Danfrphils

Mortgages: Loan Officers Slamming the Barn Door

Unfortunately, samo, it's not the banks that will suffer in the end. We the tax payers will have to pay for it thanks to our idiot senators in congress like Barney Frank & others who pushed through the "Mortgage Rescue" Bill which will put the bad loans squarely on the balance sheets of Joe Q. Taxpayer. Freddie & Fannie are, even at this moment, buying up junk mortgages (although not as much junk as before) which will add to our national debt. Think about it... many of those $720K conforming loans in CA will default in the future, since in my opinion, CA still has a ways to go in price decreases and job losses have still not fully materialized from the recession. I shiver to think the tax bomb that awaits my kids... it could make Scandanavian tax regimes look like tax havens.