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    Remind me sometime to ask Tom ..., 2009-03-06 23:11:35 | Main | "fraudulent conveyance"..., 2009-03-08 12:43:01

    keeping the exits open:

    During the housing boom the Federal Housing Administration's mortgage insurance program was to all extents and purposes run out of business as the private mortgage market swelled to gargantuan size with various non-conforming con jobs - the liar and ninja loans and all the rest of it. Since the meltdown the FHA has seen its market share shoot back up as the last man standing and as congress has directed it to shore up the collapsing mortgage market by loosening loan standards. The WaPo has a long story on how the same mortgage brokers that brought you the housing bubble are now busy discovering innovative ways of defrauding the FHA, be it by downpayment assistance programs or, one supposes, the illegal version of lying on loan applications. FHA loan default rates are rising dramatically, as the rats flee the burning wreckage of the real estate market by discovering one more way of sticking taxpayers with their losses.

    Any accurate model of our economy would have to be premised on an analogy with a carnival rather than an open air market, where every booth is operated by a conman who's rigging the game and even the cotton candy vendors have discovered a few dozen different ways to mercilessly stick it to your pocketbook.


:: posted by buermann @ 2009-03-08 11:52:58 CST | link





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