Chilling. After all we’ve been through (and it’s not over yet), a well-known mortgage originator on a Boston-area talk radio station is shilling such: “Low credit? No credit? No problem! We can get you an FHA loan! No income verification!”
Imagine the black sheep in your family. Nice guy. He’s family, so you love him. But you’d never lend him a buck that you expected repaid – he’s not the responsible type. Everyone knows someone like that. Would you give him a $300,000 mortgage with no income verification? No? Well, Uncle Sam will.
Thank you Barney. The mindset that foreclosure risk should be underwritten by the taxpayers is a staple of liberal, progressive philosophy. It got us where we are, and it’s difficult to believe that we haven’t yet learned our lesson.
Tuesday, August 25, 2009
Subscribe to:
Posts (Atom)
