.....merlyn
     
  8. Frank C

    Frank C Well-Known Member

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    Hey Merlyn, you owe me a Beer for the one that just came out my nose!!!!!lol
     
  9. Barry C. Roach

    Barry C. Roach Well-Known Member

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    When's the old queen's term up?
     
  10. Recoil Sissy

    Recoil Sissy Well-Known Member

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    Barry:

    He's in the House. They're all up this year.

    sissy
     
  11. Ljutic111

    Ljutic111 TS Member

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    I have no idea how the system works or how to fix it , but I know one thing for sure , these A**holes got us into this fix and they sure as hell don`t know the way out except to get themselves elected again with promises . Put someone new in there and get rid of all the old . I`m positive we will do better .
     
  12. H82MIS

    H82MIS TS Member

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    Barry you mis-spelled queen,,,,,,,,,,,,
     
  13. WS-1

    WS-1 Banned User Banned

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    Bawney Fwank is bwave! He's not afwaid of Fweddie's fannie!
     
  14. R.Kipling

    R.Kipling Well-Known Member

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    Yep, burying the evidence, and throwing his long-time cronies in the hole with them....... Machiavellian politics at it's finest.

    Kip
     
  15. Jon Reitz

    Jon Reitz Well-Known Member

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    OICU812,

    Now that's funny...
     
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