Barney Frank, Part III

Barney "I tawt I taw a putie tat" Frank, United States Rep, Mass (D)

Part I
Part II

Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that the defaults were, in essence, worth it.

“I don’t think it’s a bad thing that the bad loans occurred,” he said. “It was an effort to keep prices from falling too fast. That’s a policy.”

Raping America... it's a policy.

Everyone wants a piece of this SOB.

Denninger:
To The States: Should We Talk About Secession?
Government Violates The Citizens (Again)

Calculated Risk:
A Policy: Supporting House Prices

How is that "Policy" working?
U.S. Homeowners Cut Asking Prices $27.8 Billion
Aug. 14 (Bloomberg) -- U.S. homeowners cut their asking prices by $27.8 billion with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia Inc. said.

FHA may be setting up repeat of housing bubble
The percentage of FHA loans that are delinquent or in foreclosure climbed to nearly 8% at the end of June, from about 5.5% in early 2006, according to the Mortgage Bankers Assn. And in the weeks ahead, its reserves for loan losses are projected to slip below federally mandated limits.

FHA Shortfall Seen at $54 Billion May Lead to Bailout
Oct. 8 (Bloomberg) -- The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because it has $54 billion more in losses than it can withstand, a former Fannie Mae executive said.

“It appears destined for a taxpayer bailout in the next 24 to 36 months,” consultant Edward Pinto said in testimony prepared for a House committee hearing in Washington today. Pinto was the chief credit officer from 1987 to 1989 for Fannie Mae, the mortgage-finance company that is now government-run.