NEW YORK (CNNMoney.com) — Think Greece and Spain are drowning in debt? Look a little closer to home. Seven U.S. cities recently had their municipal bonds downgraded below investment grade. Their debt is now, junk, considered more worthless than that of the so-called PIIGS.  ”America’s short-term budget crises, long-term growth perspectives and needs for austerity [...]

House Financial Services Chairman Barney Frank on Friday said he agrees with the Obama administration’s decision to fully back Fannie Mae and Freddie Mac bondholders to provide stability to the housing market and broader financial system.
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