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Frank Wants To Replace Fannie/Freddie

From The Hill:

Frank recommends replacing Fannie and Freddie in overhaul

By Jordan Fabian – 01/23/10

The head of the House Financial Services Committee recommended Friday that government-backed mortgage lenders Fannie Mae and Freddie Mac be abolished and replaced.

Rep. Barney Frank (D-Mass.) said that the two entities his panel oversees, which were seized by the federal government in Sept. 2008, should be replaced with a new model for mortgage financing. 

"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," he said at a committee hearing. "That’s the approach, rather than the piecemeal one."

Frank’s words cast doubt on the future of two two mortgage giants, which have received over $110 billion in government assistance after they nearly failed during the flood of defaulted mortgages during the housing crisis.

The Massachusetts Democrat earlier this month said that Fannie and Freddie are now serving as a public policy arm of the government…

Mr. Frank must have figured out an even better way to destroy the housing market.

By the way, this is the same gentleman who not that long ago famously assured us that there was nothing wrong with either Fannie Mae or Freddie Mac.

As we noted back in September 2008, via the New York Times:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Lest we forget.

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This article was posted by Steve on Saturday, January 23rd, 2010. Comments are currently closed.

9 Responses to “Frank Wants To Replace Fannie/Freddie”

  1. puhiawa

    Of course he would. So he can take over all housing. Add another 20% to the government’s control. This administration must go.

  2. joeblough

    Elmer Fudd’s evil twin.

    Wesley Mouch?

  3. Liberals Demise

    Bwaney Fwank feels he hasn’t done enough to wreck this economy.
    Why isn’t this boy toy doing time in a Federal Pen for his hand in the Housing Fiasco?

  4. proreason

    It’s time to start supporting Fannie and Freddie.

  5. Rusty Shackleford

    Next thing you know, he’ll start hunting wabbits. Wascawy wabbits.

  6. bousquem

    Frank must figure he can rush through a bill saying all housing must be approved by a housing czar. One has to apply to the goverment to get a house, expect that if you have a decent job and credit score, also a republican, that you’ll be given a tiny inner city slum and told you have an outrageous morgage and taxes/fees so that it can subsidize the idiots who don’t have jobs or get McMansions that they can’t afford and don’t want to maintain, just turn them into more cesspools and drug dens that drop the value of the neighboring property in the toliet.

  7. jobeth

    I expect this has been in the pipeline on the agenda all along.

    However…with the way things are going for Obalmy and the leftie agenda, Frank probably thinks he better get going on this little tidbit right away.

    This is his only chance. November is looming ever closer.

  8. GL0120

    Scott Brown needs to be seated now!
    The republicans need to filibuster this nonsense even if it means reading the phone book.
    If some czar okays it, then it’s time to take a page from the democrats playbook and go to court to tie things up.
    This is getting real serious, real fast; the future of our republic is at stake.

  9. P. Aaron

    Why can’t we also replace Barney Frank in a meaningful ‘overhaul’?

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