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Do you agree with Barney Frank on abolishing Fannie & Freddie?

WASHINGTON (Reuters) – Fannie Mae and Freddie Mac should be abolished rather than reformed as part of the Obama administration's planned overhaul of the government's role in housing finance, Rep. Barney Frank, chairman of the House Financial Services committee, said on Tuesday.

"They should be abolished," Frank said in an interview on Fox Business, when asked whether the mortgage giants should be elements in housing market reform. "They only question is what do you put in their place," Frank said.

The Federal Housing Administration should be fully self-financing and Freddie and Fannie should be replaced with a new mechanism to help subsidize housing, Frank said in the interview.

"There is no more hybrid private-public," the Massachusetts Democrat suggested. "If we want to subsidize housing then we could do it upfront and let the budget be clear about that."

 
sweet-a-kins

Asked by sweet-a-kins at 11:17 AM on Aug. 18, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (16)
  • Yep, the longer and bolder you make it, the more likely it is to make sense...?

    i agree with him half ways... they should abolish them. I don't think the government should be involved in subsidizing home ownership. Bottom line is, if you need to get THAT much help to buy a house, you should probably wait on it anyway, because you probably don't have the capital to take care of any emergencies, or not to lose the house if something happens with your job/ the market.
    lovinangels

    Answer by lovinangels at 11:25 AM on Aug. 18, 2010

  • I think he is trying hard to get re-elected! But in any case, he is right, they BOTH need to be disbanded! That should have been done a long time ago. Funny, though, that it hasn't been that long ago that he said there was nothing at all wrong with them, that everything was going good with them...
    29again

    Answer by 29again at 11:38 AM on Aug. 18, 2010

  • I listened to this and couldn't figure out whether or not to laugh or drop from surprise. I decided to laugh. Of course they should be disbanded but what does he really want to replace them with? Another freaking Government fantasy. Now we should just build the low cost homes for those with less income? That in itself will cost us billions if the Government is involved. Then who is going to finance them? Barneys NEW finance company?
    itsmesteph11

    Answer by itsmesteph11 at 2:09 PM on Aug. 18, 2010

  • I think he makes a good point. Both of those organization have had serious financial difficulty. I'm worried that they would just replace those with a bigger ill-run organization though. I wish they'd allow a private-sector group to run a new program, I think more people would be helped and that it wouldn't require as much government money.
    Scuba

    Answer by Scuba at 11:20 AM on Aug. 18, 2010

  • I think he is trying hard to get re-elected! But in any case, he is right, they BOTH need to be disbanded! That should have been done a long time ago. Funny, though, that it hasn't been that long ago that he said there was nothing at all wrong with them, that everything was going good with them...

    ________________________________
    The part I don't agree with is where he talks about replacing them.. with WHAT exactly?
    lovinangels

    Answer by lovinangels at 11:45 AM on Aug. 18, 2010

  • Yes I agree with him. Never thought i'd say those words but yes he's right.
    sopranomommy

    Answer by sopranomommy at 12:43 PM on Aug. 18, 2010

  • This man should be flogged.


    He should at the very least shut the hell up and go home.


    The VERY IDEA that he isn't in jail is beyond me.


    Why would anyone listen to his explanation that the damned sky is blue?




    A  moral and intellectual reprobate.

    mustbeGRACE

    Answer by mustbeGRACE at 11:20 AM on Aug. 18, 2010

  • The Federal Housing Administration should be fully self-financing and Freddie and Fannie should be replaced with a new mechanism to help subsidize housing, Frank said in the interview.


    This is where I disagree with him.  It's just another way to relable the same program so that they can get more mileage out of it.  So, if that's the case and it's not an option to just abolish F&F without replacing it with anything else - then I completely disagree with him.  Keep it as Fannie and Freddie so that we can see that they keep dumping money into a losing program. 

    QuinnMae

    Answer by QuinnMae at 12:56 PM on Aug. 18, 2010

  • Oh! *clasps heart*

    Grace thinks I'm stupid! *falls out in anguish
    lovinangels

    Answer by lovinangels at 3:32 PM on Aug. 18, 2010

  • sweet-a-kins

    Comment by sweet-a-kins (original poster) at 11:17 AM on Aug. 18, 2010