a strategy not even an iota better than “let’s drink bottles of bleach”
“Fighting fire with fire” never sounded so stupid:
http://www.bloomberg.com/apps/news?pid=2…
Feb. 5 (Bloomberg) — Fannie Mae, the mortgage-finance company under U.S. government control, will loosen rules for homeowners seeking to lower their loan payments by refinancing.
Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases…
Let’s say this again slowly so we can savor the stupid:
- drop some credit-score requirements
- reduce income-documentation standards
- waive the need for appraisals
That will get us out of this bad mortgage mess!
(via)
February 6th, 2009 at 10:04 am
Well. The retching and painful paroxysms will take longer to develop under the Fannie Mae plan. Otherwise your idea has much to recommend it.