Those arrogant asshole bastards are at it again. After causing the biggest burst bubble in history then stealing from the taxpayers to pay off their political cronies who got burnt, Barnie Frank, one of the stooges largely responsible for the above, and another asshole have written a letter to Fannie Mae:

"Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums...

In a letter to the CEO's of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold "may be too onerous" and could lead condo buyers to shun new developments, according to the paper.

The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos, the paper added."



This tool...read more about Le Lips here and here.

From The Wall Street Journal:

"Telling Fannie Mae to take more credit risk. Now there's an idea

Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to "roll the dice" in the name of affordable housing. That didn't turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity -- with your money. He and New York Representative Anthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.

You read that right. After two years of telling us how lax lending standards drove up the market and led to loans that should never have been made, Mr. Frank wants Fannie and Freddie to take more risk in condo developments with high percentages of unsold units, high delinquency rates or high concentrations of ownership within the development."

It was this exact same thing that started off the housing crisis: lowering of underwriting standards. Hell, let's do it all again!! Then bend over and grab them - oops, better not with Barnie around.