Read the Bills Act Coalition

Wednesday, June 24, 2009

This is how it all started in the first place Bernie..

This takes not learning from you past mistakes to a whole new level.....From Reuters:

In a letter to the CEO's of both companies [Fannie May and Feddie MAC], 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
..... Bernie Frank asking for the two government subsidized lenders to relax their rules is reminiscent of his letter to the previous Fannie May and Freddie mac executives that caused the sub prime market to flourish and then, as should have been expected, crash when these high risk loans went into default. This lack of common sense is what started our current economic mess in the first place...if you cannot meet the standards to get a mortgage then you shouldn't have one until you can. The government does not GIVE everybody everything for free ...your freedom is the price you pay. Read Here:http://www.reuters.com/article/GCA-Housing/idUSTRE55L39120090622

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