Frank: Abolish Fannie and Freddie

posted at 1:36 pm on August 18, 2010 by Ed Morrissey

Call it the New Modesty. Barney Frank suddenly can’t understand why government should push home ownership, nor why government should be involved in mortgages at all. In an interview with Neil Cavuto on Fox Business, Frank called not just for the liquidation of Fannie Mae and Freddie Mac, but also for curtailing federal government interest in home ownership:


Fannie Mae and Freddie Mac should be abolished rather than reformed as part of the Obama administration’s planned overhaul of the government’s role in housing finance, Rep. Barney Frank, chairman of the House Financial Services committee, said on Tuesday.

“They should be abolished,” Frank said in an interview on Fox Business, when asked whether the mortgage giants should be elements in housing market reform. “They only question is what do you put in their place,” Frank said.

The Federal Housing Administration should be fully self-financing and Freddie and Fannie should be replaced with a new mechanism to help subsidize housing, Frank said in the interview.

“There is no more hybrid private-public,” the Massachusetts Democrat suggested. “If we want to subsidize housing then we could do it upfront and let the budget be clear about that.”

Why does Frank see the need to stop federal home-ownership initiatives?

“There were people in this society who for economic and, frankly, social reasons can’t and shouldn’t be homeowners,” Frank said. “I think we should, particularly, stop this assumption that you put everybody into homeownership.”

That’s certainly the lesson from the collapse of the housing bubble and the secondary derivative markets. It’s also a sea change for Frank. While he nearly dislocates his shoulder attempting to pat his own back by claiming that he has said this all along, it’s simply not true. Frank, in his role on the House Financial Services Committee, played a huge part in creating and maintaining the government intervention that severely distorted the lending markets. Whether or not he ever uttered a comment along the way about overdoing home ownership, Frank’s actions helped to create and maintain those policies, and he defended them repeatedly over the last twelve years.

However, the New Modesty isn’t a reference to Frank’s self-promotion, but the way that the adherence to the free market seems to have gained traction over the last few months. Just last year, Frank and his allies were busily claiming that the free market caused the collapse, and that only government intervention could restore American prosperity. Eighteen months into the Obama administration, Frank now wants to sound like a born-again acolyte of Adam Smith, or at least as close as Frank can approximate such a pose. Modesty in government is suddenly hot, even among Massachusetts liberals.


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I’m shocked. I also think Frank will say anything, anywhere, anytime … and then turn right around and say the opposite.

Maybe he’s gotten wind of a Republican investigation into Fannie and Freddie.

darwin on August 18, 2010 at 1:39 PM

Who the hell are you, and just what did you do with the queer from Mass CD5?

JohnGalt23 on August 18, 2010 at 1:40 PM

Stunning turnabout.

Or, obvious.

rogersnowden on August 18, 2010 at 1:40 PM

Or in Barney’s case, homo-nership.

txsurveyor on August 18, 2010 at 1:40 PM

What a f@!#in hypocrite!

LASue on August 18, 2010 at 1:41 PM

NEVER FORGET

Barney Frank REFuSED to regulate Fannie/Freddie because one of his boyfriends was an executive there

SERIOUSLY. LOOK IT UP

If he was GOP it would be national news

picklesgap on August 18, 2010 at 1:41 PM

Well it’s easy for him to say this now that they own over 90% of all mortgages and the chances of them being liquidated is zero.

It’s easy to call for the liquidation of these two “organizations” when you know that will never happen.

MobileVideoEngineer on August 18, 2010 at 1:41 PM

It’s like the Orwell novel ’1984′ is a how-to book for these guys.

Are we supposed to just ignore what these jokers have been up to for the last decade?

sharrukin on August 18, 2010 at 1:41 PM

Holy Cow – Barney Frank finally woke up to the obvious?

YOWZA! /s

rockbend on August 18, 2010 at 1:41 PM

Dang, what is his polling looking like?

Wait a minute, let me rephrase that.

Are his chances for re-election suddenly looking worse?

That’s better. Yikes.

Brian1972 on August 18, 2010 at 1:42 PM

B-b-but Fannie and Freddie are sound!

JetBoy on August 18, 2010 at 1:42 PM

“Fannie Mae and Freddie Mac should be abolished rather than reformed as part of the Obama administration’s planned overhaul of the government’s role in housing finance, Rep. Barney Frank….”

Amazing how a close race makes liberal Democrats talk like Republicans. Didn’t Sen. Brown almost run ahead of his Democrat rival in Frank’s district?

Don’t believe a anything Barney says for the next two and a half months.

Corky Boyd on August 18, 2010 at 1:43 PM

This doesn’t pass the smell test….somethings up.

ihasurnominashun on August 18, 2010 at 1:43 PM

Look out! If frank is saying something like this he probably has some other major fannie and freddie in the works. They have gotten so much money to bail them out, I find it hard to believe they will just let this go down the drain.
L

letget on August 18, 2010 at 1:44 PM

This doesn’t pass the smell test….somethings up.

ihasurnominashun on August 18, 2010 at 1:43 PM

eewwww…….

Brian1972 on August 18, 2010 at 1:44 PM

“There were people in this society who for economic and, frankly, social reasons can’t and shouldn’t be homeowners,” Frank said. “I think we should, particularly, stop this assumption that you put everybody into homeownership.”

Wait, WTF? I swear I saw a YouTube video of Barney Frank basically saying that if Fannie and Freddie get regulated more it will stop people from getting affordable housing. I’ll try to find it. Now, he says that some people shouldn’t be homeowners. He must be counting on collective amnesia.

JohnInCA on August 18, 2010 at 1:44 PM

If we want to subsidize housing then we could do it upfront and let the budget be clear about that

More reading comprehension problems at HotAir.

Barney wants to move this crap to the Federal bureaucracy.

Sheesh.

faraway on August 18, 2010 at 1:44 PM

In Bwaney’s reality the Internet does not exist. How else to explain this 180 when there are literally hundreds of video clips on YouTube of him blabbing the exact opposite of what he’s blabbing here? Unless of course, YouTube has taken them all down by now…

Fuzzlenutter on August 18, 2010 at 1:45 PM

Dude.

This is literally a 180 degree reversal from everything he’s stood for in the past.

Something seems off.

BadgerHawk on August 18, 2010 at 1:45 PM

This doesn’t pass the smell test….somethings up.

ihasurnominashun on August 18, 2010 at 1:43 PM

Midterms would be my guess. Like McCain they are trying a sharp move to the right in an attempt to get votes.

sharrukin on August 18, 2010 at 1:46 PM

I wonder what brought about this sudden epiphany on Frank’s part. I mean, I’m for it and all, but one has to wonder what’s cooking in that liberal brain of his. It can’t be worries about his re-election. His seat is safe for life, so what scheme is he hatching now?

hachiban on August 18, 2010 at 1:46 PM

….and if not in homeownership, then not also in healthcare, education, etc.

B-b-but Fannie and Freddie are sound!

JetBoy on August 18, 2010 at 1:42 PM

….A-an-and Social Security is fine, too! Just ask your local Nobel Prize-winner!

dmh0667 on August 18, 2010 at 1:48 PM

Ed Ed you are waaaaay off base here. The ‘plan’ is to CONVERT all these foreclosed homes to low income housing. Section 8 rentals subsidized by taxpayers who subsuduzed the banks when they flipped the loan to the GSEs. Taxcpayer Dillys out the door.

You are ignoring Franks REPEATED and sudden embrace of ‘as I have always said (not!) it is a mistake to push homeownership…I support low income housing’

This was ABUNDANTLY clear at the GSE Reform Kabuki Panel yesterday. As I noted:

…Oh look it has occurred to Mark Morial-one of the panelists that this would create a ‘class of Section 8 renters’. Yep. Timmeh says, well Marc, if we maintain the FHA giving generous subsisdies to people who buy a more modest house would that address your concerns? Yes says Marc,…

and

these frakkers are going to turn this into Section 8 rentals nationwide, arrrrgle- and see this as well

The government should create an apartment real estate investment trust (REIT) to rent out foreclosed properties — a method that would avoid flooding the housing market with foreclosed properties, a real estate consultant said as President Obama’s “Future of Housing Finance Conference” kicked off Tuesday.

John Burns, CEO of John Burns Real Estate Consulting, said the government-created REIT would be self-sustaining via rental fees. The government-sponsored enterprises, Fannie Mae and Freddie Mac, would hire outside property-management firms to manage the rental properties, Burns said…

and

JimPethokoukis

Housing Conf. Pimco’s Bill Gross: Too many homeowners, houses – more renters; 1 giant GNMA replacing Fannie, Freddie; Need govt guarantee;

and

Housing Secretary Sean Donovan: Being a homeowner not the right option for everyone

and

From Pinto, the BAD news for taxpayers:

…A consensus is building around a three-part grand bargain:

An explicit federal guarantee of a large portion of the mortgage-backed securities created to finance American’s home mortgages;
• A tax on these securities to fund low-income housing initiatives; and
• A requirement that issuers of securities meet affordable housing mandates.

and on and on ad infinitium

Any perceived modesty or conversion or embrace of private free markets you think you see is an illusion.

The plan is to let the middle class go DOWN, and give all these homes to the low income people who Barney Frank, HUD, Marc Morial and others make their number one priority.

I have already posted this here a few times but Ed doesnt get the hint, here is FAN talking about being a renter now. Gee wonder how that will affect ‘fair rental rates’? Esp in hard hit foreclosure areas like NV AZ CA FL MI. Yeah Govt kills the free market in one more area- rental housing.

The renter must have enough income to sustain a 31% income-to-rent ratio and rental payments are not subsidized by Fannie Mae, but could include renters eligible for Section 8 payments.

The example the FANNIE Director gave is an HOA community here in Phoenix:

As an example, Gutierrez outlined the situation for a fictional family that purchased a $275,000 home in Phoenix with a $247,500 mortgage and a down payment. Including homeowner association (HOA) fees, their monthly payment was $2,050. While those payments were manageable five years ago, the sample borrower had reduced income from his job and HOA fees had increased. Unable to pay their mortgage, the borrower joined the D4L program, reducing their rent to $1,000 while the family continues to look for additional income and/or alternative housing.

The upside of the program for Fannie Mae, Gutierrez said, is promoting neighborhood stabilization, mitigating real estate owned (REO) costs and provides the opportunity to consider other REO strategies, such as maintaining longer rental terms.

“With these benefits to Fannie Mae and borrower, we find the deed for lease program is an effective solution for these properties,” Gutierrez said.

…The program marks a significant shift in the strategy for the government-sponsored enterprise. Whereas Fannie Mae would previously dispose of properties in a traditional REO sale, now Fannie is becoming a landlord. Gutierrez said that’s a position Fannie is prepared to be in for the near future.

“We’re building a rental portfolio and the strategies are going to differ depending on the market. In some markets we’ll take a long view and want to hold onto the rental properties for some time,” he said. “In other markets, we may decide to reduce in our inventory. But in some cases, it’s possible some of these tenants will be able to stay in these homes for a few years.”……

All this is is the TBTF FIRE industry , PIMCO Im looking at you FORCING the Gov to back greatly expanded low income housing with taxpayer subsidies, and to continue to FORCE lenders to make loans to low income people who would not qualify. Only now the focus is RENTALS. See that mob in Atlants last week? you aint seen nothing yet.

ginaswo on August 18, 2010 at 1:48 PM

Winston, Barney has always been against Fannie and Freddie.

jpmn on August 18, 2010 at 1:48 PM

I wonder what brought about this sudden epiphany on Frank’s part.

hachiban on August 18, 2010 at 1:46 PM

Two words: upcoming elections

UltimateBob on August 18, 2010 at 1:48 PM

He just wants to redistribute wealth under a DIFFERENT NAME, because Fannie and Freddie are both ruined.

Greek Fire on August 18, 2010 at 1:49 PM

Something IS up. The puffer thinks that if you abolish Freddy and Fannie, then we will forget that HE screwed it up! Don’t forget people! Barney is one of the architects of this disaster and he should pay.

Leave them alone, take Gubmint out of the equation and let the market go to work.

JohnnyMojo on August 18, 2010 at 1:49 PM

Abolish it and burn all their records…right Barney??

BigWyo on August 18, 2010 at 1:49 PM

It’s an attempt to defuse the impact or the possibility of Investigations into Fannie and Freddie next January with Barney in the cross hairs.

JohnBissell on August 18, 2010 at 1:49 PM

“There were people in this society who for economic and, frankly, social reasons can’t and shouldn’t be homeowners,” Frank said

Barney Frank is a RACIST! What’s the matter Barney, someone take your dice away? You were always for ‘rolling the dice one more time’.

GarandFan on August 18, 2010 at 1:50 PM

Frank wouldn’t know modesty if it bit him in the ass.

Maquis on August 18, 2010 at 1:50 PM

Barney wants to eliminate Fannie/Freddy because they are sitting out in the open where their actions are easily seen.

He wants to incorporate them (and more) inside the belly of the Federal government.

faraway on August 18, 2010 at 1:50 PM

Second look at Barney Frank?

Doughboy on August 18, 2010 at 1:50 PM

“They only question is what do you put in their place,” Frank said.

Ummmm, how about nothing. Government ‘putting things in place’ is what led to this mess.

I have a feeling that either Frank is afraid for November, or his illicit funding sources from the industry are drying up.

Vashta.Nerada on August 18, 2010 at 1:51 PM

Reminds me of the French Revolution when the self-appointed leaders had to find where the people were so they could lead them…

Holger on August 18, 2010 at 1:51 PM

Weren’t Frank and Obama the key players in blocking Bush and McCain’s efforts to address the shortcomings and financial exposure of these two entries?

Maybe someone should remind him.

suburbanite on August 18, 2010 at 1:52 PM

Amazing how an impending ass kicking can make you regret taunting the big silent guy sitting at the end of the bar. Just because he’s been quiet doesn’t mean he won’t turn on you eventually.

So libs, what do you think, Barney Frank hates poor people?

Bishop on August 18, 2010 at 1:52 PM

Barney Frank suddenly can’t understand why government should push home ownership, nor why government should be involved in mortgages at all.

Wow, talk about a 180!

dogsoldier on August 18, 2010 at 1:52 PM

Almost threw my coffee mug through the TV during this interview. Fwank is one of the most vile, sanctimonious CRIMINALS we have in the ruling political class. He obviously takes us all for fools.

NTWR on August 18, 2010 at 1:53 PM

The DNC internal polling must be gruesome.

bloviator on August 18, 2010 at 1:53 PM

double ugh. Lets try this again.

This reminds me of the French Revolut!on where the self-appointed leaders of the Revolut!on had to find where the people were so they could lead them.

Holger on August 18, 2010 at 1:53 PM

txsurveyor on August 18, 2010 at 1:40 PM

Ha !

BowHuntingTexas on August 18, 2010 at 1:53 PM

“There were people in this society who for economic and, frankly, social reasons can’t and shouldn’t be homeowners,” Frank said.

What does that mean?

Cindy Munford on August 18, 2010 at 1:54 PM

ginaswo on August 18, 2010 at 1:48 PM

“They only question is what do you put in their place,” Frank said.

The Federal Housing Administration should be fully self-financing and Freddie and Fannie should be replaced with a new mechanism to help subsidize housing, Frank said in the interview.

Frank said that he does believe the federal government should have a role in building affordable rental housing but thinks money should go toward projects by private developers.

On the question of whether the government should still provide some guarantees in the mortgage market, Frank said: “If we have it (guarantees), it has to be self-financed by the people who are benefiting.”

You may have nailed it.

sharrukin on August 18, 2010 at 1:54 PM

SOL now, Barney, what teh heck are you going to do with all of the excess housing inventory? If there is no one to buy them, and you can’t use the gub’mint to subsidize them, what do you do, tear ‘em down like Detroit? Fool.

TinMan13 on August 18, 2010 at 1:54 PM

ginaswo on August 18, 2010 at 1:48 PM

That makes much more sense, but I can’t picture the government picking up all that bad debt, at least not before the election.

Think about the effect of debt to GPD ratio launching up 10-15% overnight.

BadgerHawk on August 18, 2010 at 1:55 PM

Here is a great “chaser” after watching the above video;

http://www.thefoxnation.com/barney-frank/2010/08/09/video-will-haunt-barney-frank-life

Star20 on August 18, 2010 at 1:56 PM

How this dimwitted little queer is in charge of anything other than the handtowels and cologne in a gay danceclub, is far beyond me.

Why is this country ruled by morally and intellectually bankrupt jackasses like Frank and Obama?

NoDonkey on August 18, 2010 at 1:56 PM

People are still missing the point, which is, that Barney believes it’s still his decision to determine who should or should not be granted home loans, even if he’s come to the a more correct conclusion that more people should have been renters. It’s not that jerks decision anyway. Risk should not be analyzed by elitist “top-of-the-pyramid” policymakers, but by by thousands of decentralized desk-grunting, jobs-are-on-the-line, risk-assessing underwriters. That is how, in the aggregate, they are made more correctly.

Norbitz on August 18, 2010 at 1:57 PM

They will be sticking all the Section 8 people into foreclosed, abandoned houses. Mark my words. Fannie, Freddie- the new government landlords.

NTWR on August 18, 2010 at 1:57 PM

Yes, Barney, Fannie and Freddie should be abolished – right after we abolish your chairmanship of the Financial Services Committee.

dczombie on August 18, 2010 at 1:58 PM

Take notes, Krugmanites, O-bots, Democrats, ‘progressives’ and law school students.

Once again, kids, collectivism, socialism and centrally-planned command-and-control economics DO. NOT. WORK. NO matter how charismatic the Dear Leader happens to be when he’s giving campaign speeches.

Now go home and get your f*%king shineboxes.

Good Lt on August 18, 2010 at 1:58 PM

Second look at Barney Frank?

Doughboy on August 18, 2010 at 1:50 PM

Um, no.

I’ll never forget how, when the financial meltdown happened during the 2008 election season, Queen Pelosi and her henchmen (one of whom might have been Bawney) quickly took to the stage and proclaimed that it was all Bush’s fault. They knew then that they were in trouble, and needed to engage in damage control. It worked – they won the White House and retained control of the house and senate.

Now they’re looking at the midterms and are seeing that they are on shaky ground. The loathsome, harelipped, lisping Fwank is just acting out of desperation here.

UltimateBob on August 18, 2010 at 1:59 PM

ginaswo on August 18, 2010 at 1:48 PM

Bingo. Grand Slam post.

rickyricardo on August 18, 2010 at 1:59 PM

“They should be abolished,” Frank said in an interview

…because that’s the best way to bury all of the bodies that Frank knows are there.

Paul_in_NJ on August 18, 2010 at 2:01 PM

“They should be abolished,” Frank said in an interview on Fox Business, when asked whether the mortgage giants should be elements in housing market reform. “They only question is what do you put in their place,” Frank said.

How about nothing?

Count to 10 on August 18, 2010 at 2:01 PM

So, Bawny Fwank want to abowish freedie and fannie. You cwazy wabbit. What’s up doc.

rjoco1 on August 18, 2010 at 2:01 PM

He kind of says the exact opposite here…

http://www.youtube.com/watch?v=iW5qKYfqALE

Thunderdome on August 18, 2010 at 2:01 PM

They will be sticking all the Section 8 people into foreclosed, abandoned houses. Mark my words. Fannie, Freddie- the new government landlords.

NTWR on August 18, 2010 at 1:57 PM

Section 8 housing in the suburbs?

faraway on August 18, 2010 at 2:02 PM

Dropping the radical pose for the radical ends? Or just fighting for his political life?

indy8 on August 18, 2010 at 2:02 PM

They will be sticking all the Section 8 people into foreclosed, abandoned houses.

NTWR on August 18, 2010 at 1:57 PM

Great idea! After all, those ghetto-dwellers are perfectly entitled to a nice McMansion with granite countertops & new stainless steel appliances in the kitchen (which is more than I have, and I haven’t missed a mortgage payment in 20 years).

UltimateBob on August 18, 2010 at 2:02 PM

Obama, Franks, Waters, LLC — destroyers of the nation’s economy.

One has seen the light.

unclesmrgol on August 18, 2010 at 2:02 PM

Frank: The check is in the mail, I’ll still respect you in the morning,and I won’t, ummmm…..

HadithHarry on August 18, 2010 at 2:03 PM

Ed, I am disappointed you didn’t link or include any of the video and statements from Barney concerning Freddy and Fannie from the past. It would be nice for my old mind to compare and contrast Barney arguing for a Freddy/Fannie bailout or his push for “housing for everyone”.

jackal40 on August 18, 2010 at 2:03 PM

Just last year, Frank and his allies were busily claiming that the free market caused the collapse, and that only government intervention could restore American prosperity. Eighteen months into the Obama administration, Frank now wants to sound like a born-again acolyte of Adam Smith, or at least as close as Frank can approximate such a pose

Frank strikes me as a bandwagon kind of guy.

Count to 10 on August 18, 2010 at 2:03 PM

ginaswo on August 18, 2010 at 1:48 PM

This ^^^

Throw in Amnesty and our new citizens (defecrat voters all) will get free housing.

BowHuntingTexas on August 18, 2010 at 2:03 PM

And they say Obama has a coherence problem?

None of this coheres.

Treasury Secretary Timothy Geithner is singing the same tune.

Something is rotten in Washington when died in the wool socialists are extolling the virtues of a free market economy.

2010 elections? Trying to head off an embarrassing investigation of Fanny and Freddie?

Where is the National Inquirer when you need them?

Stepan on August 18, 2010 at 2:03 PM

He’s trying to bury the evidence.

JeffWeimer on August 18, 2010 at 2:03 PM

Me last week –

The plan will be obama standing in front of empty houses and having section 8s by his side…this is a travesty that people can’t find affordable housing (e.g., Atlanta last week)and we have thousands of empty houses around the country. My plan will empower these moochers…wait, that’s me putting words in his mouth…

Larr on August 18, 2010 at 2:04 PM

Looks like Charlie Crist has some competition.

MadisonConservative on August 18, 2010 at 2:04 PM

I’ll be darned.. There ARE times when Barney tries to protect his a$$!

Star20 on August 18, 2010 at 2:04 PM

Does Bawney’s Fwank really know what he is pushing?

tarpon on August 18, 2010 at 2:05 PM

They will be sticking all the Section 8 people into foreclosed, abandoned houses. Mark my words. Fannie, Freddie- the new government landlords.

NTWR on August 18, 2010 at 1:57 PM

I agree. I’m skeptical that this is a sudden epiphany on Franks part. He’s still a socialist, and still supportive of Obama, and the agenda. They may close Fannie, and Freddie, but will re-name them, and re-open them, and all real estate transactions will go thru the government. It’s all a matter of time, if we give it to them.

Now, more than ever, your vote against this take over of our country is important!!!

capejasmine on August 18, 2010 at 2:05 PM

Meet the new boss, same as the old boss.

I thought Barney’s constituents were sophisticates. Are they actually going to buy “Free Love Market Frank”?

Mojave Mark on August 18, 2010 at 2:05 PM

There were people in this society who for economic and, frankly, social reasons can’t and shouldn’t be homeowners,” Frank said. “I think we should, particularly, stop this assumption that you put everybody into homeownership.”

Funny, I saw a video of this piece of crap saying he didn’t care if people paid their mortgages with food stamps.

He pushed the CRA that caused the collapse of our economy.

dogsoldier on August 18, 2010 at 2:06 PM

Is it possible that he is saying this because he knows no institution in it’s right mind would take on Freddie/Frannie obligations? Maybe the government would make taking the mortgages part of the requirements for getting out from under TARP.

Cindy Munford on August 18, 2010 at 2:06 PM

I saw Barn earlier in the day, I believe on Cavuto at 4pm, and noticed that for him the history of Fan and Fred seems to start in 2007 when he took over chairmanship of the committee responsible for the Fan and Fred debacle.

No mention of the years previous when he and other democratics blocked any chances of reform that might have saved us from the financial meltdown. Not to to forget, President George W. Bush pushed for reform there for many years, and was always blocked by democratics in the Senate where Republicans have never had anywhere near a veto-proof majority.

slickwillie2001 on August 18, 2010 at 2:08 PM

It’s a trap.

Dominion on August 18, 2010 at 2:08 PM

Um, no.

I’ll never forget how, when the financial meltdown happened during the 2008 election season, Queen Pelosi and her henchmen (one of whom might have been Bawney) quickly took to the stage and proclaimed that it was all Bush’s fault.

UltimateBob on August 18, 2010 at 1:59 PM

I should’ve included a sarc tag. Even hell freezing over wouldn’t make me support Barney Frank. The man is scum and should be behind bars for the damage he’s caused to this country.

Doughboy on August 18, 2010 at 2:09 PM

Obama: “Hey Barney, STFU! I’m tryin’ to kill the economy over here…”

Felonious Monk on August 18, 2010 at 2:10 PM

Wow. I’d assumed ol’ Barn was in one of those “can’t lose” districts, but . . . is it even possible that he’s worried about losing his seat?

tsj017 on August 18, 2010 at 2:10 PM

Or maybe he’s worried about someone else getting into his seat, if you know what I mean.

tsj017 on August 18, 2010 at 2:11 PM

That tells me that they’re going after the home mortgage interest deduction in December.

cthulhu on August 18, 2010 at 2:12 PM

Eh? I think Barney just wants the feds to own the homes and figures they can squeeze more out via rent money.

They are getting too much flak lately for giving folks a pass on paying their mortgage, that bloom is off the rose. It’s a lot easier to give folks a pass on paying rent. It’s the same difference, just less noticeable and less politically damaging. Nothing to see here.

reaganaut on August 18, 2010 at 2:12 PM

Yes, something is up. Now that the unlimited bailout has been approved by Congress on Christmas Eve(that was you, Barney)they are going to somehow own all these houses and condos and use them to keep people hooked on the drug of opium (Other People’s Money). No way is he looking for a free market.

I guess Cavuto was just trying to put him on the record with this crapola, and that’s why he didn’t challenge him?

PattyJ on August 18, 2010 at 2:13 PM

There HAVE to be clips of the slimy bugger saying exactly the opposite of this. I would love to see the way his opinions morph over time. It would be joyous to have him on video saying “Every American should be able to enjoy the dream of owning a home” next to “Home ownership isn’t for everyone” — “Fannie and Freddie are doing great and don’t need reform” next to “Total collapse and they hsould have been reformed!”

WashingtonsWake on August 18, 2010 at 2:14 PM

Take notes, Krugmanites, O-bots, Democrats, ‘progressives’ and law school students.

Once again, kids, collectivism, socialism and centrally-planned command-and-control economics DO. NOT. WORK. NO matter how charismatic the Dear Leader happens to be when he’s giving campaign speeches.

Now go home and get your f*%king shineboxes.

Good Lt on August 18, 2010 at 1:58 PM

This is the winner for me! Still laughing at the shinebox bit!

search4truth on August 18, 2010 at 2:16 PM

In – We have always been at war with Eurasia.

Out – We have never been at war with Eurasia.

Lily on August 18, 2010 at 2:16 PM

If by some miracle a liberal says something that is partially reasonable, we should cautiously say: “ok”.

In this case, we can say: “Ok Mr. Frank, step 1 is getting rid of Fannie and Freddie.”

But don’t let them couple that to some new entitlement program.

I admit though…this is a shocking (and suspicious) amount of good sense for a far left liberal.

jlibson on August 18, 2010 at 2:17 PM

It’s also a sea change for Frank.

No, sorry Ed, it is not a change for Frank. He is totally BS’ing in this interview to cover his a$$.

Johnnyreb on August 18, 2010 at 2:17 PM

Just to expand on that a bit, it’s well-known that the Deficit Reduction Panel is going to come back after the elections — and the way it’s stuffed, it’s going to come back with huge tax hikes and no meaningful spending cuts. We’ve seen various trial balloons about a VAT tax, but that is still a transaction tax and won’t redistribute wealth fast enough, merely income….so they’re probably looking at other alternatives. Limiting deductions on most households’ largest asset is a more effective wealth redistribution scheme.

So I take Frank’s turnabout to be a signal that real or proxy taxes on assets will be favored by the Deficit Reduction Panel over taxes on income.

cthulhu on August 18, 2010 at 2:18 PM

Wow. I’d assumed ol’ Barn was in one of those “can’t lose” districts, but . . . is it even possible that he’s worried about losing his seat?

tsj017 on August 18, 2010 at 2:10 PM

He should be worried. Brown was within two points in Frank’s district during the special election, and that was before congress violated their own rules to impose socialized medicine despite how the people of Massachusetts voted.

Vashta.Nerada on August 18, 2010 at 2:19 PM

NEVER FORGET

Barney Frank REFuSED to regulate Fannie/Freddie because one of his boyfriends was an executive there

SERIOUSLY. LOOK IT UP

If he was GOP it would be national news

picklesgap on August 18, 2010 at 1:41 PM

You don’t know the half of it. But I do.

rockmom on August 18, 2010 at 2:19 PM

That tells me that they’re going after the home mortgage interest deduction in December.

cthulhu on August 18, 2010 at 2:12 PM

I can see them taking away the home mortgage interest deduction, as a way to fund giving deadbeat foreclosed ‘homeowners’ a free ride. That would be exactly in line with the other imbecilic actions over the past two years.

Vashta.Nerada on August 18, 2010 at 2:22 PM

Don’t let this be a distraction. Barney will say something off the wall like this hoping you’ll get turned around only to screw you in the end.

ort777 on August 18, 2010 at 2:23 PM

Frank Backdoors Mortgage Industry…

Maquis on August 18, 2010 at 2:23 PM

ginaswo on August 18, 2010 at 1:48 PM

That seems a likely scenario, and it would explain Frank’s turnabout. His having an Adam Smith epiphany is about as likely as a fish riding a bicycle.

petefrt on August 18, 2010 at 2:24 PM

Barney will say something off the wall like this hoping you’ll get turned around only to screw you in the end.

ort777 on August 18, 2010 at 2:23 PM

You punmeister, you.

Vashta.Nerada on August 18, 2010 at 2:25 PM

Barney’s doing here what the left does so well…so DAMNED well.

Speaking in progressive code language designed to mollify critics on the right prior to midterms, obliquely appeasing critics by suggesting elimination of the despised Fannie and Freddie, all the while setting us all up for a progressive program for subsidized rentals for Section 8 via foreclosures.

He kills lots of birds here all the while advancing, ten fold, the progressive dream of social engineering, destroying the white middle class, and advancing a new growth in government.

As seen by Ed’s nieve commentary, Mr. Frank and his side are light years ahead of anyone on the right in terms of advancing their agenda by any means necessary.

rickyricardo on August 18, 2010 at 2:27 PM

It’s also a sea change for Frank.

It is on a sea chance level with Mohammad denouncing Islam.

Tav on August 18, 2010 at 2:27 PM

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