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« Two Americas | Main | TDH at the Weatherspoon »

Jan 30, 2012

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 d c

Well, the mortgage process is a whole mess, ask anyone who has tried to re-fi or get a new one lately.

Yes, the government needs safeguards, but they have completely shackled the industry.

Just try to re-fi a Jumbo. 2nd home re-fi- almost impossible.

And this is with great credit and loads of cash.

Billy Jones

How is thie even legal?

justcorbly

Good report on NPR today by the reporters who broke the story. Apparently, it is legal (for now, at least), with Freddie asserting (A) that it is supposed to find ways to make money and stay solvent, and, (B), that the loan side of the house is firewalled from the investment side. (They aren't the first to say that.)

I find the firewall claim hard to believe, since top management must know what's going on in both sides of the house.

It's getting so we need to treat financiers like unruly kids who, caught setting fire to the house, shout, "You told me to keep busy, but you didn't tell me not to set fire to the house. So, it's not my fault."

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