UNBELIEVABLE! Barney Franks wants to LOWER standards for Fannie/Freddie on condo's!

[Meister]

Don't you want the housing market to pick up? And these condo's are generally cheaper than homes, so its less of a risk. And what are the requirements? You do realize banks and car companies are being real tight with their money right now. We need to get them to loosen up the purse strings.

And because now that Democrats are in charge, the banks have to keep the appropriate amount of cash on hand in case of an economic emergency, PLUS, they aren't bundling up all the "TOXIC ASSETS" and selling them up the ladder. PLUS, they aren't predatory lending. So people won't be losing their homes because of adjustable rates.

And yes, people might lose their jobs and then not be able to pay. So do you want to just stay in this recession or work to get out of it?

You right wingers spin everything the way you want.

I can not imagine a scenerio where I would vote GOP ever again in my lifetime. You guys are just so intellectually dishonest. Maybe if I hit the lotto I'll change my mind, but that's about it. You guys are liars, greedy and ignorant.

Does anyone else see the irony in bobo's post?

Not me.

 

[oreo]

I have been in the construction industry for 30+ years in my own business. I have also have had several rental properties. NEVER ONCE--did I need 298 MILLION co-signers.

I also know that if the price is "right" on these condo's there will be investors & "qualified" home buyers that will soak these condo's up--without the need of 298 MILLION co-signers.

To ADD--Freddie/Fannie have "tightened" their regulations based upon RECENT experience! I agree--if homeowner association dues are not being paid by home-owners--it is a clear indication that these homeowners are going to walk on their mortgages. If you don't have a high occupancy rate--this probably indicates this property is in a undersirable location--& anyone knows that when it comes to real estate--it's always-location-location-location.

So for you libs out there that are supporting this--you march behinds right into Barney Franks office & sign your names to these mortgages, keep mine name the hell off.

You never needed it? Oh, so I guess then no Americans should get it if you never needed it. You never needed welfare either, right? So we should cut everyone off on that too.

Because you are at the bottom of the economic ladder, right?

No--I have never needed welfare. I never was brought up with the mind-set that other people are responsible for my actions, or should I say in-actions.

I started at the bottom of the economic ladder-"being raised by a single mother working 40 hours a week to raise 3 girls. I was one of those girls--no sliver spoon here. I worked my butt off to contribute to this society.

If you don't think you have to do that--then tough. I don't want to pay for your in-action-&-or your bad decisions.

 

[oreo]

I am not sure what the big deal with this is. According to the OP the standards that are being relaxed are that the government will not guarantee mortgages for condos that are not more than 70% full. What difference does that make and why should someone who wants to purchase a condo in which only 50% of the units have been sold not be able to secure a guarantee on their loan like everyone else? I am not understanding this one.

Now, if it were based on the credit worthiness of the creditor, I can understand, but why does the percentage of condos sold matter?

Immie

It's real estate 101! If occupancy levels are high--it probably indicates that the condo is in a desirable area. Also meaning that if the owner defaults on the mortgage--it will be very easy to re-sell to someone else. You've heard it before: location-location-location. Location is why property values go up--& it is the number 1 important consideration when buying a home or making an investment.

If Barney wants to lower the occupancy rates to 51% occupancy levels as they were previously--it probably means that these condo's are not in a desirable area--& DO NOT attract much interest from "qualified" investors or "qualified" homebuyers--that would not need 298 MILLION co-signers in the first place. To get "qualified investors & qualified home-buyers" to buy these condo's-- the price of the condo needs to be very-very attractive.

Keep in mind that Fannie/Freddie have very recent experience with guaranteeing loans & watched them default under certain circumstances. That is why the tightening here in the first place. Now Barney--before these regulations are even in place, is wanting to lessen them. It is flat unbelievable IGNORANCE on his part.

 

[NO!bama08]

Where have you been Barney? Don't you realize Bill Clintoon started this whole mess by doing just that? Conversion to socialism not going quick enough for you?

 

[Immanuel]

It's real estate 101! If occupancy levels are high--it probably indicates that the condo is in a desirable area. Also meaning that if the owner defaults on the mortgage--it will be very easy to re-sell to someone else. You've heard it before: location-location-location. Location is why property values go up--& it is the number 1 important consideration when buying a home or making an investment.

Thanks, I was thinking more on the line of first sales. A condo would be empty until such a time as all the units have been sold initially and then it would seem that units would sell one at a time and technically they would still be occupied if they were owned even if 35% of the owners lived in second homes.

Immie

 

[oreo]

It's real estate 101! If occupancy levels are high--it probably indicates that the condo is in a desirable area. Also meaning that if the owner defaults on the mortgage--it will be very easy to re-sell to someone else. You've heard it before: location-location-location. Location is why property values go up--& it is the number 1 important consideration when buying a home or making an investment.

Thanks, I was thinking more on the line of first sales. A condo would be empty until such a time as all the units have been sold initially and then it would seem that units would sell one at a time and technically they would still be occupied if they were owned even if 35% of the owners lived in second homes.

Immie

Fannie/Freddie have been accused of being to lax--& putting the American taxpayer at risk. This is why we are in the economic situation we are in today. So what they have done to cut back on our risk is too raise their standards on what they are going to guarantee with our taxpayer dollars. It just makes sense that they would want the premium properties that are capable of going up in value. This I CHEER!

Barney Franks has worked his fingers into their decision--wanting taxpayers to guarantee properties that are risky & ones that could easily devalue.

 

[Maple]

This guy just doesn't learn. What's the matter with you people in Massachuchetts, you keep electing this idiot.

"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.

Seems like they actually applied some common sense here, obviously Barney hasn't got it yet. He is the stupid " Banking Queen."

 

[Maple]

Sele Bobo, do you need an education or what. I have never read anything soooooooooooo stupiiiiiiid in my life. Get a life and get a job for god's sake.

 

[Harry Dresden]

Here we go again. Are you just as tired as I am of Barney Frank co-signing OUR names to mortgages?

DID YOU KNOW:

Last week--our new secretary of the Treasury, Timothy Geithner--while announcing new banking regulations--was asked during the hearing--if he thought Fannie/Freddie had anything to do with the current economic collapse. Geithners reply--DEFINITELY. When he was asked if he planned on tightening restrictions on Fannie/Freddie he said NO.

Well--it turns out that our Banking Queen-Barney Frank-is a little upset because Fannie/Freddie will not guarantee mortgages with our signatures on any condo's that do not have "at least" a 70% occupancy rate. And somehow this is hurting somebody.

Fannie, Freddie asked to relax condo loan rules: report | Reuters

Don't you want the housing market to pick up? And these condo's are generally cheaper than homes, so its less of a risk. And what are the requirements? You do realize banks and car companies are being real tight with their money right now. We need to get them to loosen up the purse strings.

And because now that Democrats are in charge, the banks have to keep the appropriate amount of cash on hand in case of an economic emergency, PLUS, they aren't bundling up all the "TOXIC ASSETS" and selling them up the ladder. PLUS, they aren't predatory lending. So people won't be losing their homes because of adjustable rates.

And yes, people might lose their jobs and then not be able to pay. So do you want to just stay in this recession or work to get out of it?

You right wingers spin everything the way you want.

I can not imagine a scenerio where I would vote GOP ever again in my lifetime. You guys are just so intellectually dishonest. Maybe if I hit the lotto I'll change my mind, but that's about it. You guys are liars, greedy and ignorant.

Does anyone else see the irony in bobo's post?

i notice he is still saying "YOU GUYS"....."those guys" are in just about everyone of Bobos post's....who are "THOSE GUY'S?".....

 

[oreo]

This guy just doesn't learn. What's the matter with you people in Massachuchetts, you keep electing this idiot.

"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.

Seems like they actually applied some common sense here, obviously Barney hasn't got it yet. He is the stupid " Banking Queen."

AGREED--if Fannie/Freddie see a condo unit where there are 15% of owners that are deliquent on their association dues--it probably is a good indication that 15% of these owners are going to walk on their loans--meaning immediate property depreciation for all.

On the more than 10% of the units owned by one person--indicates you've got a lot of rentals in this building--& if the owner does not rent--he's not paying his bills either.

So--FINALLY I have been a huge critic of Fannie/Freddie--but it appears to me that they have got their act together & are finally trying to protect the American taxpayer.

Barney Frank & Anthony Weiner have got to be the dumbest members of any congressional banking committee ever. Why in the hell after this economic collapse is Barney Franks still in this seat?

BTW--I e-mailed the congressional banking committee & told them what I thought. Hopefully everyone else on this board will too.

 

[midcan5]

This myth in the wingnut tool's minds that fannie and freddie brought down the economy may be comforting to tools like them but is so far from reality one wonders if their minds are not controlled by waves that emanate from corporate towers. Surely they don't think.

How We Were Ruined & What We Can Do - The New York Review of Books

Iceland represents an example of the reasons in a nutshell.

'Wall Street on the Tundra'

"Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, around 2003, to re-invent itself as a global financial power? In Reykjavík, where men are men, and the women seem to have completely given up on them, the author follows the peculiarly Icelandic logic behind the meltdown." Michael Lewis

Wall Street on the Tundra | vanityfair.com

 

[Immanuel]

It's real estate 101! If occupancy levels are high--it probably indicates that the condo is in a desirable area. Also meaning that if the owner defaults on the mortgage--it will be very easy to re-sell to someone else. You've heard it before: location-location-location. Location is why property values go up--& it is the number 1 important consideration when buying a home or making an investment.

Thanks, I was thinking more on the line of first sales. A condo would be empty until such a time as all the units have been sold initially and then it would seem that units would sell one at a time and technically they would still be occupied if they were owned even if 35% of the owners lived in second homes.

Immie

Fannie/Freddie have been accused of being to lax--& putting the American taxpayer at risk. This is why we are in the economic situation we are in today. So what they have done to cut back on our risk is too raise their standards on what they are going to guarantee with our taxpayer dollars. It just makes sense that they would want the premium properties that are capable of going up in value. This I CHEER!

Barney Franks has worked his fingers into their decision--wanting taxpayers to guarantee properties that are risky & ones that could easily devalue.

Oh, I agree with you here. I understand the idea of not guaranteeing loans for individuals who are not credit worthy. What I didn't understand (because I was thinking "new condos") was why it mattered about occupancy percentages, but you pointed me in the right direction on that issue.

As for why we are in the economic situation we are in today, Fannie Mae/Freddie Mac have a small role to play in that but it was a much bigger problem including the Democratic Party talking down the economy in order to win the election. There were a lot of factors that played into the downturn not just one single issue.

Immie

 

[sealybobo]

This myth in the wingnut tool's minds that fannie and freddie brought down the economy may be comforting to tools like them but is so far from reality one wonders if their minds are not controlled by waves that emanate from corporate towers. Surely they don't think.

How We Were Ruined & What We Can Do - The New York Review of Books

Iceland represents an example of the reasons in a nutshell.

'Wall Street on the Tundra'

"Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, around 2003, to re-invent itself as a global financial power? In Reykjavík, where men are men, and the women seem to have completely given up on them, the author follows the peculiarly Icelandic logic behind the meltdown." Michael Lewis

Wall Street on the Tundra | vanityfair.com

I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks!

 

[Lycurgus]

I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks! [/QUOTE

 

[Lycurgus]

midcan5
liberal This myth in the wingnut tool's minds that fannie and freddie brought down the economy may be comforting to tools like them but is so far from reality one wonders if their minds are not controlled by waves that emanate from corporate towers. Surely they don't think.

What is amazing are liberals like you who still try to hide the mistakes and frankly wrong doing by the likes of Frank in regard to the housing market and those two funds.

Join SeaBoob ........... STFU

 

[sealybobo]

I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks! [/QUOTE

Who is Lycurus, really? Queen.

 

[Tech_Esq]

This guy just doesn't learn. What's the matter with you people in Massachuchetts, you keep electing this idiot.

"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.

Seems like they actually applied some common sense here, obviously Barney hasn't got it yet. He is the stupid " Banking Queen."

I always prefer that he is a "Sputtering Muppet of a man."

 

[Tech_Esq]

I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks! [/QUOTE

Who is Lycurus, really? Queen.

bobo.....seriously dude, if you are going to comment on a political board, you should at least know the major players. And, if you don't know....there's a thing called GOOGLE....use it!

Barney Frank, that sputtering muppet of a man, has always been a proud, openly gay, Democrat. Someone put a Republican symbol near him once and he was heard to sputter, "It BURNS!!!"

 

[Tech_Esq]

This myth in the wingnut tool's minds that fannie and freddie brought down the economy may be comforting to tools like them but is so far from reality one wonders if their minds are not controlled by waves that emanate from corporate towers. Surely they don't think.

How We Were Ruined & What We Can Do - The New York Review of Books

Iceland represents an example of the reasons in a nutshell.

'Wall Street on the Tundra'

"Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, around 2003, to re-invent itself as a global financial power? In Reykjavík, where men are men, and the women seem to have completely given up on them, the author follows the peculiarly Icelandic logic behind the meltdown." Michael Lewis

Wall Street on the Tundra | vanityfair.com

Yes, clearly, because Fannie and Freddie operate best when they are under capitalized

Left wingnut cover for Frank and Dodd, that's all that crap is. But, don't let that stop you from pedaling it. Like MSLSD, you aren't interested in the truth, just covering for "your guys."

 

[WillowTree]

tee hee hee I remember every left wing lunatic on this board denied housing and Fannie and Fredine having anything to do with the meltdown.. and Geithner with one word shot them down.. must be tuff!