Drudge Retort: Red Meat for Yellow Dogs
Wednesday, June 24, 2009

In March, Fannie Mae (FNM.N)(FNM.P) said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac (FRE.P)(FRE.N) is due to implement similar policies next month, the paper 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.

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I don't think Barney has ever seen Real Estate that he didn't want to artificially inflate in value.

Well that should work out real good.

I don't think Barney has ever seen Real Estate that he didn't want to artificially inflate in value.

Well, since I'm selling, it sounds good to me.

I've just found out in my city they are no longer allowing any more new single family homes to be built. Good. Hopefully that makes it an even better opportunity for me to sell my house.

Selling a house all comes down to supply and demand and location anyway.

i've been seeing the commercials on the tele again. "first time buyers? credit a mess? give us a call and we'll get you into the home of other people's tax nightmares!"

Nanc what would you do if your husband became Ill and could no longer work. Would you? Or make your kids?

Nanc what would you do if your husband became Ill and could no longer work. Would you? Or make your kids?

Frank is wanting this stuff to happen again--or just keep on going.

This guy needs to be voted out.

Why does Frank hate Americans?

#5 | Posted by jackass

we'd be ok - don't you worry about us.

It's too late. Bawney Fwank can only be instrumental in creating and popping one bubble per professional lifetime.

Real estate prices will be grinding lower for years. And there's not a thing he's going to be able to do about it.

we'd be ok - don't you worry about us.

#8 | Posted by nanc

I don't worry about. I try to make you think about reality. I also try to make you realize that even though things are ok for you now they might not be in the future. You have been lucky but maybe your luck will run out.

"we'd be ok - don't you worry about us.

#8 | Posted by nanc"

I don't worry about. I try to make you think about reality. I also try to make you realize that even though things are ok for you now they might not be in the future. You have been lucky but maybe your luck will run out.

#10 | Posted by jackass at 2009-06-25 01:03 AM

Everybody's luck "might" run out. But why have her worry about it or think about it all the time? Most people try and prepare for emergencies that may happen in the future as much as they can -- like have health insurance, etc., but you can only do so much with what you've got. I doubt nanc and her husband spend money wildly.

What could she do any different than she's already doing? One thing you'll soon learn -- even at your tender age of 34 -- is that there are no guarantees in life. You just roll as best you can with any punches life throws your way. What other choice do you have? Like I said, no matter how rosy things may seem now, there are no guarantees in life.

Cali, she acts Pollyanna. She hasn't got a clue about reality. She doesn't have health insurance. I doubt they even have a significant life insurance policies. Her husbands employer does not provide insurance yet she is against single payer health insurance. What if her husband died? Would Nanc be able to provide for her family? I doubt it. She doesn't work and probably has no marketable skills.

Cali if Nanc was smart she would embrace liberalism. Then she would safeguarded from being forced to live under a bridge. America would have a real safety net for a change.

Embrace liberalism? You've got to be kidding. Liberalism is like the blob. Nothing seems to kill it and like the blob it creeps up on you and then smothers you to death.

By the way Jackass which bridge did you sleep under while republicans were in office?

None Buzkiller but I consider myself very lucky. If Bush was still president I might very well be homeless. I am hoping Obama gives us healthcare so I have one less thing to worry about.

If Bush was still president I might very well be homeless

It must suck to be so weak that your very housing situation is dependent on the government. I am glad that I am smart enough that I am successful no matter who lives in the White House.

Goat you are lucky until the day your luck runs out. I know it can happen at any minute. And Goat you weren't very successful back when you were baking bread were you? You keep saying how smart you are. ET's are a dime a dozen. Almost every community college has a program. I should know I attended one. You could be replaced very easily. Never get too cocky. It'll bite you in the ass.

Goat you better thank your deity you still have a job and hope liberalism prevails in case you one day don't. At least you know you won't be in the streets begging.

Whenever I start smacking Goat around he runs like a coward.

Whenever I start smacking Goat around he runs like a coward.

That's right

#10 | Posted by rasta

i'm a legal secretary/bookkeeper, but have and would do other jobs such as waitressing, janitorial, cleaning the homes of other people, etc. my husband can read mechanical blueprints and perform all the tasks therein - from the ground up. he's had two job offers just in the last couple of months to start in the six figures. i have forgotten more than you'll ever know - don't delude yourself.

p.s. - i don't believe in luck.

"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."

Hasn't this friggin' dirtbag from Massachusetts done enough to fuck things up? Fannie and Freddie are trying to repair some of what CAUSED the meltdown and this POS wants to fight it. Unbelievable!

"Only government can grant "license" to ignore consequences. Government caused the financial morass by doing just that -- pushing banks to weaken mortgage lending standards, pressuring Freddie and Fannie to buy up dodgy mortgages and sell them as safe securities, bailing out big banks when they got into trouble and insuring bank deposits -- thereby encouraging us not to care if banks are reckless."

abcnews.go.com

Jackass is a RastaNincumpoop? Or...is RastaNincumpoop a Jackass? It figures, no difference between 'em anyway.

I wonder when our resident dems will chime in to defend this.

They aren't coming anywhere near this thread...

Or the "Obama says the Fed isn't to blame" thread. I thought for sure I would hear from Danni there.

Or the "Drug Kickbacks for staying off generics" thread. At least Corky showed up for a lame defense attempt.

Or the "Goldman Sachs record profits" thread.

But the "Mark Sanford Pillow Talk Thread"? On it like flies on shit.

the express reason none of them want to face their greatest fear - being wrong!

Will someone please tell this decomposing fruitcake to go away?

i'm a legal secretary/bookkeeper, but have and would do other jobs such as waitressing, janitorial, cleaning the homes of other people, etc. my husband can read mechanical blueprints and perform all the tasks therein - from the ground up. he's had two job offers just in the last couple of months to start in the six figures. i have forgotten more than you'll ever know - don't delude yourself.

#21 | Posted by nanc

I'm sure legal secretary provides a great living bwahahahaah You probably consider yourself lucky if you can get 50k in Arkansas

You better believe in luck because faith isn't gonna do you a damn bit of good.

"You better believe in luck because faith isn't gonna do you a damn bit of good."

Jackass (you chose your name here, not I), faith is a far more valuable asset than reason. Better? I don't not know for certain, but when your ass is in the grinder, faith trumps reason. That is more valuable.
Just a friendly two-cents and not an argument.

Lower-lending standards is largely the reason we got into this mess in the first place.

Idiot Frank wants more of the same.

Unbelievable.

Damn good thinking BARNEY

Step 1 Firmly step on own DICK.

Step 2 FEEL PAIN release.

Step 3 Repeat Step 1 or step on someone else's DICK...

Any minute now a democrat may or may not address this issue.

Any minute now a democrat may or may not address this issue.

#33 | Posted by LIVE_OR_DIE

Well, if you read the article I'm not sure what is so objectionable. He is NOT asking them to lower things like income or credit-worthiness in order to give mortgages to people who shouldn't have them, or ordinarily couldn't qualify for them. He's asking them to relax very stringent standards on how much of a condo development must be sold before someone can get a mortgage for which they otherwise qualify.

So, bottom line, is the objection here REALLY about the request, or the requestor?

Well, if you read the article I'm not sure what is so objectionable. He is NOT asking them to lower things like income or credit-worthiness in order to give mortgages to people who shouldn't have them, or ordinarily couldn't qualify for them. He's asking them to relax very stringent standards on how much of a condo development must be sold before someone can get a mortgage for which they otherwise qualify.

#34 | Posted by SanAntonioRogue at 2009-06-26 02:12 PM

I don't think now is the time to be encouraging more risk taking whether or not it involves the buyer's personal finances. I get the distinct impression that they care more about the appearance of growth (like Bush did) than a real economic turn around. I don't think this single action is going to inflate another economic bubble all by itself, but I'm not happy with the lack of emphasis on protecting us from what caused our economic woes; I feel this contradicts that.
So, bottom line, is the objection here REALLY about the request, or the requestor?

#34 | Posted by SanAntonioRogue at 2009-06-26 02:12 PM

Oh please, I may just be the fairest, least partisan person on the retort. Pfft!

Oh please, I may just be the fairest, least partisan person on the retort. Pfft!

#35 | Posted by LIVE_OR_DIE

Sorry - I didn't mean you personally with that comment. It was more of a general inquiry.

Wait just a damn minute here!

I did no such thing. I haven't asked the Fed for anything.

Oh please, I may just be the fairest, least partisan person on the retort. Pfft!
#35 | Posted by LIVE_OR_DIE

Get in line, LOD.

haha

Oh please, I may just be the fairest, least partisan person on the retort.

OHHHH PLEEEEEEASE you terds are not even close if this came down to a vote right now I would RETAIN that title it's just a fact like gravity works get used to it...

Damn good thinking BARNEY

Step 1 Firmly step on own DICK.

Step 2 FEEL PAIN release.

Step 3 Repeat Step 1 or step on someone else's DICK...

Even in this post I was fair and balanced and allowed for the fact Barney may get sick of this and step on someone elses DICK, now that is fair and leaves him another recourse. See I didn't paint him into a corner like some partisan hack...

you terds are not even close if this came down to a vote right now I would RETAIN that title it's just a fact like gravity works get used to it...
#40 | Posted by ATaxpayer

LMAO.

okay, whatever you say :)

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