Barney Frank asking Fannie/Freddie to loosen lending standards on condos - XDTalk Forums

**ForTehNguyen** · 06-24-2009, 03:36 PM

Where have I seen this before?
Fannie, Freddie asked to relax condo loan rules: report | Reuters

**DanTheEldest** · 06-24-2009, 03:41 PM

I have absolutely no idea what you're talking about. Everybody knows our current financial mess was the sole responsibility of greedy Wall Street types.

Jack the Toad · 06-24-2009, 04:04 PM

Frank and Dodd were powerless to stop the oppressor Bush and his Satanic Wall Street minions. OBAMA AKBAR! To be fair, Barney probably think he requested condom subsidies. That will help next time his roomy runs a gay prostitution ring out of his apartment.

Kristopherl · 06-24-2009, 04:10 PM

you gotta be kidding me.. that's how we got into this mess!!! but it's not his fault right?

paul34 · 06-24-2009, 04:15 PM

Quote:

Originally Posted by DanTheEldest

I have absolutely no idea what you're talking about. Everybody knows our current financial mess was the sole responsibility of greedy Wall Street types.

You have it all wrong, Dan. Bush personally made sure of the whole thing.

**mtcraigco** · 06-24-2009, 04:27 PM

O........ M........... G........... !!

I got nuthin, absolutely nuthin.

Either they really are THAT stupid or they believe The American People are.

**DanTheEldest** · 06-24-2009, 04:29 PM

Quote:

Originally Posted by paul34

You have it all wrong, Dan. Bush personally made sure of the whole thing.

My mistake. I remember now: it was after he fired up the weather machine in the White House basement and programmed Katrina to bludgeon New Orleans (but only after Cheney set the explosives on the levees).

**XDCC** · 06-24-2009, 10:32 PM

It's deja vu all over again...

Etta Place · 06-24-2009, 10:36 PM

Quote:

Originally Posted by DanTheEldest

I have absolutely no idea what you're talking about. Everybody knows our current financial mess was the sole responsibility of greedy Wall Street types.

Pretty much. Along with the politicians that work for them.

Etta Place · 06-24-2009, 10:38 PM

Quote:

Originally Posted by ForTehNguyen

Where have I seen this before?
Fannie, Freddie asked to relax condo loan rules: report | Reuters

Here's what the article actually says. Do you think the 70% rule has merit, or do you think Frank is right to ask that it be relaxed to allow people to buy condos?

Quote:

Fannie, Freddie asked to relax condo loan rules: report
Mon Jun 22, 2009 10:48am EDT

(Reuters) - Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.

In March, Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz)(FNM.P: Quote, Profile, Research, Stock Buzz) 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: Quote, Profile, Research, Stock Buzz)(FRE.N: Quote, Profile, Research, Stock Buzz) 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.

The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos, the paper added.

In an interview with the paper, Weiner said the rules have "had a real chill on the ability to get these condos sold," at a time when prices of condos have fallen enough to attract potential buyers.

In addition to the 70 percent sales threshold, Fannie Mae will also not purchase mortgages in buildings where 15 percent of owners are delinquent on condo association dues or where one owner has more than 10 percent of units, as the firm sees these as signals that a building could run into financial trouble, the paper added.

Both Fannie and Freddie are preparing a response to the lawmakers, according to the paper.

Fannie Mae and Freddie Mac could not be immediately reached for comment by Reuters.

06-24-2009, 03:36 PM	#1
ForTehNguyen XDTalk 5K Member Join Date: Feb 2008 Location: Houston, Texas Posts: 5,857	Barney Frank asking Fannie/Freddie to loosen lending standards on condos Where have I seen this before? Fannie, Freddie asked to relax condo loan rules: report \| Reuters __________________ XD9 Service Black, XD9 Subcompact x 2 Kimber Tactical Custom II, Walther P22 AR15 16" Midlength, Carbine Tacticooled, 20" A2 Style Lancaster AK47, Hungarian AMD65, Yugo & Chinese SKS Remington 870 12ga Express Taxed Enough Already
	Share

06-24-2009, 03:41 PM	#2
DanTheEldest XDTalk 5K Member Join Date: Jul 2006 Location: Phoenix, AZ Posts: 8,259	I have absolutely no idea what you're talking about. Everybody knows our current financial mess was the sole responsibility of greedy Wall Street types. __________________ The AK-47: Designed to be easily field stripped, reassembled, and used by half-drunk, half-frozen, illiterate conscripts. Standard Operating Procedure upon finding one buried in Mother Russia's mud after last year's Regimental exercises: retrieve from ground, pee into action, cycle bolt, and get back to work. If it is evil in your eyes to serve the LORD, then choose this day whom you will serve....but as for me and my house, we will serve the LORD." --Joshua 24:15-16
	Share

06-24-2009, 04:04 PM	#3
Jack the Toad XDTalk 100 Member Join Date: Feb 2008 Location: Southern Illinois Posts: 313	Frank and Dodd were powerless to stop the oppressor Bush and his Satanic Wall Street minions. OBAMA AKBAR! To be fair, Barney probably think he requested condom subsidies. That will help next time his roomy runs a gay prostitution ring out of his apartment.
	Share

06-24-2009, 04:10 PM	#4
Kristopherl XDTalk 100 Member Join Date: Apr 2009 Location: Cincinnati, Ohio Posts: 277	you gotta be kidding me.. that's how we got into this mess!!! but it's not his fault right? __________________ "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. It is it's natural manure." .....Jefferson
	Share

06-24-2009, 04:27 PM	#6
mtcraigco XDTalk Sheriff Join Date: Dec 2005 Location: Missouri Posts: 3,031	O........ M........... G........... !! I got nuthin, absolutely nuthin. Either they really are THAT stupid or they believe The American People are. __________________ Mark Craighead Owner/Founder CrossBreed Holsters LLC http://www.crossbreedholsters.com Owner XDTalk.com 2 Chronicles 7:14 NIV If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from Heaven and will forgive their sin and will heal their land.
	Share

06-24-2009, 10:32 PM	#8
XDCC XDTalk 100 Member Join Date: Jun 2008 Location: Dallas, TX Posts: 451	It's deja vu all over again... __________________ "I could kill you with my brain" R.T.
	Share

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

LinkBacks (?) LinkBack to this Thread: http://www.xdtalk.com/forums/political-view/123169-barney-frank-asking-fannie-freddie-loosen-lending-standards-condos.html
Posted By	For	Type	Date
condos - Page 2 \| BoardReader	This thread	Refback	08-09-2009 02:08 AM
XDTalk Forums - Your HS2000/SA-XD Information Source!	This thread	Refback	06-25-2009 01:44 PM