From the Prophets Barney Frank and Maxine Waters

This is a delightful bit of video history in which the powerful minds of Barney and Maxine explain to everyone just how sound Fanny Mae and Freddy Mack are … and that the government should encourage lenders to increase the dreams of home ownership to more deserving people.  *My daughter got one of those loans; no proof of employment, no down-payment, just don’t look at the interest you might pay.  The mortgage guy called it their ‘Don’t ask Don’t tell Loan Program’.

http://www.youtube.com/watch?v=cMnSp4qEXNM

Deserving people who it turns out couldn’t afford home ownership in the first place.  Turns out you’re paying the freight for the wisdom of the people in this video who, being sage and wise, chose not to listen when the alarm was being sounded.  Like the Titanic, the band simply kept playing on.

* Fortunately they sold the house at a fire sale price 18 months before the housing crash in Arizona.


Comments

  1. It’s Fannie Mae, and Freddie Mac. Not Fanny Mae and Freddy Mack. You’re turning out to be quite the entertaining writer Vince, just not in the way you most likely hoped.

  2. Veritas Vincit says

    Dude, if that’s your only jolly in life I feel sorry for you.

  3. I usually do not comment on blog posts but I found this quite interesting, so here goes. Thanks!

  4. How’s the housing crisis, and free fall in home prices, likely to be fixed if people can not obtain a job? There are an incredible number of men and women that have lost their homes and millions more will unless the USA starts generating something more then excuses. It is time to alter the trade policies with the Chinese. For heavens sake, our greatest trade partner is a communist nation.

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