Fannie and Freddie: a continuing failure

This New York Times article with an Arizona angle on the housing mess created by questionable home loan financing shows a government running headlong toward the slippery slope of total financial disaster.

What is not mentioned is that the exodus of illegal Arizona residents, many of whom who took advantage of the ridiculous lending programs to purchase houses beyond their means to pay for, is the next bubble threatening economic recovery. Thousands of them are expected to walk away from their financial obligations as they flee the state following passage of SB 1070.

The light at the end of the tunnel is an oncoming train and American taxpayers are caught in the beam.


About zingstrom

Journalist, free-lance writer, photographer and aviator.
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