About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

Here is the link to an interesting editorial on the mortgage mess the U.S. is facing. The best quote is near the end of the piece:

The enduring interest of the housing slide/recession/depression/ apocalypse of 2008 will lie not only in the brute details of what happened, but in the chain of incentives that made events possible. That chains extends upward from bad-faith “buyers” following a distorted gospel of personal saving, to mortgage salesmen seeking to boost commissions and bonuses, to their bosses who couldn’t devise new market share-grabbing mortgage products fast enough, to Fannie and Freddie and private institutions who unwisely “pooled” mutually dependent risks and marketed the pools as extra-safe, all the way up to careless international buyers and the compromised rating agencies they depended upon.

Comments (0) Posted by G.R.A. Admin on Saturday, July 19th, 2008

You can follow any responses to this entry through the magic of "RSS 2.0" and leave a trackback from your own site.

Post A Comment