How can I put this simply?
Let's say you had an uncle who was an unemployed cocaine-using junkie.
But instead of putting him in rehab, you gave him your brand new no-limit credit card, and a kilo of coke. And the keys to your car. And your kids.
Yup. That about sums it up.
Senate passes mortgage rescue plan
Democrats are divided over important elements of the plan, including limits on loans the FHA may insure and Fannie Mae and Freddie Mac may buy. The Senate measure sets them at $625,000, while House leaders — including , D-Calif. — want the cap as high as $730,000.
July 12, 2008
With Fannie Mae & Freddie Mac on the brink of failure, your corrupt monkeys in DC have just passed a bill to RAISE the size of mortgages they can buy
Posted by blogger at 7/12/2008