Barney Frank has written a letter to Fannie Mae and Freddie Mac, urging them to LOWER their lending requirements for condos buyers!
You read that right. 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. [LINK]
Evil greedy bankers were just doing what they were told. They are being told to do it again. America has not yet hit bottom.