Barney Frank Calls For an End to Fannie Mae & Freddie Mac
Abolishing Fannie & Freddie?
Barney Frank (D-MA), chairman of the House Financial Services Committee claims that new legislation is likely to propose elimination of Fannie Mae and Freddie Mac.
According to AHN, Frank said that, “the committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance.”
This move wouldn’t be interesting if it was anyone but Frank, but this is a newsworthy move given Frank’s history with Fannie & Freddie. The quote below says it best:
Real Estate Blogger Tom Royce said, “Frank, you should remember, is the Congressman who said that the companies were in great shape just before they imploded and are now on the hook for over 400 billion in public assistance. Oh, and Frank is also the one who drove the companies into that situation as he used them as tools of a social experiment forcing lending downstream to borrowers who could never repay their loans. But ignore all that, it does not matter anymore. Now Congressman Barney Frank has a real plan. Just get rid the evidence of Congressional excess and experimentation and let’s start again.”
Barney and Herb and what now?
We would add that this is the Barney Frank who has repeatedly been accused of a Fannie Mae conflict of interest given that he worked closely with his partner Herb Moses, “who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie,” according to Fox News. Although Frank and Moses have broken up, sources claim they have remained friends over the years. We wonder what Herb thinks of abolishing Fannie and Freddie?
What is the root cause of this move? Many of Frank’s political moves have been allegedly traced back to personal gain, so is this a revenge move or maybe there is a way Frank can benefit from being the architect of “Fannie Mae & Freddie Mac II: Back With a Vengance!”
Start spreading the news...
This article published on Tuesday, January 26th, 2010 at 12:06 am | Contact the editor
Topics: News
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
Email Lani Rosales
The Daily Hot Sheet
The AGBeat Daily is jam packed with today's news headlines, fresh and neat in your inbox- start the day ahead of the curve.
Comments (19)
Trackback URL | Comments RSS Feed
Social Shares & Links Back
- Top 10 real estate posts of the day for 1/26/2010 : Tempe real estate and free home search:
[...] Barney Frank Calls For an End to Fannie Mae & Freddie Mac – Do we really want Barney Frank of all people, who was yelling at banks to loosen their lending [...]
- AgentGenius:
#agnow Wow Lani, you're on fire with all of these posts! The tech items alone keep me coming back. http://bit.ly/8XOZyX
- AgentGenius:
#agnow Thanks, if you could see the back end and how many drafts there are (175+), let's just say we're not short o… http://bit.ly/8XOZyX
- AgentGenius:
#agnow How about we have that ethics hearing on who did and didn't ignore the Bush Administration warnings on fredd… http://bit.ly/8XOZyX
- AgentGenius:
#agnow [...] Barney Frank Calls For an End to Fannie Mae & Freddie Mac – Do we really want Barney Frank of al… http://bit.ly/8XOZyX
- Fannie Mae Pays Closing Costs on Their REO Properties:
[...] to seem far away. This month, FHA raised mortgage insurance premiums as their coffers get empty and Representative Barney Frank calls for Fannie Mae and Freddie Mac to be abolished. Historic times, [...]
- AgentGenius:
#agnow [...] to seem far away. This month, FHA raised mortgage insurance premiums as their coffers get empty and Re… http://bit.ly/8XOZyX
- Congress & Obama Clueless About How to Fix the Housing Crisis:
[...] has set new goals to overhaul Fannie Mae & Freddie Mac, Barney Frank has called to abolish Fannie Mae and Freddie Mac altogether, the National Association of Realtors recommends that Fannie & Freddie be converted into [...]
- Another political effort to abolish Fannie Mae and Freddie Mac - AGBeat:
[...] for years with no one able to successfully push the effort through both houses. In January of 2010, Barney Frank called for Fannie and Freddie to be abolished and replaced but because of his questionable fingerprints on housing, most didn’t take his rally cry [...]
- Fed says Fannie, Freddie could save housing - AGBeat:
[...] to leaders like Barney Frank, Ranking Member of the House Committee on Financial Services who two years ago proposed abolishing Fannie and [...]
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Barney Frank Calls For an End to Fannie Mae & Freddie Mac: Abolishing Fannie & Freddie?
Barney Frank (D-MA), chair… http://bit.ly/8P3C6b
Barney Frank Calls For an End to Fannie Mae & Freddie Mac: Abolishing Fannie & Freddie?
Barney Frank (D-MA), chair… http://bit.ly/7C66ZF
Barney Frank Calls For an End to Fannie Mae & Freddie Mac http://bit.ly/7C66ZF #RealEstate
Wow Lani, you’re on fire with all of these posts! The tech items alone keep me coming back.
Thanks, if you could see the back end and how many drafts there are (175+), let’s just say we’re not short on ideas! lol
Glad to have you here, there’s more tech to come
How about we have that ethics hearing on who did and didn’t ignore the Bush Administration warnings on freddie/fannie first, mkay? then we can bury the evidence.
Barney Frank Calls For an End to Fannie Mae & Freddie Mac: comments http://bit.ly/8tgZDL
Lani
In my humble opinion, Barney Frank is a big blowhard.
He is a typical politician who acts like he is the friend of the “common man” while only being concerned with his own political power.
In general, it is safe to assume what ever Barney wants is bad for the American people.
The word pompous does not begin to describe this man.
Arn
Are they really going to come up with a new system of housing finance? Frank Calls For an End to Fannie Mae & Freddie Mac http://ow.ly/113Me