The Insanity of Government-Sanctioned Easy Mortgages
The other day, Megan, who I frequently bore with real estate talk, highlighted a new program run by several state housing agencies and Fannie Mae that lets people buy a house with as little as $1,000 down. Less, actually: the couple she cited put down 67 cents. This is obviously scandalous, and sure to end badly for many of these "lucky" buyers if the economy worsens and house prices keep dropping. (Though it's not quite as bad as the Australian banks offering 105… More »


