The housing market is poised for another massive crash, due to the tie up of funds in foreclosures. Doug Ross attempts to entangle the web:
This is a failure of Democrat policies, not the free market. Agency after agency, bureaucracy after bureaucracy, politician after politician failed to unwind the disastrous policies of Fannie Mae, Freddie Mac, HUD and the other Statist programs hatched by Bill Clinton, Andrew Cuomo and Janet Reno to make homes "affordable".So much for Mr. Frank's claims that it was Republicans that wouldn't fix the problems. I've listened to the hearings, and the Dems in the House committee, Barney Frank and Maxine Waters in particular, brow beat the people that had been placed in charge to be sure the entities were safe. They didn't want to hear what might go wrong, and they assured us that everything was okay, under the outstanding leadership of Mr. Franklin Raines. Buloney.
Fannie and Freddie were raped and pillaged by connected Democrats like Franklin Raines, Jim Johnson, Jamie Gorelick, Tom Donilon, and many others. It was wracked by accounting scandals that mysteriously spawned generous bonuses for these executives. With the help of Democrats in Congress, it blocked eighteen separate attempts by the Bush administration to audit the entities and to implement traditional risk management controls.
However bad that was, it may all get a whole lot worse. Democrats are now thinking of inserting themselves once again by implementing a foreclosure moratorium which not only would stop foreclosures, it would likely freeze up the entire housing market.
Barney Frank, Chris Dodd, Maxine Waters and the rest of the social engineering geniuses who protected Fannie Mae and Freddie Mac from regulatory oversight during the Democrat housing boom should be serving life sentences in Leavenworth.Absolutely. With the US Tax payers on the hook to cover the failures, we must get the government to stop playing around with the banking industry. It is not a regulation problem, it is a governmental mandate problem.