About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
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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


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