Fannie Mae, Freddie Mac Should Be Eliminated, Barney Frank Says

[392cobra]

I wouldn't trust him to overhaul his own vibrator let alone the two screwed up institutions he has defended and milked for the past 20+ years.


A top House Democrat on Friday said his committee was preparing to recommend "abolishing" mortgage-finance giants Fannie Mae and Freddie Mac and rebuilding the U.S. housing-finance system from scratch.

"The remedy here is...as 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," said Rep. Barney Frank (D., Mass.), the chairman of the House Financial Services Committee.

The Obama administration said it will weigh in on how to revamp the companies—and the entire housing-finance system—when it releases its budget next month. Republicans have increasingly criticized the administration for moving to overhaul the financial sector without spelling out plans for Fannie and Freddie.

http://online.wsj.com/article/SB1000...391608940.html