Barney Frank Endorses Financial Deregulation

Reuters is reporting that Barney Frank (D-MA) wants to deregulate Freddie Mac and Fannie Mae, two financial institutions that failed last summer because of his earlier opposition to financial oversight:

Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.

Apparently, Rep. Barney Frank (D-MA) wants to deregulate Fannie and Freddie because the existing regulation "may be too onerous" (emphasis added). What better way to add certainty to that "onerousness" than to take another run at insolvency at the GSAs!

I'm sure I was told that the problem was that these institutions were "unsupervised." Has Barney Frank (D-MA) tired of the oversight role that his position as chairman of the House Financial Services Committee affords him that he now embraces deregulation?