Barney Frank said he will seek legislation to “make it illegal for anybody to securitize 100 percent of anything.”

“It’s 100 percent securitization that allows bad originations because people make loans and don’t have to worry about being paid back,” Frank said. “Nobody should be taking more risk than he or she can afford to pay off.”

It’s encouraging to see that finally at least one politician understands the crux of the financial crisis. However, Mr. Frank will surely run up against massive resistance in trying to curb securitization. Securitization lies at the heart of Wall Street’s obscene pay packages, the current crisis, and the ongoing financial fraud at big banks. It’s also the main thrust of Geithner’s TALF scheme. It’s doubtful Mr. Frank will have any chance of pushing thru any needed securitization legislation when he’s up against Wall Street foes and their partner Geithner, all of whom have way more to lose than the average American, who has basically already lost it all.