We may be more acutely aware of it here in California than the rest of the country, but it is seeping all around the country, surely, if not slowly.... the mortgage crash. As an ex-real estate professional and a former mortgage originator (both for banks and for free standing companies), I have not read a better explanation of the craziness that is the current mortgage market than this.
I'm a proponent of enlightened regulation (unenlightened regulation gave us the real estate collapse of the 80's, even if the fixes were needed (they should have been better worked in, rather than just evaporating about a third of the real estate value in the country in one day)), so I'm not opposed to having the Feds weigh in on this. I just hope they do it with caution this time, rather than just jumping as they did last time.
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