I, literally, could not believe my eyes when I read this article.
So, in essence, no lessons were learned by the sub-prime meltdown.
Now that President Bush is out of office and the republicans are definitely in the minority, I wonder who Mr. Frank will blame when this blows up.
Probably President Bush and Congressional Republicans.
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"In March, Fannie Mae (FNM.N)(FNM.P) 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 (FRE.P)(FRE.N) 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."
I don't follow you. How is this wrong to do? Aren't sales what this nation needs? Fannie and Freddie can live on my taxes until their great grandchildren die. How is opening the market up for Americans wrong here?
BTW...it was DE-regulating business that caused the crash...NOT regulating business
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