Frank Prepares Bill to Revamp Fannie, Freddie

Source: WSJ

Rep. Barney Frank, chairman of the House Financial Services Committee, said he hopes to introduce legislation later this year to restructure government-backed mortgage investors Fannie Mae and Freddie Mac.

"The current model is broken," the Massachusetts Democrat said in an interview Tuesday. One possibility, he said, is to separate the companies into entities serving two functions: one that would ensure adequate funding for the home-mortgage market as a whole and another that would provide government subsidies for housing low-income people.

Earlier Tuesday, Mr. Frank spoke at a breakfast meeting hosted by the Center for American Progress, a think tank headed by John Podesta, a former aide to President Bill Clinton. He urged housing-related organizations to send him their ideas for reconfiguring Fannie and Freddie, the biggest providers of funding for U.S. home loans.

Federal regulators seized management control of Fannie and Freddie in September as heavy losses stemming largely from mortgage defaults ate through their thin layers of capital. For 2008, Fannie and Freddie reported combined losses of about $108 billion, forcing the Treasury to pump in capital to keep them operating.

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This ancient old fart should have his daughter take him under her wing and teach him how to turn on and off the computer..and maybe he can learn how to log on, send emails, watch porn - torture tapes, or whatever he wishes.

The old fart is long past his useful stage. He's nothing more than a distraction anymore. Disgruntled, defeated...again, and confused. Besides his jokes suck, even though he thinks he is funny.

somewhat outside the box in DC terms and to look at the big picture. He's a real asset in the House and in his committee.