“Wonder of wonders, miracle of miracles”, Barney Frank has seen the light. From today’s Opinon page from The Wall Street Journal:
Barney Frank has been all over the airwaves this week with a clear and—we never thought we’d say this—perfectly sound message about Fannie Mae and Freddie Mac: “They should be abolished.”
Well, praise be. Two years ago next month, then Treasury Secretary Hank Paulson put the two government-sponsored mortgage-finance giants into conservatorship, and Congressman Frank declared himself pleased that there was a good chance, according to government bean-counters, that the rescue wouldn’t cost taxpayers a dime. Also at the time, Mr. Frank scoffed at the Bush Administration’s view that Fan and Fred should be wound down, saying it would never happen. One and a half trillion dimes ($149 billion) later, Mr. Frank appears to have seen the light.
Let’s turn the clock back:
FYI – Canada has neither a Fannie Mae nor a mortgage-interest tax deduction, and yet its homeownership rate is higher than America’s.