This is criminal. FHMA continues to give loans to people who cannot afford those loans. It is nothing more than a multi-billion dollar wealth redistribution scam. The GOP House needs to do the right thing here and just say ‘no’. The bleeding stops now.
I was taking my courses for my Master's in the height of the economic collapse. My prof said in 2008 that Barney was taking the wrecking the ball to the US Economy via Fannie / Freddie and here we are in 2011. That Professor seems like a genius now...
Everyone is right. Many of these loans should have never been given out. The government should have NEVER got involved in a private real estate market. But that ship has sailed.