Barney Frank says the American dream should be a home but not ownership. What does that leave, giving it away?
by Mortgage Rates on Wednesday, October 6th, 2010 | 20 Comments
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This man is sickening. His ass belongs in jail.
in other words property of the state,,aka socialism.
Barney Frank is a Nazi…He supports Healthcare reform!
Healthcare is evil!
What planet does Bawney Fwank spend most of his time on? He is a dinner table.
it’s a scary phrase but, “social housing”, ooh that scary “social”!
Like all liberals, Barney is mentally unfit to be out of a group home, somehow he is able to get other mentally injured folk to vote for him.
Millions of Americans PREFER to rent.
Are you an elitist?
Barney Frank is an idiot.
Barney Frank is a total idiot. He is a large part of the reason for the housing crisis!
I think that just like 95% of the entire Congress and House of Representatives (who are wealthy) Frank and his “boy friend” need to give their homes away to the poor and rent or else shut the hell up!
Barney Frank is a highly liberal Democrat and so he believes in free homes for all. At least, every one with an income of less than $25,000. Every one else except the rich pay the price.
Halfway in between ownership and “giving it away” is renting. Perhaps you could read the entire article.
It means “renting from ‘th’ man’”.
This line of thinking that everyone should own a home whether they are in a good situation to pay for it or not is mostly responsible for the meltdown.
I have no idea what THAT is supposed to mean either. Is he looking for a nation of RENTERS? Yeah, you’re right, he probably wants homes GIVEN away with NO mortgage payments, no credit checks, no financial responsibility…la, la, la…
He probably has his head so far up someone else’s butt, he can’t see anything anyway.
Think if we ignore him long enough, he’ll go away?
Much of our current economic problem comes from low- and middle- income families defaulting on their debts.
Frank is suggesting that, instead of encouraging these people to take on massive debt which they are shackled to their whole lives, they should instead rent a home, keeping them debt free.
He clearly means that renting is perfectly fine and should be okay but LOOK at the rest of the quote “one of the earliest critics of the Bush administration’s push to put mortgages in the hands of low- and moderate- income people.” OMG, what a laugh!!!
Rep Frank told the Bush administration to go fly a kite when they appealed to his committee to address the regulation of the mortgage markets because something was going to blow up. Rep Frank himself bears a big chunk of the blame for the final disaster. Certainly the edge would have come off of the fall if he had permitted some action at that time.
To me, that sounds that he wants people to just rent or to buy but never truly own their home.
Bush didn’t push to put homes in the hands of low and moderate income people. He pushed to keep the economy going while he let gas prices soar. The only way he could do that was by his last available means and that was through the home construction industry. So he allowed for 0% down and even for people to get money back when they bought their house. What happened as a result was that construction builders built too many houses. Then people who bought a new home couldn’t get rid of their old home. That caused them to have to pay 2 mortgages which most can’t afford to do. Then they default and get foreclosed on. Then when the foreclosures rised, house prices dropped. When house prices dropped that caused many people to be underwater on their mortgages, causing more foreclosures. And with gas being so high that just made things worse.
What Bush really needed to have done was to have gone after the oil speculators which increased by 36 fold in like one year. And he needed to have tapped into the oil reserves to keep the prices in check. But he never did that because where does his family money come from? OIL
And as you yourself just stated in your question. The housing fall wasn’t due to some Clinton ethnic rule. It was due to Bush and his 0% down mortgages.
I think he’s saying that we should aspire to have everyone in homes and not homeless, regardless of whether they own the home or not. The comment is hilarious coming from the mouth of Barney Frank, though and the article is outright lying. He’s the one that screamed the loudest in opposition when the Bush administration warned of troubles within Freddie & Fannie and pushed for tighter regulation back in 2003. Frank said there was no impending crisis and that they should be encouraged to lend more to lower income families. He said they were financially sound. The video linked below shows Barney Frank saying so himself.
http://www.youtube.com/watch?v=63siCHvuGFg
?????
I guess you’ve never heard of how many people RENT their homes. What that means is, they pay whoever owns it money each month to live there.
What he was objecting to was mortgages to people that they couldn’t afford, which would lead to them defaulting and loosing their homes.
I guess you’ve been off-planet since he gave that quote, because the current economic crisis we’re having was first set off because people started defaulting on loans they couldn’t afford, which lead to housing prices falling.
This lead to people owing more on their homes than the homes are worth.
Sane humane people agree with him: no one should be homeless, everyone should have a place to live. This does NOT mean that everyone should OWN their own home.