Look, Mom, I just assumed the risk for subprime mortgages!

My government has now assigned the risk for subprime mortgages to you and me, the taxpayer.

Risky borrowers can now have their mortgages underwritten by Joe and Jane Taxpayer. Risky borrowers will behave as risky borrowers do: some will actually pay off their debts but some will not. And now I'm paying for those who will not.

The President spoke out of both sides of his mouth when saying "It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford.''

Anyone who needs to refinance with the FHA, by definition, made the decision to buy a home they knew they could not afford. End of.

Newsflash!! US Government Screws Its Own Country!!

Something inside of me died today when I read this article.

This madness has to stop. This is nationalized housing.

A government guarantee for subprime mortgages is so wrong on so many levels. It:

1) Punishes fiscal responsibility (savers will have their tax dollars spent on the profligate and dishonest)
2) Deepens the federal debt (when borrowers, ultimately, cannot pay for these mortgages the government is on the hook)
3) Lets the subprime mortgage scum off the hook.

That's just for starters.

Where is the sign-up sheet for the riot?