Thursday, November 13, 2008

Barney Frank on foreclosure prevention programs

From CNN Money:
Rep. Barney Frank, chairman of the House Committee on Financial Services, highlighted the need for a bailout program for troubled homeowners on Wednesday. But he stressed that not all borrowers should necessarily be rescued.

"Diminishing foreclosures is an important part of getting out of this [financial crisis]," said Frank, D-Mass., in an opening statement at a Congressional hearing on bank rescue plans for homeowners facing foreclosure.

But Frank added that taxpayer money should not be used to give anyone a "free ride," and warned that aid should not go to homeowners who never could have afforded their mortgage to begin with.

"There is, in my judgment, zero likelihood that taxpayer dollars will go to those who should never have had loans in the first place," Frank said.


  1. Yeah, well... there was also near-zero likelihood in Frank's judgment that Fannie Mae and Freddie Mac would be the targets of a bailout. He mocked a constituent who suggested as much as recently as this spring (see this Paper Economy blog entry). That had been his mantra for years as the risk piled up at the GSOs, and he even encouraged more dice rolling (his words). Forgive me if I don't believe his assurances now.

  2. Frank -- what a queer


  3. Frank is also a flat out effing liar.

  4. No taxpayer dollars for people who should never have had the loans in the first place??? Doesn't that cover about 95% of the people in trouble?

  5. "Doesn't that cover about 95% of the people in trouble?"

    And if it does, so what?

    I don't give a rat's ass if all 95%go down.

  6. I don't give a rat's ass if all 95% go down.

    Hey, I agree with you. In fact, I hope they all go down. Since when does Barney agree with us?

  7. It seems all of you guys will stay renters for the rest of your lives.