Barney Frank Asks Fannie Mae to Ease up on Loan Regulations (Will He Ever Learn?)

  Some people just never learn their lesson and Barney Frank appears to be one of those people.

  The architect of the mortgage meltdown is once again asking Fanny Mae to ease up on their loan regulations. This is exactly what got us into this trouble in the first place. Even as the mortgage industry was in trouble Barney Frank denied that there was any problem with Freddie Mac and Fannie Mae. Even as President Bush and John McCain were trying to warn of the impending crisis Barney Frank was in denial.

  Somehow Barney Frank has avoided any mainstream criticism for the roll he played in the financial mess that this country is now in. Barney Frank “encouraged” Freddie Mac and Fanny Mae to take on more loans than they normally would approve, which means more risk, and when the people who got those loans predictably couldn’t pay for them anymore the houses began to be foreclosed on. Banks began to cut back on risky loans as more and more houses fell into foreclosure.

  Even though the banks were following the rules that Barney Frank “encouraged” them to follow, the banks were portrayed as the bad guys; as predatory lenders while Barney Frank skated away free and clear.

  President Obama likes to claim that he did not cause the crisis but inherited it and he is right. But he inherited the mortgage crisis from Barney Frank.

  You would think that Barney Frank would count his blessings and remain silent, but no. He is now beginning to “encourage” banks to engage in the very practices which led us into this predicament. Some people never learn. The problem is that we are the ones who will pay for this.

  Barney Frank should go back to letting “Hot Bottom” run a brothel out of his basement, at least then the people that were getting screwed were getting what they wanted and what they paid for. If Barney Frank has his way with Fannie Mae we will be getting screwed and we will pay for it but we will not be getting what we want.