Let’s Create a New Mortgage Disaster!
Good old Barney Frank is requesting the government run agencies of Fannie Mae and Freddie Mac to relax mortgage lending practices again. (WHAT???!! You have to be kidding me!) I guess he couldn’t wait until the stimulus actually worked…(note: Don’t hold your breath) This is amazing to me, how unethical is this guy anyhow? It is well known that the Community Reinvestment Act (exhaustively supported by Barney Frank) is partially to blame for our mortgage meltdown due to its forcing of mortgage institutions to underwrite loans made to borrowers who were not financially qualified. The result, massive foreclosures!
Why then would anyone want to interfere with lending practices again?
Because men like Barney Frank are loyal to special interests and powerful lobbyists, not the best interests of the people. Somewhere in their liberal education they were taught they are the masters of the universe, and can run any company in any industry, even with no experience whatsoever. Additionally, men like Frank are addicted to power and will do anything to maintain it, even if it means the disaster of our economy.
In regards to this decision, relaxing of any lending standards at this point in time would increase home ownership to individuals who are not qualified, or who are at risk of not making their mortgage payments. This would pave the way for a 2nd round of mortgage delinquencies that would further damage our fragile economy.
I have a recommendation for a men in government… Stay out of the private sector! There is a reason theses standards are in place! It is government’s massive intervention in the mortgage business that caused this crisis in the first place, it will not be men in government that fix it.
Cheers Thinking Patriots,
Jason
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