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Barney Frank in 2005: What housing bubble?
Friday, May 01, 2009
Via Patrick.net.
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Zip Realty
9 comments:
"We are talking about homes... where there is not the degree of leverage we've seen elsewhere."
That, according to Barney, is what the doubters were "missing" about the housing market. Uh, it doesn't get much more leveraged than 100% LTV... nice try though.
Unreal. Thanks for posting this... it's incredible how all the cheerleaders have gotten a free pass.
Rich
And I should add, thanks to Patrick for posting it first! :-)
Fire him!
Uh, it doesn't get much more leveraged than 100% LTV... nice try though.That was my thought as I listened to the fat little nitwit pontificate.
I've often wondered just how many teenaged boys Fannie and Freddie bribed him with to let them run rampant from 2003 to 2008?
...and then he shows up on "Real Time with Bill Maher" last night saying how it was all "The Republican's" fault... they're all shameful.
So Mr. Bush had to, in his words, "use the mighty muscle of the federal government" to meet his goal.
He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
Concerned that down payments were a barrier, Mr. Bush persuaded Congress to spend up to $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for federally insured mortgages with no money down
http://www.nytimes.com/2008/12/21/business/21admin.html?_r=1&pagewanted=all
Both Republicans and Democrats participated in this mess.
its always entertaining to listen to how he pronounces words with that lisp of his - its even funnier this time since he is 100% retardadly wrong
Rep. Elmer Fudd is a crook just like all the others, and that's per Senator Durbin and not me. And America yawns...he's usually so busy with his bought and paid for by taxpayer boy toys it's a wonder he even knows which way is up...which is probably just how he likes it.
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