Interesting article from the New York Times about the possible demise of the 30-year, fixed-rate mortgage. Reading it, I discovered that, Fannie Mae and Freddie Mac's involvement in the collapse of the housing market has gone from a wild, unproven right-wing assertion (probably dreamed up by the Koch brothers in between selling babies at a profit and bilking widows) to Received Wisdom. Hunh.
The comments are a scream, though possibly not in the sense of amusement; all the usual hobbyhorses are trotted out, from the guy who thinks that, because he had a budget and wrote it all down (in ink and everything!) and now prices are rising, he's being ripped off to the blame-the-GOP 'tards who seem to think the cause must be the overweening greed of lenders rather the short-sighted concupiscence of those who bought homes they could not afford and were allowed to thanks to improvident Federal policies. They're all shouting, nobody's listening, and, oddly enough, none of 'em appear to be living in discarded appliance boxes.
3 weeks ago