Wednesday, June 24, 2009

Barney Frank wants to roll the dice again

Barney Frank in 2003: "I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing…"

In the WSJ this morning: "After two years of telling us how lax lending standards drove up the market and led to loans that should never have been made, Mr. Frank wants Fannie and Freddie to take more risk in condo developments with high percentages of unsold units, high delinquency rates or high concentrations of ownership within the development."

That last one was so much fun, he wants to do it again.

Thanks to Veronique de Rugy at The Corner, who also links to some discussion at CNBC.

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