Barney Frank(D-Fannie Mae) Still Encouraging No Money Down Home Buying

City Journal reports:

As the Wall Street meltdown continues, private-sector financial institutions have no choice but to swallow the market’s harsh verdict on the past decade’s financial engineering. Stunned global investors won’t give financial firms any more money, forcing the firms into bankruptcy if they’re not lucky, or into the arms of Uncle Sam or of much bigger companies, if they are. But as the House Financial Services Committee proved on Tuesday, the public sector somehow feels it can continue to ignore reality—at least for a little longer.

The committee, chaired by Massachusetts Rep. Barney Frank, took steps to gut a modest reform of the bad lending policies that helped get us into this mess. By voice vote, members moved to overturn a ban on something called “seller-financed down payments” for some government-guaranteed mortgages. Congress largely banned government support for such mortgages just two months ago at the request of the Federal Housing Administration.

Socialism encourages artificial leverage.This is the very same Barney Frank(D-Fannie Mae).