Right Thinking From The Left Coast
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FrankenBank

It’s kind of disturbing how, just when you think Barney Frank has reached his nadir of stupid, he somehow sinks lower:

A senior House Democrat threatened banks Wednesday that if they don’t volunteer to save more homeowners from foreclosure, Congress will make them.

In a sternly worded statement, Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person’s monthly mortgage payment if the number of loan modifications remain low.

Frank, chairman of the House Financial Services Committee, also said his committee won’t consider legislation to help banks lend unless there is a “significant increase” in mortgage modifications.

That last bit may be the only smart think Frank has ever said.  There shouldn’t be legislation to help banks lend since every piece of legislation passed so far seems to make the situation worse.

The banks are trying to see if loans can be written down.  But it takes time to sort out of the wheat from the chaff, to make sure you’re writing down the loan of someone who’s in real hardship rather than someone milking the system.  And, of course, it bears pointing out that the purpose of banks is to make money, not to fulfill Barney Frank’s delusional fantasies about home ownership.

But that’s not enough for Frank.  He wants foreclosures stopped now!  Now now now now now!

Update: Of course, Barney Frank will be sure to guarantee that the hammer doesn’t fall on his banks.  What a twerp.  I especially like his defense that the bank should have been bailed out because Federal action hurt them.  Gee, Barn.  That’s something we could say about every fucking bank in America.

Update: Yet more ... honesty? ... from Frank, admitting that the public option is a trojan horse.  But we already knew that.

Posted by Hal_10000 on 07/31/09 at 07:01 AM (Discuss this in the forums)

Comments


Posted by on 07/31/09 at 09:42 AM from United States

This is kind of scary.  A centrally planned economy cannot work for an economy our size.  And yet that is exactly what they are trying to do, dictate economic policy from DC.

I hope the banks tell him to go to hell and to try to do something about it.  Obamas political capital to ram through blatantly illegal, unconstitutional, and unamerican socialist policies is about up.

Posted by on 07/31/09 at 10:03 AM from United States

And, of course, it bears pointing out that the purpose of banks is to make money, not to fulfill Barney Frank’s delusional fantasies about home ownership.

Bingo!

I know it may come as a shock to a lot of people, but houses are expensive. I had to cut back on everything in my life to save money for my first house purchase. We had a exact number as to what we could afford as a mortgage payment. We even budgeted a couple of extra payments a year, so we could pay down the principal and knock 10 or so years off the note. We could have got into the house with virtually no money down, seller paying all of the closing costs. Mortgage payments for that idiot route would have been around 1,200 a month. By playing it smart, we now have a mortgage that is under 700 a month.

Our house had been a sheer joy for us. I’m glad the bank lent us the money to achieve our dream. Now if only those fuckers would cut me a break and lower my mortgage, cause I just found a sweet 47’ Bayliner yacht, I could afford if Frank gets his way.

Posted by on 07/31/09 at 02:40 PM from United States

I’m sure you have all seen the videos from a few years ago of Frank going on about how safe Fannie and Freddie are, how there won’t be any tax payer liability how there is no way that they would be rescued, etc etc.  The fact that this guy is now in charge of the banking committee shows how venal the Dems are and how much the press is slobbering on Dem cock.  Can you imagine if a prominent Republic had such a track record?  They’d be crucified (even is it was a gay Republican).

The campaign ad should have written itself in 2008.

Posted by AlexinCT on 07/31/09 at 02:41 PM from United States

Franks is one of the chief architects of the government meddling that caused this economic catastrophe we find ourselves in. The argument can be made that he is responsible for the destruction of trillions of dollars in wealth (he is of course the one that also rigged the game to make it appear that that wealth existed). And now he is in charge of fixing things. Great…

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