Rep. Barney Frank meddles in mortgages, again

Even though the US has not yet recovered from the last mortgage crisis, Rep. Barney Frank is already hard at work trying to create the next mortgage crisis, as the editors of the Wall Street Journal explain:

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. [emph. added]

PREVIOUSLY on the subject of Barney Frank:
Living in a fantasy world, III
How we got in this economic mess
Those who do not learn from history