[Sandy]

Either we buy the houses at 60 cents on the dollar and sell them to developers, or we pay the mortgage companies 100 cents on the dollar because the loans are federally guaranteed.

What are you talking about? Where'd you get the idea that the people who didn't have enough insurance all had federally guaranteed loans? No doubt many of them are either poor or stupid, but that doesn't necessarily mean they didn't have conventional mortgages.

[Lurker]

Where in the heck have you been? Man, it's great to see you hanging around here again.

What is it with these people?

I've got to admit that this thread got me to break one of my personal rules. Never argue with idiots. They just drag you down to their level and beat you with experience.

However, it is sad to see folks who undoubtedly think they're conservatives try to rationalize that it's ok for them to stick their noses in the Federal trough.

You know how I feel about his. If they had insurance privately or through the Fed, then take the check and move on. If they didn't, tough kimchee.

I'm getting really tired of Federally Subsidized Stupidity.

L

[CobaltBlue]

Fannie Mae has been purchasing conventional mortgages since 1978 and selling them as mortgage backed securities, as does Ginnie Mae and Freddie Mac.

I would guess that most of the mortgages on the properties in the worst-hit neighborhoods were low-dow- payment targetted at low income and moderate income buyers, especially minorities. Wouldn't you>