Barney Frank Wants to End Fannie, Freddie

Really:

Representative Barney Frank said Friday that the House Financial Services Committee, which he leads, would push to replace Fannie Mae and Freddie Mac, seized by regulators almost 17 months ago, with a different model for mortgage financing.

“The 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,” Mr. Frank, a Massachusetts Democrat, said at a hearing in Washington, according to Bloomberg News. “That’s the approach, rather than a piecemeal one.”

Of course, Frank has not explained his “whole new system of housing finance.”

Grab your wallet and head for the hills.

Categories: My Blog

This entry was posted on Monday, January 25th, 2010 at 5:53 pm and is filed under My Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.