Barney Frank Strikes Again!

Barney Frank is more dangerous to the housing economy than Ted Kennedy and an Oldsmobile (RIP Mary Joe Kopechne)! In the Opinion section of the Wall Street Journal (June 24, 2009), it is reported that Barney Frank and Andy Weiner (D-FL) "...sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers."

Lower lending standards? Are you kidding? Is his memory so short that he can't remember what happens when you lower lending standards? Here is a hint, about $1 trillion of taxpayer money flies out the window. Oh, and its foreclosures galore! Cheap? No. 100% Free. Trade stocks for free on Zecco.com. The Free Trading Community. www.zecco.com

Also, when did Representative Frank become a loan officer or underwriter? Maybe, he is just in bed with condo developers or other high power lobbies. In short, he has been shown to be incompetent in dealing with Fannie Mae and Freddie Mac because of his regular protestations that the Titanic wasn't sinking.

Risk management is best practiced by those whose money is on the line. Borrowers can shop around for mortgages and the best terms. If there credit is not so good, they can expect to pay more for the mortgage than somebody with better credit. Its all about risk. This is why most in Congress don't "get it." They enjoy a steady stream of taxpayer dollars whether they screw things up or not. They don't worry about going out of business, because the government can just print more money, or so their thinking goes. People who switched to Allstate saved an average of $396 per year. Quote Now!

Consider how your personal economic situation has changed since September of 2008. Do you believe the Congress, President, and government agencies have had a positive impact on you, and the economy at large? Do you believe that Congress should be pressuring others to take dangerous financial risks? If you think government is the answer, things are only going to get worse. If you think government should stay out of the mortgage business, then consider who you vote for in 2010.

See previous posts about this topic: here, here, here, and here.

Fannie and Freddie Bonus Bonanza!

Well, well, well, it looks like the winners at Fannie Mae and Freddie Mac are due $210 million in bonuses. Do you hear the hue and cry from the likes of Barney "I had a sexual relationship with a senior Fannie Mae executive Herb Moses" Frank (D-MA), or Rahm "I was a Freddie Mac Director during the scandal" Emmanuel? I didn't think so.

Despite the utterly stupid comment of Chuck Grassley (R-IA), that AIG bonus takers should commit suicide, at least he is consistent in that he considers these bonuses "an insult." Protect your Medical Identity with TrustedID. $1,000,000 Warranty & Great Customer Service

As I have written previously in my post titled "Bonus Indignation," the chorus line of crooks, Barney Frank and Chris "Sweetheart Mortgage" Dodd (D-CT) were aghast at the $156 million in bonuses to the folks at AIG. How about now? Not a peep.

You may or may not know that Fannie Mae and Freddie Mac have been havens for the cronies of the political left since the time of Bill Clinton. Here are two names: Franklin "$50 million" Raines, and Jamie "$26 million" Gorelick. Of course, Barney Frank was on the committee that was supposed to overseeing the actions of Fannie Mae and Freddie Mac.

While you may have enjoyed this trip down memory lane, the point of this post is to point out the utter hypocrisy that Barney Frank is trying to set the pay of all employees of companies the federal government has bailed out, under the guise of a bill titled "The Pay for Performance Act of 2009" yet he finds no problem with Fannie and Freddie folks getting bonuses. Will ACORN show up with a bus load of people at the Fannie and Freddie houses and hassle them? Don't hold you breath. A good credit score can save money! See your CREDIT SCORE in Seconds - $0

The veneer of concern for taxpayers money is so thin, it is ridiculous. Instead of focusing on bonus, why doesn't Congress quit spending money America doesn't have? Oh, because tax and spend was the hope and change Americans voted for.

American citizen, Mickey Mouse and dead Chicago gold fish, you, yes you, voted for President Teleprompter and the inmates running the asylum formerly known as the US Congress. When mid-term elections come up, consider voting in some responsible adults, and voting out crooks like Barney Frank, Chris Dodd, and Nancy Pelosi. Then maybe, maybe, some fiscal sanity can be restored to this country, financial system, and regulatory environment.

For reference, read Congress Declares Contracts Null and Void, and The Unconstitutional Congress.