To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Tuesday, May 20, 2008

Federal Mortgage Bailout Follies

Aside from the fact that it makes me ill to think of a Barney Frank bill that will bail out speculators and punish we who rented or bought responsibly, there is the bigger issue of whether the FHA can handle the new volume. FHA now manages 5% of loans. Under the Frank bill, it could go up to 30%.

I visited FHA today as I am looking to get a new loan. The web site asked me for my vitals and then went dead. And dead, like ten times. It's web site is 1997. Do we really want to steer and have taxpayers back $300BN of loans to this pathetic dysfunctional agency?