So says a realtor in Casa Grande, Arizona, as reported today in the New York Times. Those government-created (and now government-owned) agencies, Fannie Mae and Freddie Mac, have spent $149 billion of the taxpayers' money on mortgages that went bad. It is the most costly bailout in the history of mankind.
It costs, on the average, $10,000 for the government to sell one house, cleaning it and replacing stolen appliances and filling the swimming pool. Among other things, Fan and Fred pay $80 for a contractor to mow the lawn, every couple of weeks. Nationwide, the lawn guy is costing us $10 million a month. And of course that's only the overhead: the house will likely be sold for half the cost of the mortgage that Barney Frank cosigned on our behalf. But at least that realtor in Casa Grande is making a good income!
"I want to roll the dice a little bit more in this situation towards subsidized housing," as Mr. Frank famously said of the "liar loans" Fan and Fred were underwriting in 2003. Can you imagine how long BP's Tony Haywood would hold his job if he had been as spectacularly wrong as the Congressman? All Mr. Haywood did was spill some oil. Barney Frank spilled the American economy. Blue skies! -- Dan Ford
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