Democrats are the reason we’re in this economic fiasco today (even as their empty suit of a President claims the Democrat-induced meltdown is the fault of George Bush and Republicans). Democrats passed legislation designed to force banks into giving loans to folks who couldn’t repay them so they could pat themselves on the back and tout low-income and minority home ownership statistics. For the record, the Bush Administration tried to overhaul it in 2003, so did the Republicans in Congress in 2005. But Democrats opposed those measures.
And here we go again.
Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.
In a letter to the CEO’s of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold “may be too onerous” and could lead condo buyers to shun new developments, according to the paper.
The legislators asked the companies to “make appropriate adjustments” to their underwriting standards for condos, the paper added.
In an interview with the paper, Weiner said the rules have “had a real chill on the ability to get these condos sold,” at a time when prices of condos have fallen enough to attract potential buyers.
Recession. Rinse. Repeat. The problem for Barney and his corrupt cohorts now is there ain’t a Republican in sight to cast blame upon. So whose fault will this disaster be?