Barney’s new excuse

September 28, 2010 09:12

Once again, they’re not after the truth — they’re looking to conceal it. What they’ll deliver is more hot air from so-called “housing advocates” obscuring just how much Fannie and Freddie contributed to the housing bubble, the 2008 financial collapse and the Great Recession.

Charles Gasparino at The New York Post


It’s all meant to give lawmakers an excuse not to do what’s necessary and prudent — namely, kill Fannie and Freddie before they come back to do it all again.

The notion of “housing” as a God-given right had been promoted by people like Barney Frank for nearly two decades.

Now it looks like Fannie and Freddie are back to their old tricks — with the evident support of both Barney Frank and President Obama.

Much as he wants to put Fannie and Freddie out of their misery immediately, Bachus says the agencies current role in the mortgage market makes that impossible. Even in government “conservatorship,” the two remain major players in helping banks in the mortgage market. “We’re addicted to cheap government money and taxpayer supported, guaranteed money,” Bachus said.


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