Right Thinking From The Left Coast
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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 in Left Wing Idiocy • Permalink


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