However, Mae and Mac hold too much of the mortgage market share to be allowed to fail. Couple this with the fact that the Fed’s interest rate reduction has NOT had it’s desired effect, which was to incent the banks to lower the rate at which they lend money to consumers (instead, it prompted them to lower the rate at which they lend money to each other, greedy fucking bastards), and then the banks decided to stop lending money to consumers by and large; well, let’s just say, if Mae or Mac hold your mortgage, you can’t find anyone who will refinance you because the banks just aren’t playing in that space. You are screwed. If Mae and Mac go under, so will the economy. I don’t like federal bailouts, as it means that I pay for someone else’s mismanagement, but in this case I feel it is warranted, although it will result in a tax increase.

‘George W Bush is a feckin great gimpin chimp who has bollixed the world several times over’.

I forgot to add that you have to translate it into Bulgarian before the letters actually fit.

The hard thing is, Indy Mac won’t be the last. All these banks who’ve been peddling these sub-prime mortgages are set to go under too in the next few months.

tee hee.

Countrywide Financial, one of the biggest lender failures, proves they can not only fall prey to their own unpaid mortgage, but they can literally screw everyone to boot. Presenting, Countrywide’s “sex mansion” up for sale:

http://islander.org/5-17-06/hb_porn_house.php

Can I move to Ireland now?