Barney Frank (D-MA) Chairman of the House Committee on Financial Services is demanding the large banks involved in the 2nd mortgage market write down the value of these liens, so investors in the 1st mortgages can write down their investments and move on.

Sounds good! Doesn’t it?

See the letter here at the wsj online. Barney’s letter to banks

The problem is Barney fought to have the “Mark to Market” accounting rule eliminated. So how do the 2nd mortgage get written down now?

View Barney’s history in the Housing, Mortgage and Financial Crisis here A Conspiracy of Imbeciles

After you read about his involvement you’ll better understand how these people in our Congress keep themselves employed and our country screwed up.

It’s might be a good thing for all of us to figure out but I doubt it.

This is how it works!

“Create  an issue or program we know nothing about, make it a law,  Americans spend the next 20 years suffering from the consequences of the original action and then try to piecemeal a fix to the mess so as not to offend  the special interest groups the program was designed specifically for.”

Are we ready for Health Care Reform?

This is Barney term after term. See Barney’s Record Here

We need more help from the voters in Massachusetts’s 4th District.

aPOA is a Patriotic American, 23 year member of the (SAL) Sons of the American Legion, and a member of the Men’s Auxiliary of the (VFW), Veterans of Foreign Wars. I am just Pissed Off at the way we allow ourselves to be treated and disrespected.  Join aPOA and let your voice be heard.

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Filed under: Banking • Congress • Democrats • House of Represenatives • Washington DC

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