Blame Barney Frank

The GOP and their laissez-faire economists really need some way to blame Barney Frank for this:

"I doubt this approach would play well with regulators, investors, rating agencies, etc," [John P. McMurray, chief risk officer of Countrywide Financial] wrote. "To some, this approach might seem like we've simply ceded our risk standards and balance sheet to whoever has the most liberal guidelines."

Fortunately for them, they don't care about facts.

(h/t Atrios)