Barney Frank (D-Mass.) has been an unending supporter of mortgage bailouts and Fannie Mae and Freddie Mac. Whenever somebody has to jump to the defense of government involvement with the real estate market, it was Barney Frank.
Now, he is calling for the abolishment of Fannie Mae and Freddie Mac, which, though still in the "announcement" phase and could go in any direction, is such a positive turn of events I thought I would mention it. He wants to replace the GSEs with something else, but in the current political climate, anything will be better than Fannie Mae and Freddie Mac. Famous last words, I know.
The election of Scott Brown seems to be having wonderful ripple effects through the Democratic leadership.
1. FNM, FMC Should be Eliminated, Frank Says.