Associated Press quotes Barney Frank
“I believe this 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,”
That’s as frank as Frank can get.
AP continues: “His comments show how much the financial crisis has upended the relationship between lawmakers and the two companies. Frank was long one of the staunchest supporters of Washington-based Fannie Mae and Freddie Mac, based in McLean, Va.
The two companies, which have been run by the government since they almost collapsed in September 2008, have required $111 billion in federal aid to stay afloat. Late last year the Obama administration pledged to cover unlimited losses through 2012 for both companies, lifting an earlier cap of $400 billion.
Regulators announced last month the CEOs of Fannie and Freddie could get paid as much as $6 million for 2009. That has outraged Republican lawmakers on Capitol Hill.”
Got that? Lost 11 billion so far. Preparing for a loss of over 400 billion. CEOs getting 6 million. Government run.
Barney Boy wants to replace this horror of a government program with a whole new government program. New vehicle, same drivers. Instead of Fannie and Freddie what will it be Barney? How about Dizzy and Doozy?
Bob B
RANDOM THOTS 