[LibFreeOrDie]

Why should taxpayers underwrite what are really gambling debts?

[javachip]

but Mr Frank stressed that “the FHA would be repaid”

The new FHA loans will get repaid the same way the current bank loans are repaid - many of them won't.

Here's a good way to see how serious Mr. Frank is. Include a provision so that he covers the defaults out of his personal funds. Once he's broke, other bill co-sponsors start forking over their money. Then every congresscritter who voted for the bill. If they're so sure the taxpayers won't end up on the hook for this, they shouldn't have any problem putting up their personal assets to back the plan.

If this was such a great idea, Goldman Sachs, Citigroup, Bank of America, sovereign wealth funds etc. would have already set up the joint venture to do it. To some extent, they have done that - but they're not interested in refinancing those who can't pay them back (at least not any more). So, under Frank's plan, guess who gets to pay for the deadbeats.

[Retired Chemist]

I read that 7% of mortgage holders are in trouble and many are blacks and Hispanics.

[JerseyHighlander]

IT WAS BARNEY FRANK PUSHING TOP DOWN IDEOLOGICAL AND IDIOTIC LEGISLATION TO PROHIBIT REDLINING THAT CAUSED THIS REAL ESTATE BUBBLE IN THE FIRST PLACE.

BARNEY, STOP HELPING!!

[Etoo]

[Mr Frank said the “lesser efforts” to tackle the mortgage crisis to date “have not been very successful”. The housing crisis was “getting worse not better”.]

 

Gee Barney, I wonder why....

 

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During the House Financial Services Full Committee Hearing on "Recent Events in the Credit and Mortgage Markets and Possible Implications for U.S. Consumers and the Global Economy",  Chairman Barney Frank left the hearing in order to attend a meeting in support of legislation that would force American employers to hire homosexuals.   That says a lot about Barney's priorities.

 

Barney "Fife" Frank.

Financial Services Watchdog

 

This watchdog only has one tooth.

Barney's boyfriend makes him keep it in his pocket

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