Fannie Mae and Freddie Mac asked to loosen condo lending rules

Banking Queen, Bawney Fwank, has learned nothing from the current financial crisis or how we got hear. He and fellow dem Anthony Weiner want to loosen their recently tightened lending standards.

In March, Fannie Mae (FNM.N)(FNM.P) said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac (FRE.P)(FRE.N) is due to implement similar policies next month, the paper said.

In a letter to the CEO's of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold "may be too onerous" and could lead condo buyers to shun new developments, according to the paper.

This is the same Bawney Fwank that told George Bush there was no need to tighten regulations because they were oh so sound. Of course since these entities are nothing more than Democrat piggy banks this will probably happen.