Karl Henninger

“FHA Running Leverage Equal To Bear Stearns and Lehman Brothers”

If you have not put Market Ticker on your subscribe list, better do it now! DAMNIT, STOP THE LOOTING NOW! Put the kids away before reading. If this does not make your blood boil..... Herein lies the problem. The FHA’s standard insurance program today is notoriously lax. It backs low downpayment loans, to buyers who often have below-average to poor credit ratings, and with almost no oversight to protect against fraud. Sound familiar? This is called subprime lending—the same financial roulette that busted Fannie, Freddie and large mortgage houses like Countrywide Financial. The article goes on to note that as…
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