Thursday, February 14, 2008

When All Else Fails

The Jolly Bankers want you to pick up the tab for their greed and stupidity. Free market capitalism at its finest. WSJ (02.14.08), via Calculated Risk:
"The banking industry, struggling to contain the fallout from the mortgage debacle, is urgently shopping proposals to Congress and the Bush administration that could shift some of the risk for troubled loans to the federal government.

One proposal, advanced by officials at Credit Suisse Group, would expand the scope of loans guaranteed by the Federal Housing Administration.

Worried Bankers Seek to Shift Risk to Uncle Sam

"The proposal would let the FHA guarantee mortgage refinancings by some delinquent borrowers."

Boy. The joke would really be on you if they got this through, eh?

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