Barney Frank recommends lowering standards for condo buyers!

After all the controversy surrounding the underwater mortgage holders across the United States, Frank is ONCE AGAIN recommending that standards be lowered for those seeking mortgages for condos. This is exactly what he did that produced the initial lowering of standards and ultimate crash of the housing industry. Read about it at the WSJ: 

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.

Fannie and Freddie have restricted loans to condo buyers in these situations because they represent a red flag that the developments -- many of which were planned and built at the height of the housing bubble -- may face financial trouble down the road. But never mind all that. Messrs. Frank and Weiner think, in all their wisdom and years of experience underwriting mortgages, that the new rules "may be too onerous."