HERE WE GO AGAIN....

Barny Frank is at it again....You may blame the current economic crisis on Bush...NOT true. You may blame it on Obama, not a fan of him myself, but also not true. Who's fault is this? The Senate ways and means committee- they are the ones who pull the purse strings of the government. They were the ones that FORCED mortage companies into subprime lending or risk heavy fines, and potential Socialization. They were the ones who BLOCKED former president Bush when he called for reform 3 years ago when he forsaw this crisis happening- these very same people who spent the last 3 years sticking out their feet to trip Bush, and blaming him when he fell, are now looking at doing it YET AGAIN. Sometimes I think these people want this country to fail- there is no other explaination for their blatant disregard of the facts. The man who's face is shown above is the head of the Ways and Means committee...Barney Frank. Remember it, know it,and when this economy continues its downward spiral, don't blame the man who tried to help several years ago but was blocked- don't blame president Obama- blame the man who called all attempts at reform of Freddie and Fannie "racism" and "class warfare". Blame the man who controls the money- Blame Barney Frank- the below artice should REALLY piss you off.


Fannie, Freddie asked to relax condo loan rules: report
Mon Jun 22, 2009 10:48am EDT
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1 of 1Full Size(Reuters) - Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.
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.

The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos, the paper added.

In an interview with the paper, Weiner said the rules have "had a real chill on the ability to get these condos sold," at a time when prices of condos have fallen enough to attract potential buyers.

In addition to the 70 percent sales threshold, Fannie Mae will also not purchase mortgages in buildings where 15 percent of owners are delinquent on condo association dues or where one owner has more than 10 percent of units, as the firm sees these as signals that a building could run into financial trouble, the paper added.

Both Fannie and Freddie are preparing a response to the lawmakers, according to the paper.

Fannie Mae and Freddie Mac could not be immediately reached for comment by Reuters.

(Reporting by Chakradhar Adusumilli in Bangalore; editing by Simon Jessop)


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